21st Jun 2005 06:00
Embargoed until 7:00AM 21st June 2005 United Business Media Pre-close Season Update* 2005 First Half Trading Overall On Track, Trends Noted at AGM Continue GROUP SUMMARYRevenues and profits are in line with the trends UBM indicated at the time ofthe Annual General Meeting in May.UBM continues to achieve good revenue growth in its important exhibitionbusiness, and in its online operations; US news distribution is also showingsolid revenue growth; however, as noted previously, print continues to facesignificant challenges.OPERATING HIGHLIGHTS OF THE FIRST HALF OF 2005CMPi / UAPOverall performance at CMP Information remains on track with its expectations,CMPi is delivering steady positive growth on the prior year. Revenue trends inMay improved on March and April. The 2005 new product development programmecontinues apace. Exchange & Mart trading continues to reflect the trends notedat the AGM. The Publican and other related licensed trade assets - acquired in2005 - have now been integrated into UAP and are performing in line withbusiness case.CMP AsiaCMP Asia has again achieved good overall progress with strong performance fromthe major Hong Kong Jewellery Fairs in June. CMP Asia is exploring the goodgrowth opportunities in a wide range of Asian markets and has continued withits extensive programme of brand extensions and new product launches, inparticular in China and Japan.CMPMedicaCMPMedica is performing broadly on track, with the core Drug InformationSystems products performing in line with expectations in Europe but withgeneral softness in the existing trade press businesses and across the Asia/Pacific operations. The integration of the 2005 acquisition of new medicaltrade press titles in France is underway and that new business is performing inline with business case.CMP MediaCMP Media is performing in line with the trends noted at UBM's Annual GeneralMeeting in May, with strength in events and online, and print ad page volumesdown. In Medical education, single sponsor events improved somewhat in thefirst half but most of the major multi sponsor events have now been deferred bycustomers to the second half of the yearThe US Entertainments business - formerly part of CMPi and now being integratedinto CMP Media - performed well.Across CMP Media the 2005 programme of investment in new products is now wellunderway.PR NewswireIn the first half of 2005, PR Newswire is in line to achieve its three mainobjectives, a strong performance from its core US messaging business, goodprogress from the ongoing development of its product range and a ten per centoperating margin in the Rest of the World.OPERATING EFFICIENCIESThe group is moving ahead with the implementation of the next phase of a majorprogramme of offshoring and outsourcing - these remain on track to improveoperating margins over the next two years.FIXED ASSET INVESTMENTFive continues to perform well, delivering year on year increases in its shareof advertising and its share of audience, and growing its operating profits.FINANCINGDuring the first half of 2005 UBM completed a ‚£325m refinancing at 32.5 basispoints over LIBOR. This replaces a ‚£500m facility at 45.0 basis points aboveLIBOR.During the first half of 2005 UBM purchased for cancellation 250,000 of itsordinary shares at 519.94p per ordinary share.RESTATED PRIOR PERIOD RESULTSBy the end of June UBM intends to publish its full year and interim 2004results restated for the effects of IFRS and also on the basis of the newsegmental layout of UBM's operating divisions - eg reflecting the recentreorganisations. An indication of the effects of IFRS on the 2004 financialresults was provided in February 2005 - it is not anticipated that the formalaudited restatement of the 2004 results will be materially different from thatearly indication.*UBM is scheduled to announce its interim results for 2005 on 27 July 2005.This announcement is the routine update prior to entering the July close seasonassociated with the interim resultsFor further information please contact:For United Business Media enquiries:Michael Waring United Business Media + 44 20 7921 5031 Colin Browne The Maitland Consultancy + 44 20 7379 5151 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.ENDUNITED BUSINESS MEDIA PLCRelated Shares:
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