UBM on track

Media conglomerate United Business Media (UBM) is on track to meet expectations for the full year despite a decline in profit before tax at the half-way stage. Pre-tax profit for the six months ended 30 June fell to £58.1m from £59.5m, but was down 8% at £61.9m before exceptional items. Revenue was little changed at £434.3m. Adjusted operating profit rose 6% to £83.2m. The events business is performing well, especially the firm's shows in Asia and large tradeshows worldwide, although the proportion of group revenue generated by print magazines is expected to keep falling. Though chief executive David Levin thinks the group is "is increasingly well placed for profitable growth", he urges caution. "While we see evidence of improved trading conditions in many of the markets and geographies in which we operate, we remain cautious regarding the pace, depth and sustainability of the wider macro-economic recovery," the boss said Friday. The dividend stays at 6p a share. In a separate statement, the company said it is paying up to $16.1m for Shanghai International Children-Baby-Maternity Products Expo (CBME).