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Interim Results

29th Jul 2008 07:00

Interim results for the six months ended 30 June 2008 Strong first half performance H1 revenues, profits and EPS ahead of expectations; interim dividend raised 15.7% H1 2008 headline resultsRevenue Up 10.4% to ‚£445.6m (‚£403.5m) Adjusted group operating Up 11.4% to ‚£90.2m (‚£81.0m) profit*

Earnings Per Share (adjusted) Up 15.0% to 30.1p (26.2p) **

Dividend Per Share Up 15.7% to 5.6p (4.84p)

- Profits at UBM's four technology businesses up 29% to ‚£21.1m, margins exceed 20%

- CMPMedica turnaround ahead of plan; profits up 44% to ‚£17.3m

- CMP Asia delivers strong profit growth of 30% to ‚£9.5m

- Four market-focused businesses created from CMP Information

- PR Newswire increases investment in customer service systems & emerging economies

- Commonwealth integrated OAG successfully; RISI performing strongly

- Events, business information & news distribution generate 85% of H1 profits

- UBM margin maintained at over 20%

- Acquisitions performing ahead of UBM's 8% post-tax cost of capital threshold

- Strong balance sheet; net debt of ‚£181.1m at 30 June

- Strong cash generation - cash conversion up to 91% from 81%

* Adjusted group operating profit is group operating profit before amortisationof intangible assets arising on acquisitions, exceptional items and share oftaxation on profit in joint ventures and associates.

** Adjusted EPS is before amortisation of intangible assets arising on acquisitions, exceptional items, deferred tax on intangible assets and net finance costs other than interest.

Statutory results H1 2008 H1 2007 Revenue Up 10.4% ‚£445.6m ‚£403.5m Group operating Up 24.8% ‚£75.4m ‚£60.4m profit Profit before tax Up 17.4% ‚£76.3m ‚£65.0m EPS (diluted) Up 30.3% 24.5p 18.8p

David Levin, Chief Executive of United Business Media Limited said:

"United Business Media has achieved good results for the first half of 2008,delivering adjusted Earning Per Share growth of 15%. The Board has declared aninterim dividend of 5.6p, an increase of 15.7% over 2007's interim dividend. Weare on track to deliver another good full year performance.""United Business Media's consistent growth in earnings per share is evidence ofcontinued success in our strategic development of UBM as a set of focused b2bmedia businesses which offer integrated suites of media products tailored forspecific professional and commercial communities. We continue to direct ourbusinesses towards vertical b2b markets and geographies that provideopportunities for sustainable, profitable growth. Our businesses are generatinga growing proportion of their revenues and profits from products which takeadvantage of the long term structural changes taking place in media markets.""In the first half of 2008 85% of our profits were derived from tradeshows andexhibitions, business intelligence products and services, and news distributionactivities. We continue to drive strategic change within our businesses,developing their organisational and management structures to improve marketfocus, reshaping product portfolios to better meet customer needs, andrepositioning and expanding our businesses in growth markets. Thereorganisation of our technology business into four separate market-focusedoperations in early 2008 is proving successful, with aggregate revenue growthof 11.1% and margins exceeding 20%. Following this model we have implemented asimilar reorganisation at CMP Information, again creating four market-orientedbusinesses. We believe the new businesses' greater independence and agility,coupled with their improved operating cost structure, will enable them tobetter meet the needs of the professional and commercial communities theyserve. Actions taken at CMPMedica have also proved successful with good revenueperformance and margins improving from 13.9% to 17.3% in the first half. We areinvesting to grow PR Newswire's business in emerging economies, as well as inits online services and customer support infrastructure and have reorganisedits management to achieve greater focus on sales and IT operations. Inaggregate our events revenues grew, as expected, by more than 10% in the firsthalf of the year.""Our balance sheet remains strong, the result of our disciplined approach tothe deployment of capital and our acquisitions continue to deliver resultsahead of UBM's 8% post-tax cost of capital. We continue to invest inacquisitions of `bolt-on' assets that complement existing UBM productportfolios and businesses. In the year to date we have invested a total of ‚£32.1m in ten acquisitions. As conditions in credit markets and in somegeographies deteriorate further, we believe we will be increasingly well placedto make selective acquisitions to accelerate the development of UBM and itsbusinesses."

Outlook

"With a proven integrated media business model and a set of diversifiedbusinesses operating across a range of vertical markets and geographies, UBM iswell placed to weather the adverse economic conditions affecting some marketsand some geographies. Forward bookings across UBM's major events scheduled forthe second half of the year - including CPhI's flagship European and Indianshows, Furniture China, the Hong Kong Jewellery & Watch Fair and the Black HatIT security show in the US - are 10% ahead of the previous year. Bookings forkey 2009 events - including the biennial events Marintec China in Shanghai andFood Ingredients Europe in Frankfurt - are 10% ahead of the previous events. Weare on track to deliver another good full year performance." * Ends - ContactsMedia Peter Bancroft Director of Communications E-mail [email protected] Direct telephone +44 20 7921 5961 Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Analysts/Investors Email [email protected] Direct telephone +44 20 7921 5095 Nigel Wilson +44 20 7921 5019 Andrew Crow +44 20 7921 5940 Notes to Editors

1. About United Business Media Limited

United Business Media Limited is a leading global business media company. Weinform markets and bring the world's buyers and sellers together at events,online, in print, and with the information they need to do businesssuccessfully. We focus on serving professional commercial communities, fromdoctors to game developers, from journalists to jewellery traders, from farmersto pharmacists around the world. Our 6,500 staff in more than 30 countries areorganised into specialist teams that serve these communities, helping them todo business and their markets to work effectively and efficiently.

For more information, go to www.unitedbusinessmedia.com .

2. UBM events highlighted in release

Black Hat - Black Hat has grown from a single annual event in Las Vegas in 1997to a global conference series with annual events in Tokyo, Amsterdam, Las Vegasand Washington DC. Black Hat brings together thought leaders from all facets ofthe information security world - from the corporate and government sectors toacademic and even underground researchers. For more information, go to www.blackhat.comCPhI Worldwide - Launched in 1990 as an international convention onpharmaceutical ingredients, CPhI Worldwide is the flagship of the global CPhIevent franchise, attracting more than 20,000 industry professionals and some1,500 exhibiting companies from over 110 countries. CPhI Worldwide 2008 will beheld in Frankfurt in September. For more information, go to www.cphi.comFood Ingredients Europe - Food Ingredients Europe brings together foodingredient manufacturers, suppliers and distributors from all over the world.The show is one of the key shows in the Ingredients event portfolio whichincludes Health Ingredients, Food Ingredients Processing Safety & Services andNatural Ingredients. These shows take place around the world. For moreinformation, see www.fi-events.comHong Kong Jewellery & Watch Fair - The Hong Kong Jewellery & Watch Fair hasbeen running for more than 20 years and is now the biggest jewellery fair inAsia. CMP Asia's jewellery and watch portfolio includes events in Shanghai,Shenzen, Guangzhou, Macau, Tokyo, Channai and Hyderabad. The Hong KongJewellery & Watch Fair showcases fine finished jewellery, polished diamonds andgemstones, pearls, jewellery timepieces, packaging, displays andjewellery-making equipment, tools and machinery. The show attracts over 2,500exhibitors from 48 countries/regions and more than 38,000 visitors from 138countries/regions. For more information, go to http://exhibitions.jewellerynetasia.com/exhibitions/

Marintec China - For the past 28 years, Marintec China has been the meeting place for international maritime industry professionals from around the world. The Marintec China 2007 event was attended by more than 35,000 visitors and 1,100 exhibitors from 87 countries and regions. For more information, go to

www.marintecchina.com

Disclaimer

This press release includes statements which are not historical facts and areconsidered "forward-looking" within the meaning of Section 27 of the SecuritiesAct of 1933, as amended. These forward-looking statements reflect UBM's currentviews about future events, business and growth strategy and financialperformance. These forward-looking statements are identified by their use ofterms and phrases such as "believe," "expect," "plan," "anticipate," "ontarget" and similar expressions identifying forward-looking statements.Investors should not rely on forward-looking statements because they aresubject to a variety of risks, uncertainties and other factors that could causeactual results to differ materially from UBM's expectations. UBM expressly doesnot undertake any duty to update forward-looking statements. Management doesnot attempt to update forecasts unless conditions materially change.

