Earnings: UBM Sees Tech Rise, PRNewswire Sink; Focusing On India
This story was written by Robert Andrews.
Business publisher and event organiser United Business Media (LSE: UBM), which has aborted its courtship of Informa, says its decision to break tech publisher CMP in four has been proved right. The new-look tech business - comprising Think Services, TechInsights, TechWeb and Everything Channel - says it saw 10.9 percent better revenues of 97.3 million ($194 million) in the six months to June 30. But the small print says the restructure only kicked in on July 1, so the performance is not necessarily down to the restructure, which also cost 2.5 million ($5 million).
This year's Game Developers Conference made 16 percent more than last year's. But the closure of print titles knocked 3 million ($6 million) off revenue for TechWeb, the umbrella under which sits titles like InformationWeek. PRNewswire profit fell 7.2 percent to 74.8 million ($149 million) after a period in which the US wing's restructuring and systems upgrades prompted several higher-spending customers to jump ship - those responsible are gone, too; UBM says it's made several management changes. Healthcare division CMPMedica saw digital revenue grow 20 percent. Overall, pre-tax profit is up 17.4 percent to 76.3 million ($152 million) on 10.4 percent better sales of 445.6 million ($888 million).
Meanwhile UBM is hiring its Property Week publishing director Sanjeev Khaira to be MD of its publishing and online operations in India - a market it says has "enormous growth potential". And it's also spending a total 4.7 million ($9.36 million) to acquire four trade shows in the interior design, direct marketing and South African security segments.
By Robert Andrews