United News & Media reports higher revenue, lower profits

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London--United News & Media plc, the parent company of Miller Freeman, San Francisco, reported a gain in revenue and a slight decline in pretax profits for the first half of 1999, compared with the same period last year. Revenue rose from $1.63 billion to $1.74 billion. Profits fell about 2% in the same time frame, dipping from $247.7 million to $242.1 million. Miller Freeman's revenue increased 9% in this year's first half, jumping from $523.9 million to $577.5 million. Its profits improved about 3%, from $121.8 million to $126 million. United News & Media indicated its preparations for an initial public offering of CMPnet, which will include Miller Freeman's high-tech Web sites, are continuing.
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