London—United Business Media, parent company of CMP Media, Friday reported its revenue rose 8.4% in 2004 to $1.55 billion, excluding joint ventures and associates.
UBM said operating profit (before amortization of good will, intangible assets and exceptional items) was up 33.1% to $252.7 million. The company reported a $212.6 million profit after taxes for 2004, which was helped by a $231.1 million reduction in tax liabilities.
CMP Media, which publishes EE Times, reported a 55.4% increase in profits to $43.9 million despite a 7.9% decrease in revenue to $370.2 million. Online revenue at CMP Media was up 29%.
UBM also said it plans to continue cutting costs by offshoring or outsourcing data processing, circulation management and other functions.