1. Summary group income statement

The income statement set out below re-presents the group's full incomestatement (which accompanies this summary) in order to show more clearly theresults from operations. 30 June 30 June 2008 2007 ‚£m ‚£m % Revenue 445.6 403.5 10.4 Adjusted operating profit* 90.2 81.0 11.4 Net interest (costs)/ income (1.0) 2.5 Other financing income - pension 2.3 2.4 schemes Adjusted profit before tax** 91.5 85.9 6.5 Net financing cost - other than (0.4) (0.3) interest Amortisation of intangible assets (12.2) (9.0) Exceptional items (2.5) (11.6) Profit before tax 76.4 65.0 Taxation (12.6) (12.0) Profit after tax 63.8 53.0 Minority interest (3.3) (2.4) Retained profit for the period 60.5 50.6 Proposed dividend (pence) 5.60 4.84 15.7 EPS ** (pence) 30.1 26.2 15.0 Fully diluted EPS** (pence) 29.4 25.6 14.9

* Group operating profit is before amortisation of intangibles arising on acquisitions, exceptional items and share of taxation on profit in joint ventures and associates.

** Adjusted profit before tax and earning per share is before amortisation ofintangible assets arising on acquisition, exceptional items and net financingcost other than interest.2. Summary of interim financial results for the six months ended 30 June 2008 Revenue Operating profit 1 Six months to 30 June Six months to 30 June H1 H1 Change H1 As Change 2008 2007 2008 restated H1 2007 ‚£m ‚£m (%) ‚£m ‚£m (%) UBM Technology 97.3 87.7 10.9 21.1 16.3 29.4 Think Services 20.0 15.2 31.6 7.4 4.0 85.0 TechInsights 21.1 14.6 44.5 3.5 2.4 45.8 TechWeb 39.7 42.7 (7.0) 8.6 8.0 7.5 Everything Channel 16.5 15.2 8.6 1.6 1.9 (15.8) CMPMedica 99.9 86.0 16.2 17.3 12.0 44.2 CMP Information 99.9 94.1 6.2 19.4 19.1 1.6 CMP Asia 38.5 31.3 23.0 9.5 7.3 30.1 PRN 74.8 69.8 7.2 20.0 23.4 (14.5) Commonwealth 28.8 28.8 0.0 2.4 2.7 (11.1) RISI 6.4 5.8 10.3 0.5 0.2 150.0 445.6 403.5 10.4 90.2 81.0 11.4

(1) Adjusted Operating Profit: before amortisation of intangible assets arising on acquisitions, exceptional items, share of taxation on profit from joint ventures and associates.

The movement in the Euro has a direct translation impact - with approximately17% of UBM's revenue reported locally in Euros, the impact of foreign exchangemovements was to increase UBM's revenue in H1 2007 by ‚£10.7m and operatingprofit by ‚£2.0m. The average rate of ‚£:¢â€š¬ exchange for the first half was ¢â€š¬1.29(H1 2007 - ¢â€š¬1.49). The average rate of ‚£:US$ was consistent with the prior yearat $1.98 (H1 2007 - $1.97).3. Divisional commentaryUBM's technology businessesIn February 2008 we reorganised our technology division into four new,market-focused businesses - Think Services, TechInsights, TechWeb andEverything Channel - to enable each new business to focus on meeting thespecific needs of the professional communities it serves. The overall firsthalf performance of the new businesses shows this strategy is provingsuccessful. In the first half of 2008, aggregate revenue and profit increasedby 10.9% to ‚£97.3m and 29.4% to ‚£21.1m respectively, and margins improved to21.7% (H1 2007 - 18.6%).Think Services: Think Services delivered a good performance in the first half,with strong growth from key events such as the Game Developers Conference whichreported revenue up more than 16% on the prior year. Revenue grew by ‚£4.8m to ‚£20.0m (H1 2007 - ‚£15.2m) with operating profit rising to ‚£7.4m (H1 2007 - ‚£4.0m). The integration of Think Service Inc., acquired in January 2008, isprogressing well and the business is performing in line with expectations.TechInsights: TechInsights revenue grew by ‚£6.5m to ‚£21.1m (H1 2007 - ‚£14.6m),with operating profit rising to ‚£3.5m (H1 2007 - ‚£2.4m). The acquisition ofPortelligent and Semiconductor Insights during the latter half of 2007 hasprovided TechInsights with a set of high value, subscription workflow productsthat provide intellectual property information and analysis. These productscomplement TechInsights' existing products for the global semiconductor andrelated industries.

TechWeb: The closure of a number of TechWeb's print products in June 2007 reduced revenue by ‚£4.7m. As a result, reported first half revenue fell by

‚£3.0m to ‚£39.7m (H1 2007 - ‚£42.7m) but operating profit rose ‚£0.6m to ‚£8.6m (H12007 - ‚£8.0m). Events generated 45% of TechWeb's revenue in the first half andcontinued to grow strongly, with the key events of Interop Las Vegas andVoicecon Spring performing well. TechWeb will launch new Interop franchiseevents in Brazil in the second half of 2008 and in India in the first half of2009. Forward bookings for TechWeb's major events scheduled for the second halfof 2008 - which include Web 2.0 Expo and Black Hat - are strong, more than 20%ahead of 2007.Everything Channel: In the first half we made two acquisitions for EverythingChannel to further reshape its product portfolio. Both the acquisitions, NextLevel and Vision Events, provide events and other sales and marketing servicesto the IT channel. Everything Channel's print portfolio was rationalised inJune 2007 as a result of which reported first half operating profit in thefirst half of 2008 fell ‚£0.3m to ‚£1.6m (H1 2007 - ‚£1.9m) on revenues which grew8.6% to ‚£16.5m (H1 2007 - ‚£15.2m).

CMPMedica

We have implemented significant changes to CMPMedica over the course of thelast year, including changes to the business's senior management, streamliningIT support and improving the performance of its events and digital products.These changes are now having their anticipated impact with first half revenueof ‚£99.9m (H1 2007 - ‚£86.0m) and profit of ‚£17.3m (H1 2007 - ‚£12.0m) wellahead, up 16.2% and 44.2% respectively. The business's margins rose by 3.4percentage points to 17.3% (H1 2007 - 13.9%), primarily as a result of therestructuring plan implemented at the end of 2007. CMPMedica experienced stronggrowth in its digital revenues, up more than 20% with improving sales ofproducts such as the Hoptimal drug reference system to French hospitals. Theperformance of CMPMedica's events also improved substantially; Hopital Expo hada record year with revenue up 18% and the Medec event grew by 21%.

CMP Information

Following the model established by the successful reorganisation of ourtechnology business, in June 2008 we implemented a similar reorganisation atCMP Information, again creating four market-oriented businesses. CMPi had asolid first half in 2008 with revenue up 6.2% to ‚£99.9m (H1 2007 - ‚£94.1m),profits rising 1.6% to ‚£19.4m (H1 2007 - ‚£19.1m) with further investment in newconferences and events affecting the business's short term profitability;margins fell from 20.3% to 19.4%. CMPi's event portfolio - which now generatesnearly 60% of CMPi's revenues - grew strongly by 20% during the first half withInteriors, KBB, Seatrade Shipping Convention, ATC Maastricht and IFSEC alltrading well. While we have seen some softness in the licensed trade andconstruction markets, notably in classified recruitment advertising, this hasbeen partially offset by solid growth in products such as Farmers Guardian. Wehave today announced the expansion of CMPi's events portfolio with theacquisition of the Sleep Event, the Arc Show, Securex and IDMF tradeshows. Wehave also continued to further internationalise the business with new eventsbeing launched in Abu Dhabi, Brazil, India and South Africa. Bookings forevents scheduled for the second half of 2008 - including CPhI events inFrankfurt and in Mumbai - are showing good growth. Bookings for 2009 events

aregrowing in line with plan.CMP Asia

CMP Asia reported another strong performance in the first half of 2008 withrevenue 23% higher at ‚£38.5m (H1 2007 - ‚£31.3m) and operating profit of ‚£9.5m,30.1% higher than H1 2007 (H1 2007 - ‚£7.3m). CMP Asia's events portfolio - fromwhich it generates around 90% of its revenues - continues to perform well. Thebusiness' existing events show continued growth, for example CPhI China andHong Kong Jewellery & Watch Fair grew more than 20% and 10% respectively.Launches of new events have also been successful with the Macau Jewellery Fairbeing CMP Asia's largest launch event ever. Revenues from events held inmainland China grew by more than 30% over H1 2007. CMP Asia continues to investin the expansion of its Indian activities. In the first half CMP Asia's Indiabusiness progressed well, with good growth anticipated from its second halfevents including CPhI India, P-MEC India, Food Ingredients India, the HyderabadJewellery, Pearl & Gem Fair and IFSEC India. CMP Asia's major events in theremainder of 2008, in particular the September edition of the Hong KongJewellery and Watch Show and Furniture China (our largest event by exhibitorspace) are expected to deliver good performances. CMP Asia's second halfperformance will be partially offset by the slowdown in its Japanese business.Forward bookings for CMP Asia's 2009 events are growing in line with ourexpectations.

