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United Business Media reports 2002 earnings

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London--United Business Media plc, parent of CMP Media L.L.C., announced Friday its preliminary results for 2002. The company reported revenue in 2002 of $1.25 billion, down from 2001’s figure of $1.47 billion. It reported an operating profit of $102.6 million in 2002, compared with $97.3 million in 2001.

United Business CEO Clive Hollick attributed the improvement in operating profit to the closure of some publications and additional belt tightening; about $284.5 million in annual costs have been eliminated since 2000.

The company reported a net loss of $415.9 million, compared with a net loss of $1.47 billion in 2001. Both of these figures were affected by goodwill impairment on several United Business acquisitions.

CMP Media posted revenue of $398.9 million in 2002, compared with $585.3 million in 2001, but the division, thanks to cost-cutting, generated an operating profit in the fourth quarter of 2002.

--Sean Callahan

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