Business publisher and event organiser United Business Media (LSE: UBM), which has aborted its courtship of Informa, says its decision to break tech publisher CMP in four has been proved right. The new-look tech business – comprising Think Services, TechInsights, TechWeb and Everything Channel – says it saw 10.9 percent better revenues of £97.3 million in the six months to June 30.
This year’s Game Developers Conference made 16 percent more than last year’s. But the closure of print titles knocked £3 million off revenue for TechWeb, the umbrella under which sits titles like InformationWeek. PRNewswire profit fell 7.2 percent to £74.8 million after a period in which the US wing’s restructuring and systems upgrades prompted several higher-spending customers to jump ship – those responsible are gone, too; UBM says it’s made several management changes. Healthcare division CMPMedica saw digital revenue grow 20 percent. Overall, pre-tax profit is up 17.4 percent to £76.3 million on 10.4 percent better sales of £445.6 million.
Meanwhile UBM is hiring its Property Week publishing director Sanjeev Khaira to be MD of its publishing and online operations in India – a market it says has “enormous growth potential”. And it’s also spending a total £4.7 million to acquire four trade shows in the interior design, direct marketing and South African security segments. Release & Financials
From the call: CEO David Levin said the Informa takeover is off the table: “We’re not involved in any discussions there. There was a moment in time where that was a very attractive potential deal. The moment passed and we’re focusing on other things” (via Reuters).