PR Newswire

PR Newswire's first half performance was affected by operational issues in theUS. Revenues rose by 7.2% to ‚£74.8m (H1 2007 - ‚£69.8m) but operating profitdeclined by 14.5% to ‚£20.0m (H1 2007 - ‚£23.4m) as a result of increasedinvestment in PR Newswire's expansion into emerging markets and in investmentin customer support and online service systems.During the first half of the year US wire distribution operations were affectedby the projects to consolidate the editorial and sales infrastructure, toupgrade customer support IT systems, and to enhance the business's onlineservices capability. As noted previously, although PR Newswire is increasingits customer base and wire yield remains strong, the loss of a number of higherspending customers has resulted in lower overall wire volumes and a loss ofmarket share in North America. This, along with investment in the projectsnoted above, has contributed to PR Newswire's reduced margin in the first half.We have responded by making a number of management changes to achieve greaterfocus on US sales and IT operations, and we have accelerated a number ofprojects to improve customer service.PR Newswire's news distribution, media monitoring and targeting marketscontinue to provide attractive opportunities for profitable growth. PRNewswire's business beyond the USA also continues to expand, with the Europeanand China businesses growing almost 25% and more than 30% respectively. Wecontinue to direct investment particularly towards emerging markets, expandingPR Newswire's presence in Brazil, Dubai, India and Mexico during 2008. PRNewswire's non-wire products (e.g. MultiVu, ProfNet, MEDIAtlas) continue to bestrong, growing almost 10% in the first half; prospects for further growth

inthese products is good.CommonwealthCommonwealth produced a steady performance in the first half with revenue flatat ‚£28.8m (2007 - ‚£28.8m) and operating profit falling to ‚£2.4m (2007 - ‚£2.7m),reflecting investment in IT systems. Commonwealth continues to see growth insales of its core business information products such as PIERS and AIG. Therestructuring process at OAG is complete with the business trading profitablyhaving focused on its core business information products. Commonwealthcontinues to invest in its events business which saw revenue growth of morethan 20% during the first half.

RISI

RISI is a leader in the provision of information and analytical services to theglobal forest products industry. RISI has had a strong first half of the yearwith revenue increasing by 10.3% to ‚£6.4m (H1 2007 - ‚£5.8m) and operatingprofit rising to ‚£0.5m (H1 2007 - ‚£0.2m).

4. Dividend

An interim dividend of 5.6p (2007 - 4.84p) per share will be paid - an increase of 15.7%. The interim dividend on the ordinary shares will be paid on 16 October 2008 to shareholders on the register on 29 August 2008.

5. Cash and cash conversion

Our balance sheet remains strong with net debt at the end of June of ‚£181.1m. Operating cash conversion was 90.8% (H1 2007 - 80.8%).

6. Pensions

At 30 June 2008, under IAS 19, our pension surplus was ‚£19.3m compared to ‚£36.2m at 31 December 2007.

7. Tax

The effective tax rate in the first half of 2008 was 17%.

As previously disclosed, UBM is in dispute with HMRC regarding a technicalmatter arising from the sale of our Regional Newspapers business in 1998. Thetax in dispute is estimated at ‚£80m. UBM's appeal was heard in the Court ofAppeal in February 2008. The Court of Appeal ruled against UBM in a majorityverdict. UBM is petitioning for leave to appeal to the House of Lords. Theoutcome is unlikely to be known before 2009 at the earliest.

8. Interest and financing

Net interest expense for the first six months of 2008 was ‚£1.0m (six months to31 June 2007 - income of ‚£2.5m). Other financing income relating to the pensionschemes of ‚£2.3m (six months to 31 June 2007 - ‚£2.4m) represents the financingcredit on the pensions surplus calculated in accordance with IAS 19.

9. Redomicile - exceptional item

10. Acquisitions

In the year to date we have invested ‚£32.1m in ten acquisitions. Seven of theseacquisitions were completed for a total investment of ‚£27.3m prior to 30 June2008 and their post-acquisition results have been consolidated in UBM's resultsfor the first half. The remaining acquisitions were undertaken in July 2008 andhave been disclosed as post balance sheet events, see note 18 in the followingaccounts.11. Risks and UncertaintiesThe principal risks and uncertainties affecting the business activities remainthose detailed on pages 34 and 35 of the 31 December 2007 Annual report andaccounts, a copy of which is available on the Company's websitewww.ubmgroup.biz. The narrative review contained in this half-yearly financialreport includes a commentary on the outlook for the business for the remainingsix months of the financial year. Consolidated income statement for the six months ended 30 June 2008 Before Exceptional Total Six months ended exceptional items 30 June Before Exceptional Total items 30 June 2008 exceptional items 30 June 30 June 2008 items 30 June 2007 2008 30 June 2007 2007 Notes ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Revenue 4 445.6 - 445.6 403.5 - 403.5 Other operating income 4.9 - 4.9 2.6 - 2.6 Operating expenses (361.6) - (361.6) (325.8) - (325.8) Amortisation of (12.2) - (12.2) (9.0) - (9.0)intangible assets arising on acquisitions Exceptional 5 - (2.5) (2.5) - (11.6) (11.6)reorganisation and restructuring costs Share of profit in 4 1.2 - 1.2 0.7 - 0.7joint ventures and associates (after tax) Group operating profit 77.9 (2.5) 75.4 72.0 (11.6) 60.4 Finance income/(cost) Interest income 6 2.1 - 2.1 5.0 - 5.0 Interest cost 6 (3.1) - (3.1) (2.5) - (2.5) Financing cost - other 6 (0.4) - (0.4) (0.3) - (0.3)than interest Financing income - 6 2.3 - 2.3 2.4 - 2.4pension schemes Profit before tax 78.8 (2.5) 76.3 76.6 (11.6) 65.0 Taxation on UK earnings (6.1) - (6.1) (6.7) - (6.7) Overseas taxation (6.4) - (6.4) (5.3) - (5.3) Profit for the period 66.3 (2.5) 63.8 64.6 (11.6) 53.0 Attributable to: Equity shareholders - 60.3 50.4ordinary shares Equity shareholders - B 0.2 0.2shares Minority interests 3.3 2.4 63.8 53.0 Earnings per share - Basic 8 25.0p 19.3p - Diluted 8 24.5p 18.8p ‚£m ‚£m Adjusted Group 4 90.2 81.0operating profit* Amortisation of (12.2) (9.0)intangible assets arising on acquisitions Exceptional (2.5) (11.6)reorganisation and restructuring costs Share of taxation on (0.1) -profit in joint ventures and associates Group operating profit 4 75.4 60.4 ‚£m ‚£m Dividends 9 - Special dividend of - 200.3nil (2007: 72.0p) - Final dividend of 40.4 34.116.76p (2007: 13.6p) - Proposed interim 13.5 12.0dividend of 5.60p (2007: 4.84p) *Adjusted Group operating profit represents Group operating profit excludingamortisation of intangible assets arising on acquisitions, exceptional itemsand share of taxation on profit in joint ventures and associates. Consolidated income statement For the year ended 31 December Before Exceptional TotalYear ended exceptional items 31 items 31 December December 31 December 2007 2007 2007 Notes ‚£m ‚£m ‚£m Continuing operations Revenue 4 801.6 - 801.6 Other operating income 11.4 - 11.4 Operating expenses (649.5) - (649.5) Amortisation of intangible (20.0) -

(20.0)

assets arising on acquisitions Exceptional reorganisation and 5 - (19.6) (19.6)restructuring costs Share of profit in joint 4 2.2 - 2.2

ventures and associates (after

tax) Group operating profit 145.7 (19.6) 126.1 Finance income/(cost) Interest income 6 6.7 - 6.7 Interest cost 6 (7.3) - (7.3) Financing cost - other than 6 (0.5) - (0.5)interest Financing income - pension 6 4.5 - 4.5schemes Profit before tax 149.1 (19.6) 129.5 Taxation on UK earnings (14.0) 1.8 (12.2) Overseas taxation (9.3) - (9.3) Profit for the year from 125.8 (17.8) 108.0continuing operations Discontinued operations Profit for the year from 5 - 6.0 6.0

discontinued operations (after

tax) Profit for the year 125.8 (11.8) 114.0 Attributable to: Equity shareholders - ordinary 108.5shares

