United Business Media reports higher profit, narrower loss

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London—United Business Media, the parent company of CMP Media, Thursday posted first-half revenue of $693.3 million, up 10.6% from the same period last year.

UBM reported a retained loss in the first half of $39.4 million compared with a retained loss of $52.5 million in the same period of 2003. It said its operating profit totaled $116.2 million in the first half, an increase of 51.9%.

“We plan progressively to increase the level of investment in new products, and, with a strong balance sheet and cash flow, are well placed to continue to acquire businesses that are strategically compelling and meet our exacting financial criteria,” Clive Hollick, UBM’s CEO, said in a statement.

Despite a 3.4% decline in revenue in the first half to $179.1 million, CMP had an operating profit of $21.7 million in the period, an increase of 142.9% compared with the first half of 2003.

—Sean Callahan

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