UBM plans more magazine closures

LONDON - United Business Media, publisher of trade magazines including The Publican and Property Week, plans to axe more titles from its 120 business-to-business portfolio over the next two years.

David Levin: chief executive of UBM
David Levin: chief executive of UBM

The provider of business information services to primarily the healthcare, technology and automotive industries, has already closed 15 magazines and cut 350 jobs in the first six months of the year.

The push to cut more titles comes as the group reported a fall in pre-tax profit from £76.4m to £59.7m in the six months to the end of June.

Overall revenue dipped 2.4% from £445.6m to £435m, while its business-to-business operations, which has closed 43 titles since 2007, reported revenue down 22.3% from £111m to £86.3m, with operating profit down from £13.8m to £3.3m in the first six months of 2009.

UBM said "we believe that, in the medium term, UBM will retain a commercially sustainable, but smaller, portfolio of market-leading print titles."

David Levin, chief executive of UBM, said: "Despite the challenging economic circumstances, we continue to pursue our established strategy.  

"We remain focused on increasing our portfolio of live events, data and online business, particularly in fast-growing and emerging markets."

The group pointed to a "strong performance" in its tradeshow business, saying that forward bookings for its major events for the second half of the year and running 5.9% ahead of schedule.

It has also earmarked fresh acquisitions over the next 12 months, but did not disclose further details.

The company said it was on track to meet earnings expectations for the full year.

 

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