Equity shareholders - B shares

0.3 Minority interests 5.2 114.0 Earnings per share - from continuing operations - Basic 8 40.3p - Diluted 8 39.5p

Earnings per share - from continuing

and discontinued operations - Basic 8 42.7p - Diluted 8 41.8p ‚£m Adjusted Group operating profit* 4 166.1 Amortisation of intangible (20.0)

assets arising on acquisitions Exceptional reorganisation and (19.6)restructuring costs Share of taxation on profit in

(0.4)

joint ventures and associates

Operating profit from -

discontinued operations (before

tax) Group operating profit from 4 126.1continuing operations ‚£m Dividends 9 - Interim dividend of 4.84p 12.0

- Proposed year end dividend of

40.4

16.76p *Adjusted Group operating profit represents Group operating profit excludingamortisation of intangible assets arising on acquisitions, exceptional itemsand share of taxation on profit in joint ventures and associates. Consolidated balance sheet Notes As restated 31 30 June 30 June December 2008 2007 2007 ‚£m ‚£m ‚£m Assets Non-current assets Goodwill 823.8 723.6 783.2 Intangible assets 120.4 109.2 120.4 Property, plant and 30.5 26.4 29.1equipment Investments in joint 25.1 23.4 24.6ventures and associates Retirement benefit 15 35.9 49.5 40.3surplus Other investments 1.6 2.7 1.6 1,037.3 934.8 999.2 Current assets Inventories 6.4 5.4 7.1 Trade and other 190.0 182.4 176.6receivables Derivative financial 4.0 5.3 4.6assets Cash and cash equivalents 80.0 110.0 95.0 280.4 303.1 283.3 Total assets 1,317.7 1,237.9 1,282.5 Liabilities Current liabilities Trade and other payables 543.5 549.5 526.4 Borrowings 13 42.5 191.8 39.3 Derivative financial - - 0.2liabilities Provisions 16.8 27.7 27.3 602.8 769.0 593.2 Non-current liabilities Borrowings 13 218.6 2.8 213.2 Retirement benefit 15 16.6 11.5 4.1obligation Trade and other payables 20.6 3.6 18.8 Provisions 36.0 25.9 42.2 Deferred tax liabilities 40.3 37.7 44.5 332.1 81.5 322.8 Total liabilities 934.9 850.5 916.0 Shareholders' equity Share capital 10 82.8 86.2 82.7 Share premium 362.2 360.6 361.3 Other reserves 11 226.2 200.2 217.7 Retained earnings 11 (294.2) (264.7) (300.9) Total shareholders' 377.0 382.3 360.8equity Minority interest in 11 5.8 5.1 5.7equity Total equity 382.8 387.4 366.5 Total equity and 1,317.7 1,237.9 1,282.5liabilities Consolidated cash flow statement Six months Six months Year ended 30 ended 30 ended 31 June June December 2008 2007 2007 ‚£m ‚£m ‚£m Cash flows from operating activities Reconciliation of profit to operating cash flows Profit for the period 63.8 53.0 114.0 Add back: Taxation 12.6 12.0 21.9 Depreciation 5.1 5.0 9.8 Amortisation of website 0.5 - 0.4development costs Amortisation of intangibles 12.2 9.0 20.0arising on acquisitions Interest income (2.1) (5.0) (6.7) Interest expense 3.1 2.5 7.3 Financing income - pension (2.3) (2.4) (4.5)schemes

Net financing costs - other than 0.4 0.3

0.5interest Share in profits from associates (1.2) (0.7) (2.6)and joint ventures Profit on disposals - - (6.0)

Exceptional reorganisation and 2.5 11.6

19.6restructuring charges Other non-cash items 4.4 3.8 7.5 99.0 89.1 181.2 Payments against provisions (17.0) (11.2) (32.2) Additional pension contributions - - (1.7) Decrease in inventories 1.1 1.3 0.1

(Increase)/decrease in trade and (5.7) (6.5)

15.0other receivables Decrease in trade and other (6.7) (17.6) (23.7)payables Cash generated from operations 70.7 55.1 138.7 Interest received 2.0 5.5 7.5 Interest paid (2.0) (1.8) (6.3) Taxation (paid)/received (10.4) 1.2 (5.3)

Dividend received from joint 0.7 0.2

0.8ventures and associates Net cash flows from operating 61.0 60.2 135.4activities Cash flows from investing activities Acquisition of interests in (27.3) (38.7) (84.0)subsidiaries, net of cash acquired Cash acquired with entity - 1.6 1.6

previously equity accounted Purchase of property, plant and (6.5) (5.2) (12.6)equipment Proceeds from the sale of 0.2 6.7 7.7

property, plant and equipment Purchase of interests in joint - (2.5) (2.7)ventures and associates Proceeds from sale of - - 1.1investments Net cash flows from investing (33.6) (38.1) (88.9)activities Cash flows from financing activities Proceeds from issuance of 1.0 6.4 7.2ordinary share capital Return of capital to - (1.8) (76.7)

shareholders (including costs) Dividends paid to shareholders (40.8) (234.7) (246.7) Dividends paid to minority (3.1) (1.3) (3.9)interests Investment in own shares - ESOP - - (0.2) (Decrease)/increase in (0.4) 7.7 55.2borrowings Net cash flows from financing (43.3) (223.7) (265.1)activities Net decrease in cash and cash (15.9) (201.6) (218.6)equivalents

Net foreign exchange difference 0.8 (1.5)

0.5 Cash and cash equivalents at 94.7 312.8 312.8beginning of period

Cash and cash equivalents at end 79.6 109.7

94.7of period Cash at bank and in hand 56.2 86.5 35.5 Short-term liquid funds 23.8 23.5 59.5 Bank overdrafts (included in (0.4) (0.3) (0.3)borrowings)

Cash and cash equivalents at end 79.6 109.7

94.7

of period Consolidated statement of recognised income and expense for the six months ended 30 June 2008 Notes Six months As restated Year ended 30 Six months ended June ended 30 31 2008 June December 2007 2007 ‚£m ‚£m ‚£m Profit for the period 63.8 53.0 114.0

Currency translation differences

on foreign operations: Group 7.4 (7.3) 1.0 Associates and joint ventures - (0.1) (0.1)

Gains on cash flow hedges taken to 3.2 -

4.1equity

Gains on cash flow hedges taken to (3.4) -

-income statement

Actuarial (loss)/gain recognised (19.5) 39.3

34.8in the pension schemes Deferred tax recognised on the 3.6 (9.7)

(13.7)

pension surplus Other recognised (losses)/gains (8.7) 22.2 26.1for the period Total recognised income 11 55.1 75.2 140.1 Attributable to: Equity shareholders 51.9 72.6 134.3 Minority interests 3.2 2.6 5.8 55.1 75.2 140.1 Notes to the half-yearly financial report for the six months ended 30 June 2008

1. General information

The information for the year ended 31 December 2007 does not constitutestatutory accounts as defined in section 240 of the Companies Act 1985. A copyof the statutory accounts for that year has been filed with the Registrar ofCompanies. The auditors' opinion on those accounts in accordance with section235 of the Companies Act 1985 was unqualified and did not contain an emphasisof matter reference nor a statement under section 237 (2) or (3) of theCompanies Act 1985.

The half-yearly financial report was approved by the board of directors for issue on 29 July 2008. The half-yearly financial report is unaudited but has been reviewed by the auditors as set out in their report.

The comparative information for 30 June 2007 has been restated as follows:

* Following the adoption of IFRIC 14 in the Group's financial statements for

the year ended 31 December 2007, a surplus of ‚£6.2m on one of the Group's

pension schemes, which previously had been treated as irrecoverable, has

been recognised and the surpluses and deficits on the Group's pension

schemes have been restated on a gross basis. The impact of this restatement

is to increase the retirement benefit surplus by ‚£17.7m with corresponding

increases of ‚£11.5m to retirement benefit obligations and ‚£6.2m to

shareholders' equity, ‚£3.1m of which related to actuarial gains in the six

months ended 30 June 2007 and this amount is shown in the consolidated statement of recognised income and expense. * Acquisition accounting adjustments have been finalised in relation to

certain acquisitions which were made in 2006 and the six months ended 30

June 2007. The comparative information has been restated in accordance with

IFRS 3 `Business Combinations'. The impact of this restatement is to

increase goodwill, trade and other payables and deferred tax liabilities by

‚£2.0m, ‚£0.5m and ‚£0.8m respectively with a corresponding reduction to

intangible assets and trade and other receivables of ‚£0.3m and ‚£0.4m

respectively.

