Operating profit from continuing businesses increased to $244.3 million, from $233.9 million. UBM said it helped reduce its costs by cutting jobs: The company eliminated more than 500 positions in the second half of 2008 and has shed more than 1,000 since June 2007.
Like many b-to-b media companies, UBM has reduced its reliance on advertising-supported print products. Print products accounted for 24.3% of the company’s revenue in 2008, down from 56.2% in 2004.
“Our strategic restructuring of UBM over the last four years and our active management of UBM’s cost base has positioned UBM appropriately for the current challenging environment,” UBM CEO David Levin said in a statement, adding: “We remain prepared to address rapidly and effectively any deterioration in performance or market conditions.”