2006 News Releases
28 February
Preliminary Results for the Year Ended 31 December 2005
STRONG RESULTS FROM A FOCUSED BUSINESS
Headline Results
| Revenue | Up 21.3% | to £675.8m (£557.3m) | ||
| Continuing operating profit* | Up 27.3% | to £137.1m (£107.7m) | ||
| Profit before tax** | Up 7.2% | to £152.1m (£141.9m) | ||
| EPS** | Up 25.1% | to 40.9p (32.7p) | ||
| Dividend | Up 25.0% | to 15.0p (12.0p) |
- Underlying revenue up 4.1%
- Margins steady at 19.6% (2004 - 19.1%)
- Acquisitions performing in line with plan
- £105m invested in acquisitions in 2005
- £550m of capital returned via special dividend and share & bond buybacks
- Net cash of £246.8m at year end
- New senior management team in place
** Before amortisation of intangible assets, non-recurring items, other net financing cost other than interest and including discontinued operations
Statutory Results
| Revenue | Up 21.3% | to £675.8m (£557.3m) | ||
| EBIT | Up 161.8% | to £241.1m (£92.1m) | ||
| Profit before tax | Up 129.7% | to £232.2m (£101.1m) | ||
| EPS - continuing | Up 15.3% | to 67.8p (58.8p) |
David Levin, Chief Executive of United Business Media plc said:
“In 2005 we have achieved strong financial results, and have made substantial progress in reshaping UBM for the future. We achieved EPS growth of 25% and have increased our dividend by 25%. In conjunction with these strong results, we have simplified UBM to focus on businesses that support buyers and sellers, through the distribution of market information (PR Newswire), and through providing media channels that support market activity (CMP’s trade shows, print and online publishing).”
“We intend to accelerate the rate of acquisitions from the £105m achieved in 2005 towards the £150m to £250m level annually whilst maintaining our strict financial criteria for acquisitions. At the same time it is our intention to move towards a prudent leveraged balance sheet over the next two years. Subject to our trading over these few years, we expect to be in a position to return in excess of £300m of capital to shareholders during that period.”
“2006 has begun with a solid performance. PR Newswire is continuing to perform well. Our events business remains strong worldwide and forward bookings are ahead of the prior year. Our performance in print is mixed, for example a good performance in France being offset by weaker revenue in the UK. Whilst our online revenues are growing rapidly (albeit from a small base) and we plan to accelerate that growth through further investment, we will focus on improving the profitability of our online offerings.“
Contacts
| Analysts | |
| Catherine Southgate | Head of Investor Relations |
| investorrelations@ubmgroup.biz | |
| Direct telephone | +44 20 7921 5031 |
| Mobile | +44 771 046 8996 |
| Media | |
| Peter Bancroft | Director of Communications |
| communications@ubmgroup.biz | |
| Direct telephone | +44 20 7921 5961 |
| Chris Barrie | Citigate Dewe Rogerson |
| chris.barrie@citigatedr.co.uk | |
| Direct telephone | +44 20 7282 2943 |
| Mobile | +44 796 872 72 89 |
| Simon Rigby | Citigate Dewe Rogerson |
| simon.rigby@citigatedr.co.uk | |
| Direct telephone | +44 20 7282 2847 |
| Mobile | +44 777 178 4446 |
Interviews with David Levin, CEO, and Nigel Wilson, CFO, are available in video, audio and text on http://www.unitedbusinessmedia.com and http://www.cantos.com
UBM’s results presentation will be webcast live from UBM’s website from 9.30am, 28th February 2006. To access the webcast please go to www.unitedbusinessmedia.com.
A video recording of the webcast will also be accessible from UBM’s website. The presentation will also be available from UBM’s website as a podcast.
Notes to Editors
About United Business Media plc
United Business Media is one of the world’s leading global
business information companies. UBM brings together the world's
buyers and sellers, helping their markets work effectively and
efficiently through PR Newswire's news distribution network and
CMP's portfolio of events, print and on-line publications.
For more information, go to www.unitedbusinessmedia.com
About PR Newswire - PR Newswire is the world’s leading corporate news distribution service. Headquartered in New York, PR Newswire distributes news globally on behalf of over 40,000 customers, including many of the world's top companies and agencies, helping them take the latest news to the media, the investment community, and the general public. For more information, go to www.prnewswire.com
About CMP - CMP’s portfolio of more than 200 newspapers, magazines and directories, 200 websites and 300 events brings together buyers and sellers from a range of global sectors including technology, healthcare, the built environment, lifestyle, fashion and ingredients. Our customers come to us for direct access to their key audiences: business decision-makers.
CMP operates globally through four divisions:
- CMP Media - the USA’s leading high tech B2B media company and provider of healthcare education and information. For more information, go to www.cmpmedia.com
- CMP Information: the European magazine and events business, based in the UK. For more information, go to www.cmpinformation.com
- CMP Asia: a leader in exhibitions and publications in key markets in Asia. For more information, go to www.cmpasia.com
- CMPMedica: pharmaceutical marketing solutions including medical information and trade press in Europe and Asia. For more information, go to www.cmpmedica.com
- InformationWeek magazine: US circulation of 500,000 IT professionals www.informationweek.com
- Vidal Pharmaceutical Dictionary: the top-selling medical dictionary in Europe
- September Hong Kong Jewellery & Watch Fair: attracts more than 38,000 visitors each year www.jewellerynetasia.com/exhibitions
- LightReading.com: the world’s largest online telecoms publication, with a monthly audience of more than 400,000 www.lightreading.com
Disclaimer
This press release includes statements which are not historical
facts and are considered “forward-looking” within the
meaning of Section 27 of the Securities Act of 1933, as amended.
These forward-looking statements reflect UBM's current views about
future events, business and growth strategy and financial
performance. These forward-looking statements are identified by
their use of terms and phrases such as “believe,”
“expect,” “plan,” “anticipate,”
“on target” and similar expressions identifying
forward-looking statements. Investors should not rely on
forward-looking statements because they are subject to a variety of
risks, uncertainties and other factors that could cause actual
results to differ materially from UBM’s expectations. UBM
expressly does not undertake any duty to update forward-looking
statements. Management does not attempt to update forecasts unless
conditions materially change.
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