2. Basis of preparation

The half yearly financial report for the period ended 30 June 2008 has beenprepared in accordance with the Disclosure and Transparency Rules of theFinancial Services Authority and with IAS 34, `Interim financial reporting' asadopted by the European Union. The half-yearly financial report should be readin conjunction with the Annual Report and Accounts for the year ended 31December 2007, which have been prepared in accordance with IFRSs as adopted

bythe European Union.3. Accounting policies

The Group accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2007.

4. Business segmentsAt 30 June 2008, the Group is organised into ten main business segments - NewsDistribution, CMP Asia, CMP Information, TechWeb, Everything Channel,TechInsights, Think Services, CMPMedica, Commonwealth Business Media and RISI.These segments are the basis on which the Group reports its primary segmentinformation.

The News Distribution segment operates in the distribution, targeting and evaluation of company information. The main activities of CMP Asia, CMP Information, TechWeb, Everything Channel, TechInsights, Think Services, CMPMedica, Commonwealth Business Media and RISI are the provision of events, business information, directories, websites, magazines and trade press.

The Group has reorganised its former CMP Technology division into four new,market-focused divisions: TechWeb, Everything Channel, TechInsights and ThinkServices. Each new division is presented as a separate segment, with a subtotalentitled UBM Technology in order to facilitate comparison with the previouslyreported CMP Technology segment. The comparative information for the six monthsended 30 June 2007 and the year ended 31 December 2007 have been restated todisaggregate CMP Technology as previously reported into the four new divisions.The Group has made changes to reallocate all items previously shown within`Corporate operations'. RISI is reported as a separate business segment.Central operating costs have been allocated to the ten business segments.Equity accounted investments previously reported within Corporate operations,being PA Group and ITN, are now presented within News Distribution. The amountsshown for the six months ended 30 June 2007 and the year ended 31 December 2007have been restated to reflect these reallocations.The amounts shown for the six months ended 30 June 2007 have been restated toreflect the intragroup transfer of MediaLive Japan from UBM Technology to CMPAsia. As a result, for the six months ended 30 June 2007, ‚£4.4m of revenue, ‚£0.9m of operating profit and ‚£0.1m of amortisation of acquired intangibles havebeen transferred from TechWeb to CMP Asia.

The following tables set out the revenue and profit information for the Group's business segments.

Six months ended 30 June 2008 Revenue Revenue Total Segment Share of Segment from from revenue result results result external other from Including customers segments equity JVs and accounted associates investments ‚£m ‚£m ‚£m ‚£m ‚£m Segments News distribution 74.8 - 74.8 18.8 0.4 19.2 CMP Asia 38.5 - 38.5 9.1 0.1 9.2 CMP Information 99.9 - 99.9 17.4 - 17.4 TechWeb 39.7 - 39.7 7.5 - 7.5 Everything Channel 16.5 - 16.5 1.5 - 1.5 TechInsights 21.1 - 21.1 2.1 0.7 2.8 Think Services 20.0 - 20.0 7.1 - 7.1 UBM Technology1 97.3 - 97.3 18.2 0.7 18.9 CMPMedica 99.9 - 99.9 11.9 - 11.9 Commonwealth Business 28.8 - 28.8 0.8 - 0.8Media RISI 6.4 - 6.4 0.5 - 0.5 445.6 - 445.6 76.7 1.2 77.9 Group exceptional - - - (2.5) - (2.5)reorganisation costs 445.6 - 445.6 74.2 1.2 75.4

1 UBM Technology was previously reported as CMP Technology.

4. Business segments (continued)

Six months ended 30 June 2008

Adjusted Share of Exceptional Amortisation Segment Group tax items of result operating on profit charged intangibles Including profit2 from equity to JVs and accounted operating associates investments profit ‚£m ‚£m ‚£m ‚£m ‚£m Segments News distribution 20.0 (0.1) - (0.7) 19.2 CMP Asia 9.5 - - (0.3) 9.2 CMP Information 19.4 - - (2.0) 17.4 TechWeb 8.6 - - (1.1) 7.5 Everything Channel 1.6 - - (0.1) 1.5 TechInsights 3.5 - - (0.7) 2.8 Think Services 7.4 - - (0.3) 7.1 UBM Technology1 21.1 - - (2.2) 18.9 CMPMedica 17.3 - - (5.4) 11.9 Commonwealth Business 2.4 - - (1.6) 0.8Media RISI 0.5 - - - 0.5 90.2 (0.1) - (12.2) 77.9 Group exceptional - - (2.5) - (2.5)reorganisation costs 90.2 (0.1) (2.5) (12.2) 75.4

Six months ended 30 June 2007

Revenue Revenue Total Segment Share of Segment from from revenue result results result external other from including customers segments equity JVs accounted and investments associates ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Segments News distribution 69.8 - 69.8 23.0 0.1 23.1 CMP Asia 31.3 0.1 31.4 7.1 - 7.1 CMP Information 94.1 - 94.1 17.7 - 17.7 TechWeb 42.7 - 42.7 4.5 - 4.5 Everything Channel 15.2 - 15.2 0.7 (0.1) 0.6 TechInsights 14.6 - 14.6 - 0.7 0.7 Think Services 15.2 - 15.2 3.2 - 3.2 UBM Technology1 87.7 - 87.7 8.4 0.6 9.0 CMPMedica 86.0 - 86.0 7.6 - 7.6 Commonwealth Business 28.8 - 28.8 (4.3) - (4.3)Media RISI 5.8 - 5.8 0.2 - 0.2 403.5 0.1 403.6 59.7 0.7 60.4 Eliminations - (0.1) (0.1) - - - 403.5 - 403.5 59.7 0.7 60.4

1 UBM Technology was previously reported as CMP Technology.

4. Business segments (continued)

Six months ended 30 June 2007

Adjusted Share of Exceptional Amortisation Segment Group tax items of result operating on profit charged to intangibles profit2 from operating including equity profit accounted JVs and investments associates ‚£m ‚£m ‚£m ‚£m ‚£m Segments News distribution 23.4 - - (0.3) 23.1 CMP Asia 7.3 - - (0.2) 7.1 CMP Information 19.1 - - (1.4) 17.7 TechWeb 8.0 - (2.7) (0.8) 4.5 Everything Channel 1.9 - (1.3) - 0.6 TechInsights 2.4 - (1.5) (0.2) 0.7 Think Services 4.0 - (0.7) (0.1) 3.2 UBM Technology1 16.3 - (6.2) (1.1) 9.0 CMPMedica 12.0 - - (4.4) 7.6 Commonwealth Business 2.7 - (5.4) (1.6) (4.3)Media RISI 0.2 - - - 0.2 81.0 - (11.6) (9.0) 60.4

For the year ended 31 December 2007

Revenue Revenue Total Segment Share of Segment from from revenue result results result external other from equity Including customers segments accounted JVs and investments associates ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Segments Continuing operations News distribution 141.1 - 141.1 46.8 0.9 47.7 CMP Asia 76.6 1.4 78.0 20.0 0.1 20.1 CMP Information 192.2 - 192.2 43.5 - 43.5 TechWeb 79.9 - 79.9 6.5 0.1 6.6 Everything Channel 29.0 - 29.0 3.8 0.1 3.9 TechInsights 28.6 - 28.6 - 1.0 1.0 Think Services 23.0 - 23.0 3.8 - 3.8 UBM Technology1 160.5 - 160.5 14.1 1.2 15.3 CMPMedica 161.8 - 161.8 2.4 - 2.4 Commonwealth 57.1 - 57.1 (3.9) - (3.9)Business Media RISI 12.3 - 12.3 1.0 - 1.0 801.6 1.4 803.0 123.9 2.2 126.1 Eliminations - (1.4) (1.4) - - - 801.6 - 801.6 123.9 2.2 126.1

1 UBM Technology was previously reported as CMP Technology.

4. Business segments (continued)

For the year ended 31 December 2007

Adjusted Share of Exceptional Amortisation Segment Group tax items of result operating on profit charged to intangibles Including profit2 from equity operating JVs and accounted profit associates investments ‚£m ‚£m ‚£m ‚£m ‚£m Segments Continuing operations News distribution 49.0 (0.4) - (0.9) 47.7 CMP Asia 20.6 - - (0.5) 20.1 CMP Information 46.6 - - (3.1) 43.5 TechWeb 11.4 - (2.7) (2.1) 6.6 Everything Channel 5.2 - (1.3) - 3.9 TechInsights 3.2 - (1.5) (0.7) 1.0 Think Services 4.6 - (0.7) (0.1) 3.8 UBM Technology1 24.4 - (6.2) (2.9) 15.3 CMPMedica 17.6 - (5.7) (9.5) 2.4 Commonwealth Business 6.9 - (7.7) (3.1) (3.9)Media RISI 1.0 - - - 1.0 166.1 (0.4) (19.6) (20.0) 126.1

