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2001 INTERIM RESULTS. Professional Media. Market Research. News Distribution. ANALYST PRESENTATION. Very tough trading conditions High tech ad decline / US economic slowdown Revenue down 4% Operating profit & EPS down 38% £60m savings secured for 2001: £15m impact in H1

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2001 interim results

2001 INTERIM RESULTS

Professional Media

Market Research

News Distribution

ANALYST PRESENTATION


2001 interim results

Very tough trading conditions

High tech ad decline / US economic slowdown

Revenue down 4%

Operating profit & EPS down 38%

£60m savings secured for 2001: £15m impact in H1

Market share gains in all core businesses

Financial & Operational Summary


2001 interim results

£250m cash balance after £1.25bn share buy back

Building market leading positions

Revenue and cost synergies from group operations

Acquisitions: total $150m

PRN: Cyperus ANP

NOP: Allison Fisher Roper Starch

Development Summary


Acquisition of roper starch
Acquisition of Roper Starch

  • $88m : 1.3 times 2000 revenue of $69m

  • Leading consumer trends consultancy

    • Consumer, healthcare, automotive, IT, financial

    • 50/50 syndicated Vs custom

  • Significant costs & revenue synergies

  • New growth opportunities

    • Roper products to new geographies and markets

    • NOP World products to Roper client base

  • Earnings accretive in first full year


United s strategy
United’s Strategy

  • UBM aims to become a key provider of market information to high growth sectors including

    • Information Technology

    • Healthcare

    • Media


United presence
United Presence

IT

Health

Media





Editorial & Advertising



Events & Conferences





Syndicated Research



Customised Research

Consultancy Services





Educational & Training







News Distribution & Monitoring


Current trading outlook
Current Trading & Outlook

  • CMP June in line with expectations

  • Not planning on recovery in US in 2001

  • Quality of CMP titles maintains yield and boosts market share

  • Market research good progress

    • Healthcare and syndicated buoyant

  • News distribution revenues ahead

    • profits checked by higher investment

  • 2001 savings of £60m weighted to H2

  • Continued investment in new products


2001 interim results

2001 INTERIM RESULTS

Professional Media

Market Research

News Distribution

FINANCIAL REVIEW


Financial results six m onths to 3 0 june
Financial Results Six months to 30 June

Change %

2001

2000

489.4

31.3

90.8

(19.1)

71.7

11.0

511.6

95.6

(39.8)

55.8

82.0

137.8

18.8

11.0

(4.3)

(37.8)

-

62.7

-

(48.0)

(37.2)

-

Continuing turnover (£m)

Continuing operating profit (£m)

Interest (£m)

Post Interest Cont’ op’ profit (£m)

Discontinued operating profit (£m)

PBT * (£m)

EPS * (p)

Dividend per share (p)

59.5

11.8

*before exceptionals and amortisation of intangibles


Profit loss six m onths to 3 0 june
Profit & LossSix months to 30 June

Operating Profit

Group Turnover

2001

£m

Change

%

2001

£m

Change

%

Underlying

%

Underlying

%

(12.3)

1.9

7.9

(7.4)

(7.9)

(29.9)

(8.3)

-

302.3

66.9

76.1

29.2

14.9

1.3

(49.9)

1.0

7.1

(33.9)

(16.7)

(3.8)

(37.8)

-

Professional Media

News Distribution

Market Research

Business Services

Consumer Media

Online

Total Continuing

Discontinued

(9.2)

11.1

13.9

(3.2)

(7.9)

(25.9)

(4.3)

-

35.4

21.2

10.6

6.0

(13.7)

(19.1)

(51.4)

(3.9)

5.4

(36.1)

(16.7)

(2.8)

(39.4)

-

67.2

445.3

489.4

59.5

•Offline Margin 15.4% (22.1%) •


Professional media six m onths to 3 0 june
Professional MediaSix months to 30 June

2001

£m

2000

£m

Change

%

Underlying

%

Turnover

CMP Media

CMP Asia

CMP Information

Total

210.4

24.1

67.8

25.9

9.1

0.4

11.7

239.7

23.7

69.4

332.8

58.6

7.8

4.3

70.7

21.2

(17.9)

1.1

5.0

(12.3)

(57.0)

(4.3)

(86.7)

(51.4)

(12.2)

1.7

(2.3)

(9.2)

(55.8)

