4th May 2006 14:30
Chairman's Statement to the United Business Media plc Annual General Meeting Speaking at United Business Media plc's annual general meeting in London today,the Chairman, Geoff Unwin said:"United Business Media has made a good start to 2006, with the companyperforming in line with our expectations and with established sectoral patternscontinuing. PR Newswire and our events businesses have carried their goodperformance in 2005 into the current year. Acquired businesses continue toachieve or exceed our 8% post tax cost of capital.We continue to pursue our established strategy of focusing on businesses thatsupport buyers and sellers, through the distribution of market information (PRNewswire), and through the provision of media platforms that support marketactivity (CMP's trade shows, print and online publishing).We said in February that we would accelerate our rate of acquisitions from the‚£105m achieved last year towards a level of between ‚£150m and ‚£250m for thecurrent year. To date we have completed ‚£47m. Each acquisition enhances ourposition in a specific vertical market and meets our acquisition criteria.These include the MediaLive and Shorecliff events in the US and Japan,publishing assets of Mediworld Publications (India), the National Venue Show(UK) and the majority stake in the Guangzhou Beauty Fair (China).We continue to simplify and focus United Business Media's activities throughasset disposals. Since February we have realised over ‚£20m with the sale of ourCulverhouse Cross property and two publications, Printing World and PackagingMagazine.We also said in February that it is our intention to return in excess of ‚£300mof capital to shareholders by the end of 2007. In 2006 we have repurchased afurther $79.9m of the $400m 2.375% Convertible Bonds due in 2006 bringing ourtotal purchases to 78.6% of the bond. In addition $74.4m converted into 8.8m ofordinary shares leaving $11.1m of Convertible Bond outstanding. We have alsopurchased for cancellation 285,000 ordinary shares at an average price of 735pence.Although we are at an early point in the financial year, United Business Mediais on track to fulfil our full year expectations. We look forward to providingfurther updates in our pre-close statement in June and at our interim resultson July 25th."- Ends -ContactsMedia Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Analysts Catherine Southgate Head of Investor Relations Email [email protected] Direct telephone +44 20 7921 5031 Mobile +44 7710 468 996 Notes to Editors1. About United Business Media plcUnited Business Media is one of the world's leading global business informationcompanies. UBM brings together the world's buyers and sellers, helping theirmarkets work effectively and efficiently through PR Newswire's newsdistribution network and CMP's portfolio of events, print and on-linepublications. For more information, go to www.unitedbusinessmedia.comAbout PR Newswire - PR Newswire is the world's leading corporate newsdistribution service. Headquartered in New York, PR Newswire distributes newsglobally on behalf of over 40,000 customers, including many of the world's topcompanies and agencies, helping them take the latest news to the media, theinvestment community, and the general public. For more information, go to www.prnewswire.comAbout CMP - CMP's portfolio of more than 200 newspapers, magazines anddirectories, 200 websites and 300 events brings together buyers and sellersfrom a range of global sectors including technology, healthcare, the builtenvironment, lifestyle, fashion and ingredients. Our customers come to us fordirect access to their key audiences: business decision-makers.CMP operates globally through four divisions:CMP Media - the USA's leading high tech B2B media company and provider ofhealthcare education and information. For more information, go to www.cmpmedia.comCMP Information: the European magazine and events business, based in the UK.For more information, go to www.cmpinformation.comCMP Asia: a leader in exhibitions and publications in key markets in Asia. Formore information, go to www.cmpasia.comCMPMedica: leading drug information provider, pharmaceutical marketingsolutions including medical information and trade press in Europe and Asia. Formore information, go to www.cmpmedica.com ENDUNITED BUSINESS MEDIA PLCRelated Shares:
UBM