1 UBM Technology was previously reported as CMP Technology.

2 Adjusted Group operating profit represents Group operating profit excludingamortisation of intangible assets arising on acquisitions, exceptional itemsand share of taxation on profit in joint ventures and associates.5. Exceptional items Six months Six months Year ended ended 30 ended 30 31 December June June 2007 2008 2007 ‚£m ‚£m ‚£m Charged to operating profit Vacant property costs - (3.4) (3.9) Redundancy - (7.8) (12.1) Restructuring and business reorganisation (2.5) (0.4) (3.6)costs Total charged to operating profit (2.5) (11.6)

(19.6)

(Charged)/credited to profit after tax Taxation relating to exceptional items - -

1.8

Total (charged)/credited to profit after tax (2.5) (11.6) (17.8)from continuing operations

Credited to discontinued operations Additional profit on prior years disposal - -

6.0

(Loss)/profit for the year after (2.5) (11.6) (11.8)discontinued operations Charged to operating profit

In April 2008, UBM announced that it was undertaking a restructuring of theGroup which would create a new holding company which is UK-listed, incorporatedin Jersey and with its tax residence in the Republic of Ireland. The scheme wasapproved by shareholders on 2 June 2008 and was formally implemented on 1 July2008. The exceptional charge of ‚£2.5m arising in the period represents theprofessional fees arising in connection with this restructuring.During 2007, CMP Technology announced a restructuring to align its productportfolio and organisational structure to the changing needs of its customers,and to better position the business to take advantage of growth opportunitiesin events, online and data. This involved the closure and merging of some printtitles and a headcount reduction of over 200 people. The exceptional charge of‚£6.2m includes ‚£3.3m relating to redundancy, ‚£2.2m relating to vacant propertyand ‚£0.7m to restructuring and business reorganisation costs. The redundancyand restructuring and business reorganisation location costs were substantiallyincurred by 31 December 2007. The amount relating to vacant property will beincurred over the remainder of the lease terms.Following the acquisition in December 2006 of the Official Airlines Guide(OAG), the Group announced a restructuring plan to integrate OAG into theCommonwealth business and to enable it to serve its global customers moreeffectively. The exceptional charge of ‚£7.7m includes ‚£6.0m relating to theredundancy of 120 people, ‚£0.5m relating to vacant property and ‚£1.2m ofrestructuring costs. The redundancy and restructuring costs were substantiallyincurred by 31 December 2007 and the amount relating to vacant property will beincurred over the remainder of the lease term.During 2007, CMPMedica commenced a restructuring programme to rebalance thebusiness to enable them to better meet the changing customer requirements, toposition them in growth markets and to improve profitability. The exceptionalcharge of ‚£5.7m includes ‚£2.8m relating to the redundancy of 60 people, ‚£1.2mof vacant property costs and ‚£1.7m of other reorganisation costs. Of the amountcharged, ‚£1.3m was spent in 2007 and the balance is expected to be incurred in2008.

5. Exceptional items (continued)

Credited to profit after tax

In 2007 there was a ‚£1.8m tax credit in relation to the ‚£6.0m redundancy provision associated with the restructuring of OAG.

Credited to discontinued operations

The additional profit on prior years disposals in 2007 represents additionalconsideration receivable from GfK following the settlement of certainoutstanding items relating to the sale of NOP World in 2005, together with arelease of amounts held for certain potential warranty and other claims whichare now no longer required.6. Finance income/(cost) 30 June 2008 30 June 2007 Before Exceptional Total Before Exceptional Total exceptional items 2008 exceptional items 2007 items 2008 items 2007 2008 2007 ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Interest Interest income 2.1 - 2.1 5.0 - 5.0 Interest costs (3.1) - (3.1) (2.5) - (2.5) (1.0) - (1.0) 2.5 - 2.5 Financing cost - other than interest Other fair value (0.4) - (0.4) (0.3) - (0.3)adjustments (0.4) - (0.4) (0.3) - (0.3) Financing income - 2.3 - 2.3 2.4 - 2.4pension schemes Net finance income/ 0.9 - 0.9 4.6 - 4.6(cost) 31 December 2007 Before Exceptional Total exceptional items 2007 items 2007 2007 ‚£m ‚£m ‚£m Interest Interest income 6.7 - 6.7 Interest costs (7.3) - (7.3) (0.6) - (0.6)

Financing cost - other than interest

Net foreign exchange loss (0.2) - (0.2) Other fair value adjustments (0.3) - (0.3) (0.5) - (0.5)

Financing income - pension schemes 4.5 -

4.5 Net finance income/(cost) 3.4 - 3.4 7. Capital expenditure

During the six months ended 30 June 2008, the Group made the following items of capital expenditure of tangible and intangible assets.

Six months Six months Year ended ended 30 ended 30 31 June June December 2008 2007 2007 ‚£m ‚£m ‚£m Net book value at 1 January 149.5 142.7 142.7

Acquired with subsidiaries (see note 12) 9.8 9.8

28.7 Additions 6.5 5.2 12.6 Disposals (0.2) (6.7) (7.7) Depreciation, amortisation and other (14.7) (15.4) (26.8)movements Net book value at 30 June/31 December 150.9 135.6

149.5

8 Earnings per share

Basic earnings per share amounts are calculated by dividing net profit for the period attributable to ordinary equity shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share amounts are calculated by dividing the net profitattributable to ordinary equity shareholders by the weighted average number ofordinary shares outstanding during the period (adjusted for the effects ofdilutive options).

The weighted average number of ordinary shares for the period were 240,883,251 (30 June 2007: 261,953,781; 31 December 2007: 253,963,541).

Adjusted earnings per share is calculated on the net profit for the periodattributable to ordinary equity shareholders before amortisation of intangibleassets arising on acquisitions, certain exceptional items, deferred tax onamortisation of intangible assets, taxation relating to exceptional items andnet financing cost - other than interest, divided by the weighted averagenumber of ordinary shares outstanding during the period. Certain exceptionalitems, net financing costs - other than interest, taxation related toexceptional items and deferred tax on amortisation of intangible assets areexcluded from this calculation, as due to their nature and the infrequency ofthe events giving rise to them, separate presentation allows shareholders tounderstand better the elements of financial performance for the period, so asto facilitate comparison with prior periods and to assess better the trends offinancial performance. The Group has one category of dilutive potentialordinary shares: those share options granted to employees where the exerciseprice is less than the average market price of the company's ordinary sharesduring the period. The impact of dilutive securities in the six months to 30June 2008 would be to increase weighted average shares by 5.3 million shares(30 June 2007: 6.4 million shares; year to 31 December 2007: 5.5 millionshares) for employee share options.

The following reflects the income and share data used in basic and diluted earnings per share computations:

Six months ended Six months ended Year ended 30 June 2008 30 June 2007 31 December 2007 Earnings Earnings Earnings per per per Earnings share Earnings share Earnings share ‚£m pence ‚£m pence ‚£m pence From continuing and discontinued operations Adjusted Group 90.2 81.0 166.1 operating profit Net interest (expense) (1.0) 2.5 (0.6) /income Financing income - 2.3 2.4 4.5 pension schemes Adjusted profit before 91.5 85.9 170.0 tax Taxation (15.6) (14.6) (28.9) Minority interests (3.3) (2.4) (5.2) B share dividend (0.2) (0.2) (0.3) Adjusted earnings per 72.4 30.1 68.7 26.2 135.6 53.4 share Adjustments Amortisation of (12.2) (5.1) (9.0) (3.4) (20.0) (7.9) intangible assets Deferred tax on 3.0 1.2 2.6 1.0 5.2 2.0 amortisation of intangible assets Exceptional items (2.5) (1.0) (11.6) (4.4) (13.6) (5.3) Taxation relating to - - - - 1.8 0.7 exceptional items Net financing costs - (0.4) (0.2) (0.3) (0.1) (0.5) (0.2) other than interest Basic earnings per 60.3 25.0 50.4 19.3 108.5 42.7 share Dilution Options - (0.5) - (0.5) - (0.9) Diluted earnings per 60.3 24.5 50.4 18.8 108.5 41.8 share Adjusted earnings per share (as above) 72.4 30.1 68.7 26.2 135.6 53.4 Options - (0.7) - (0.6) - (1.1) Diluted adjusted earnings per share 72.4 29.4 68.7 25.6 135.6 52.3

