2007 News Releases

Interim results for the six months ended 30 June 2007

27 July

First half EPS of 25.6p on target; in line for full year

Strong profit performance by PR Newswire and events offset by biennial effect, adverse exchange rate movements and investment in new geographies & product development

H1 2007 headline results

• Adjusted EPS growth of over 10%, equating to 16% in constant currency terms
• PR Newswire operating profits up by 14.7%
• Events underlying revenue up by 13.2%†
• US$ decline against Sterling reduced revenue by £20.0m and profits by £4.4m
• Increased investment reduced profits by £3m
• Biennial events phasing between H1 and H2 reduced profits by £3m
• £69.0m invested in twelve acquisitions in the year to date
• Net debt of £79.3m at 30 June; capital structure review in H2

* Adjusted continuing group operating profit is group operating profit before amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on profit in joint ventures and associates (see page 5).
** 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 (see note 6 on page 21)
† Underlying: adjusted for the effects of acquisitions, discontinued businesses and products, foreign exchange and biennial events

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

"United Business Media has achieved satisfactory results for the first half of 2007 despite a mixed performance across the business. We have delivered fully diluted adjusted EPS growth in excess of 10%, equating to 16% in constant currency terms.

PR Newswire continues to perform well, as does our events portfolio. In the first half of the year PR Newswire achieved underlying† profits growth of 15% and our events portfolio returned double digit revenue growth. We anticipate that these businesses will contribute around 70% of our profits in the current year. During the first half of the year our online revenues grew 10% and CMP Technology made further progress in improving its online profitability, with profit margins continuing to expand.

These strong performances have been offset by a number of factors which reduced operating profit in the first half by more than £10m. The 18 cent decline in the US dollar against Sterling from $1.79 in H1 2006 to $1.97 in H1 2007 together with other currency movements had a significant impact on our first half results, reducing revenues by £20.0m and operating profit by £4.4m. In constant currency terms, continuing revenues rose by 11.0%, adjusted group operating profit grew by 4.0% and adjusted profit before tax grew by 3.1%.

Because of the timing of our biennial events in 2007 compared to 2006, our full year earnings will be weighted towards the second half of 2007. The biennial effect reduced our first half operating profit by £3m in comparison with 2006 and is anticipated to increase operating profit in the second half by the same amount.

Through the first half of the year we continued to invest in new product development and in building our businesses in new geographies. This investment had the effect of reducing operating profits by approximately £3m.

During the first half of 2007 a number of our print titles have continued to experience difficult trading environments. We continue to take decisive action to reshape our businesses to enable them to better meet changing customer requirements, to position them in growth markets and to improve their profitability. The most significant actions taken during the first half were the restructuring of CMP Technology and the initiation of a similar process at CMPMedica. The reorganisation of CMP Technology's business and the rationalisation of its print portfolio have progressed well and are now substantially complete. CMPMedica has made good initial progress in rebalancing and reorganising its business although the process is approximately eighteen months behind that at CMP Technology.

In the year to date we have invested a total of £69m in twelve acquisitions, predominantly of ‘bolt-on' businesses that are complementary to existing UBM businesses. Our acquisitions continue to deliver results ahead of UBM's 8% post tax cost of capital.

The Board has declared an interim dividend of 4.84p, a 10% increase on the interim dividend of 2006.

Outlook
We remain on track to achieve full year adjusted earnings per share growth in line with expectations. Bookings for our major events in the second half of the year are in line with plan and we continue to anticipate full year underlying† revenue growth of more than 5%.

The balance sheet remains strong with substantial capital available for acquisitions and for capital returns. The availability of potential acquisitions is increasing although pricing variability is high. In March of this year we returned £200m of capital to shareholders by way of a special dividend, taking the total capital returned to shareholders to £360m, well in excess of the £300m figure originally announced in February 2006. We have stated our intention to move to a more leveraged balance sheet and we will review our capital structure during the second half of the year."

† Underlying: adjusted for the effects of acquisitions, discontinued businesses and products, foreign exchange and biennial events.

Contacts

Notes to Editors
About United Business Media plc
United Business Media plc is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery dealers, from farmers to pharmacists around the world. Our 5,000 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.

For more information, go to www.unitedbusinessmedia.com

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