8. Earnings per share (continued)

Six months ended Six months ended Year ended 30 June 2008 30 June 2007 31 December 2007 Earnings Earnings Earnings per per per Earnings share Earnings share Earnings share ‚£m pence ‚£m pence ‚£m pence From continuing operations Adjusted group 90.2 81.0 166.1 operating profit Net interest (expense) (1.0) 2.5 (0.6) /income Financing income - 2.3 2.4 4.5 pension schemes Adjusted profit before 91.5 85.9 170.0 tax Taxation (15.6) (14.6) (28.9) Minority interests (3.3) (2.4) (5.2) B share dividend (0.2) (0.2) (0.3) Adjusted earnings per 72.4 30.1 68.7 26.2 135.6 53.4 share Adjustments Amortisation of (12.2) (5.1) (9.0) (3.4) (20.0) (7.9) intangible assets Deferred tax on 3.0 1.2 2.6 1.0 5.2 2.0 amortisation of intangible assets Exceptional items (2.5) (1.0) (11.6) (4.4) (19.6) (7.7) Taxation relating to - - - - 1.8 0.7 exceptional items Net financing costs - (0.4) (0.2) (0.3) (0.1) (0.5) (0.2) other than interest Basic earnings per 60.3 25.0 50.4 19.3 102.5 40.3 share Dilution Options - (0.5) - (0.5) - (0.8) Diluted earnings per 60.3 24.5 50.4 18.8 102.5 39.5 share Adjusted earnings per share (as above) 72.4 30.1 68.7 26.2 135.6 53.4 Options - (0.7) - (0.6) - (1.1) Diluted adjusted earnings per share 72.4 29.4 68.7 25.6 135.6 52.39. Dividends Six months Six months Year ended 30 ended 30 ended 31 June June December 2008 2007 2007 ‚£m ‚£m ‚£m

Declared and paid during the period Equity dividends on ordinary shares Final dividend for 2006 of 13.6p - 34.1

34.1

Interim dividend for 2007 of 4.84p - -

12.0

Special dividend of 72.0p (paid March 2007) - 200.3

200.3

Final dividend for 2007 of 16.76p 40.4 -

- Equity dividends - B shares 0.4 0.3 0.3 Dividends 40.8 234.7 246.7

Proposed but not yet paid (not recognised as a liability at the end of the period) Equity dividends on ordinary shares Interim dividend for 2007 of 4.84p - 12.0

Final dividend for 2007 of 16.76p - -

40.4

Interim dividend for 2008 of 5.60p 13.5 -

- 10. Share capital 30 June 30 June 31 December 2008 2007 2007 ‚£m ‚£m ‚£m Authorised 360,024,734 ordinary shares of 33 and 71 121.7 121.7

121.7

/88 pence each (June 2007: 360,024,734 ordinary shares of 33 and 71/88 pence each; December 2007: 360,024,734 ordinary shares of 33 and 71/88 pence

each)

375,417,690 B shares of 8 and 23/44 32.0 32.0

32.0

pence each (June 2007: 375,417,690;

December 2007: 375,417,690) 153.7 153.7 153.7 Ordinary shares B shares Total ‚£m ‚£m ‚£m Issued and fully paid At 1 January 2008 82.4 0.3 82.7

Allocated in respect of share option 0.1 -

0.1

schemes and other entitlements Actual issued and fully paid shares at 82.5 0.3

82.8

30 June 2008 As at 30 June 2008, there were 243,821,755 issued and fully paid ordinaryshares, and 3,809,932 issued and fully paid B shares (30 June 2007: 253,838,560issued and fully paid ordinary shares, and 4,133,770 issued and fully paid Bshares; 31 December 2007: 243,542,509 issued and fully paid ordinary shares,and 3,809,932 issued and fully paid B shares).

As at 30 June 2008, the holdings of the ESOP Trust are 2,587,549 ordinary shares, and nil B shares (30 June 2007: 3,212,242 ordinary shares and nil B shares; 31 December 2007: 2,713,430 ordinary shares and nil B shares).

The Group repurchased and cancelled no ordinary shares and no B shares duringthe period (30 June 2007: 260,000 ordinary shares for an average price of700.0p and no B shares; 31 December 2007: 10,727,793 ordinary shares for anaverage price of 705.8p and 323,838 B shares). The total amount paid to acquirethe ordinary shares and B shares was ‚£nil (30 June 2007: ‚£1.8m, 31 December2007: ‚£76.7m).

As described in note 18, on 1 July 2008 the entire issued B share capital was redeemed for total consideration of ‚£9.4m.

11. Reserves Merger Capital Foreign ESOP Other Total Retained Minority reserve redemption currency reserve reserve other earnings interests reserve translation reserves reserve ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Balance at 1 101.1 51.8 (40.3) (24.0) 129.1 217.7 (300.9) 5.7January 2008 Total recognised income and - - 7.5 - (0.2) 7.3 44.6 3.2expense for the year Share-based - - - - - - 2.9 -payment Equity dividend - - - - - - (40.8) - Minority interest - - - - - - - (3.1)dividend Shares awarded by - - - 1.2 - 1.2 - -ESOP Balance at 30 101.1 51.8 (32.8) (22.8) 128.9 226.2 (294.2) 5.8June 2008 12. Acquisitions

The Group has completed seven acquisitions in the six months ended 30 June 2008.

From their respective dates of acquisition to 30 June 2008, the acquisitionsmade have contributed ‚£2.6m to the operating profit and ‚£10.7m to revenue ofthe Group. If the acquisitions had taken place at the beginning of the period,they would have contributed ‚£2.8m to the operating profit of the Group and ‚£11.6m to revenue.

On 2 January 2008, the Group acquired Mass Event Labs for an initial cash consideration of $1.2m, with a further performance-related consideration of up to $3.8m payable over the next four years.

On 22 January 2008, the Group acquired Think Service, Inc for an initial cashconsideration of $24.5m, with a further performance-related consideration of upto $5.0m payable over the next year.

On 8 February 2008, the Group acquired Exposure Events UK Limited, for an initial cash consideration of ‚£0.6m, with a further performance-related consideration of up to ‚£1.9m payable over the next two years.

On 25 February 2008, the Group acquired AeroStrategy's aviation data businessfor an initial cash consideration of $0.9m, with a further performance-relatedconsideration of up to $1.2m payable over the next three years.

On 29 February 2008, the Group acquired Vision Events for a total cash consideration of $11.4m.

On 30 May 2008, the Group acquired the Embedded Systems Show for a total cash consideration of ‚£0.1m.

On 30 May 2008, the Group acquired the Next Level business for an initial cashconsideration of $5.0m, with a further performance-related consideration of upto $6.5m payable over the next three years.

12. Acquisitions (continued)

The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group in respect of the acquisition of businesses during the period:

2008 2008 Fair Acquiree's value carrying to Group value ‚£m ‚£m Intangible assets 9.6 0.7 Other non-current assets 0.2 0.3 Current assets 6.9 7.2 16.7 8.2 Creditors and other current (8.3) (8.1)liabilities Deferred tax liability (1.5) - (9.8) (8.1) Fair value of net assets 6.9

Goodwill arising on acquisition 24.9

31.8 2008 ‚£m Consideration:

Cash paid to acquire subsidiaries

24.0 Deferred consideration 7.8 Total consideration 31.8

The aggregate cash flow effect of the acquisition was as follows:

2008 ‚£m Net cash acquired with the (2.9)subsidiaries

Cash paid to acquire subsidiaries

24.0

Net cash outflow on 2008 acquisitions

21.1

Payment of deferred consideration on

6.2prior year acquisitions

Total cash outflow on acquisitions

27.3

The goodwill of ‚£24.9m recognised above relates to certain intangible assetsthat cannot be individually separated and reliably measured from the acquireedue to their nature. These items include customer loyalty and a skilledworkforce.

The Group has yet to finalise the acquisition accounting for any of the acquisitions completed in the period and the fair values of net identifiable assets acquired has been determined on a preliminary basis as the valuation exercise as at the date of acquisition is ongoing.

13. Borrowings 30 June 30 June 31 December 2008 2007 2007 ‚£m ‚£m ‚£m Non-current 218.6 2.8 213.2 Current 42.5 191.8 39.3 261.1 194.6 252.5

Movements in borrowings are analysed as follows:

‚£m

Six months ended 30 June 2008

At 1 January 2008 252.5 Decrease in borrowings (0.4) Foreign exchange 9.0 At 30 June 2008 261.1 ‚£m

Six months ended 30 June 2007

At 1 January 2007 190.9 Increase in borrowings 7.7 Foreign exchange (4.0) At 30 June 2007 194.6 ‚£m Year ended 31 December 2007 At 1 January 2007 190.9 Increase in borrowings 55.2 Foreign exchange 6.4 At 31 December 2007 252.514. Share-based paymentsThe Group's management awards share options to directors and employees, fromtime to time, on a discretionary basis. During the six months ended 30 June2008, the Group awarded 3,856,519 (six months ended 30 June 2007: 1,289,542;year ended 31 December 2007: 2,252,264) shares under the Group's shareincentive plans.

The increase in the number of options awarded in 2008 reflects the change in policy towards using a combination of market priced EPS-based options and TSR-based performance shares as indicated in the 2007 Annual Report.

15. Retirement benefit obligations

The Group operates a number of defined benefit and defined contribution pensionschemes in the UK and overseas. The most recent actuarial valuations werecarried out at various dates in 2005 and updated to 30 June 2008 by independentqualified actuaries using the projected unit method.

The amounts recognised in the income statement were as follows:

Six months Six months Year ended ended 30 ended 30 31 December June June 2007 2008 2007 ‚£m ‚£m ‚£m Current service cost 1.6 2.1 3.2 Past service cost 0.5 - - Curtailments - - (0.3) Profit on settlement - 0.1 0.1 Interest cost 12.8 12.4 23.9 Expected return on plan assets (15.1) (14.8)

(28.4)

Total pension charge/(credit) (0.2) (0.2)

(1.5)

The amounts recognised in the balance sheet were as follows:

30 June 2008 As restated 31 December 30 June 2007 2007 ‚£m ‚£m ‚£m Fair value of plan assets 441.1 470.2 480.8 Present value of defined benefit (421.8) (432.2) (444.6)obligations

Net surplus in the balance sheet 19.3 38.0

36.2

16. Commitments and contingencies

Capital expenditure contracted for but not provided in the financial statements amounts to ‚£2.0m (31 December 2007: ‚£3.2m).

17. Related party transactions

The Group entered into the following transactions with related parties duringthe period: Balances Balances (owed by) (owed by) / / due to due to the Group the Group Transactions at Value of at Value of with 30 June transactions 30 June transactions Related Nature of Nature of 2008 2008 2007 2007 parties relationship transactions ‚£m ‚£m ‚£m ‚£m Asia Pacific Subsidiary Loans and 0.2 1.1 (1.0) 1.1 Leather Fair

Leaders Quest, a non-profit organisation, organised various management conferences for the Group during the period ended 30 June 2007 for a fee of

‚£10,500. Lindsay Levin, wife of David Levin, is a partner of Leaders Quest. David Levin is a trustee of Leaders Quest.

Convera, an IT consultancy specialising in search technologies, has enteredinto a five year contract with the Group with minimum payments to Convera of$4.1m. The contract also provides Convera with a share of revenue should theminimum payments be exceeded. Payments under this contract in the period were$498,000 (period ended 30 June 2007: $393,000) during the year. John Botts is adirector of Convera.

17. Related party transactions (continued)

Microland, an IT Infrastructure Management Outsourcing Services Provider, hasprovided services to the Group for fees of ‚£79,170 (period ended 30 June 2007:‚£85,791) during the period. Pradeep Kar, a non-executive director of UBM, isfounder, chairman and managing director of Microland.

Global Consultants Inc (GCI), an information technology consulting firm, provided services to the Group for fees of ‚£358,412 during the period ended 30 June 2007. Pradeep Kar was a director of GCI until 30 June 2007.

IQ Resource, a strategic outsourcing company specialising in business media andinformation services, provides services to the Group for which the group paidfees of $137,813 (period ended 30 June 2007: $146,625). Jonathan Newcomb, anon-executive director of UBM, holds an option over equity shares in IQResource.

Vodafone, the mobile telecommunications company, provides services to the Group. Karen Thomson, a non-executive director of UBM became a director of Vodafone UK on 30 April 2007.

Transactions with related parties are made at arm's length. Outstanding balances at year-end are unsecured and settlement occurs in cash. There are no bad debt provisions for related party balances as at 30 June 2008, and no related party transactions have been written off during the year.

18. Events after the balance sheet date

On 1 July 2008, as part of a restructuring of the Group to create a new holdingcompany which is UK-listed, incorporated in Jersey and with its tax residencein the Republic of Ireland, the parent company of the Group became UnitedBusiness Media Limited, and United Business Media plc (`UBM plc') became asubsidiary of that company. The former UBM plc shareholders were issued newshares in United Business Media Limited on a one-for-one basis following aScheme of Arrangement (`the Scheme') under Part 26 of the Companies Act 2006which was approved by UBM plc shareholders. Immediately following the Scheme,the former shareholders of UBM plc held the same economic interest in UnitedBusiness Media Limited as they held in UBM plc immediately prior to itsimplementation.Also on 1 July 2008, UBM plc's reduction of B capital became effective and thelisting of its B shares was cancelled. The entire issued B share capital wasredeemed for total consideration of ‚£9.4m (being 245p per share plus therelevant proportion of the dividends outstanding). The effect of the reductionof B share capital payment of ‚£9.4m was to reduce share capital by ‚£0.3m andreserves by ‚£9.1m.On 4 July 2008, the Jersey Court approved the reduction of capital of UnitedBusiness Media Limited, whereby the nominal value of each ordinary share wasreduced from 33 71/88p to 10p. The reduction of capital became effective on 5July 2008. The effect of the reduction of capital was to reduce share capitalby ‚£58.1m, share premium by ‚£1,247.6m and increase the profit and loss reserveby ‚£1,305.7m.On 29 July 2008, the Group announced the acquisitions of four tradeshows, theSleep Event, the Arc Show, the International Direct Marketing Fair and a 50%stake in Securex, for a total cash consideration of ‚£4.7m.

Statement of directors' responsibilities

The directors confirm that the half-yearly financial report for the periodended 30 June 2008 has been prepared in accordance with IAS 34 as adopted bythe European Union, and that the interim management report herein includes afair review of the information required by Rules 4.2.7 and 4.2.8 of theDisclosure and Transparency Rules of the United Kingdom Financial ServicesAuthority.

The directors of United Business Media Limited are listed on the United Business Media Limited website: www.unitedbusinessmedia.com.

By order of the BoardDavid LevinGroup Chief ExecutiveNigel Wilson

Deputy Chief Executive and Chief Financial Officer

29 July 2008

Independent review report to United Business Media Limited

Introduction

We have been engaged by the Company to review the condensed set of financialstatements in the half-yearly financial report for the six months ended 30 June2008 which comprises the Consolidated Income Statement, Consolidated BalanceSheet, Consolidated Cash Flow Statement, Consolidated Statement of RecognisedIncome and Expense, and the related notes 1 to 18. We have read the otherinformation contained in the half-yearly financial report and consideredwhether it contains any apparent misstatements or material inconsistencies withthe information in the condensed set of financial statements.This report is made solely to the Company in accordance with guidance containedin ISRE 2410 (UK and Ireland) `Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity' issued by the AuditingPractices Board. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the Company, for our work, for thisreport, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 2, the annual financial statements of the Group areprepared in accordance with IFRSs as adopted by the European Union. Thecondensed set of financial statements included in this half-yearly financialreport has been prepared in accordance with International Accounting Standard34, `Interim Financial Reporting', as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensedset of financial statements in the half-yearly financial report based on ourreview.Scope of review

We conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410, `Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity' issued by the AuditingPractices Board for use in the United Kingdom. A review of the interimfinancial information consists of making enquiries, primarily of personsresponsible for financial and accounting matters, and applying analytical andother review procedures. A review is substantially less in scope than an auditconducted in accordance with International Standards on Auditing (UK andIreland) and consequently does not enable us to obtain assurance that we wouldbecome aware of all significant matters that might be identified in an audit.

Accordingly we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us tobelieve that the condensed set of financial statements in the half-yearlyfinancial report for the six months ended 30 June 2008 is not prepared, in allmaterial respects, in accordance with International Accounting Standard 34 asadopted by the European Union and the Disclosure and Transparency Rules of theUnited Kingdom's Financial Services Authority.Ernst & Young LLPLondon29 July 2008

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