16.7

(90.7)

(49.9)

302.3

Operating Profit

CMP Media

CMP Asia

CMP Information

Total

Margins %

35.4


News distribution six m onths to 3 0 june
News DistributionSix months to 30 June

2001

£m

2000

£m

Change

%

Underlying

%

Turnover

US

RoW

31.7

56.4

10.5

20.4

0.8

52.5

7.7

60.2

18.8

2.2

21.0

34.9

11.1

1.0

1.9

(3.9)

66.9

Operating profit

US

RoW

21.2

Margins %


Market research six m onths to 3 0 june
Market ResearchSix months to 30 June

2001

£m

2000

£m

Change

%

Underlying

%

Turnover

US

RoW

44.4

31.7

7.6

3.0

13.9

40.6

26.2

66.8

7.3

2.6

9.9

14.8

13.9

7.1

7.9

5.4

76.1

Operating profit

US

RoW

10.6

Margins


United today six m onths to 3 0 june 2001 continuing offline turnover

59

Other

Ad’

15

Non

Advertising

High

Tech

Ad’

26

United TodaySix months to 30 June 2001Continuing offline turnover

By Ad % / Non-Ad %

High Tech Advertising = 17% profits


Cashflow six m onths to 3 0 june
CashflowSix months to 30 June

2001

£m’s

1,553.0

(1,250.5)

61.7

(53.0)

36.1

28.0

(20.1)

(56.8)

(18.5)

(29.2)

250.7

Opening cash

Less return of capital

B shares outstanding

Investments

Interest received

Profit less net working capital

Capex

Dividend paid

Tax paid

Other

Closing cash


2001 interim results

2001 INTERIM RESULTS

Professional Media

Market Research

News Distribution

Operating Review


2001 interim results

Action on Costs

Group Wide

  • Saved £15m in H1

  • Secured £60m in 2001

    • 700 staff, or 9% headcount reduction

    • A third of savings relate to staff

    • Reductions also include

      • Marketing, CMPnet structure

      • Office consolidation, administration, systems

  • Substantial group initiatives in hand for 2002/03


Synergies from group operations
Synergies From Group Operations

  • REVENUE

    • Share client database for cross promotion and selling

      • NOP uses database to create panels

    • Best practice

      • PRN sales training to NOP

      • PRN news distribution & webcasting for all tradeshows

  • COSTS

    • Central review: economies of scale and remove duplication

    • Single networks and common webhosting

    • Standard group applications, shared IT services


Professional media six m onths to 3 0 june1
Professional MediaSix months to 30 June

Publications

%

Events

%

Turnover

CMP Media

CMP Asia

CMPi

Total

79

14

70

72

71

14

47

56

21

86

30

28

29

86

53

44

Operating Profit

CMP Media

CMP Asia

CMPi

Total


2001 interim results

CMP – High Tech

Monthly Market Share Analysis

By Ad Page Volumes

2001

January - December 2000

(Based on Ad Pages)

29.5% CMP

10.5% Cahners

10.4% IDG

8.9% Ziff

5.5% Penton

Ad Page Volumes in June

CMP Down 24%

Ziff Davis Down 39%

IDG Down 52%

Source: IMS/Auditor


2001 interim results

Professional Media

  • CMP Media Yield maintained

    • Quality of Brands Reinforced

  • Launch programme: up to $10m

    • Launch 2 new publications in autumn

      • Extend proven brands to new markets

    • Digital database

      • Launch platform for new products

    • Inside Magazine

    • M Business on target


2001 interim results

Professional Media

  • No change in number of advertisers

    • Cut backs in level of advertising

  • Revenue from top 25 broadly as in 2000

  • Medium & smaller companies reduced

  • Resilience of core client business

  • Demonstrates quality of CMP brands


2001 interim results

News Distribution

  • Market share: net gain of 70 listed companies

  • Underlying revenue ahead

  • US revenue per message up 12%

    • Reg FD driving message length, secured price increase

  • US message volume down 12%

    • Earnings releases up 9% / Reg FD helps trading updates up over 50%

    • M&A, IPO’s and New products all down approx 40%

  • Downturn in discretionary masking significant underlying growth in non-discretionary business

  • Measuring & monitoring now 13% (11%) of revenue


2001 interim results

Market Research

  • Increasing market share

    • NOP UK revenue growth firmly ahead of UK market

    • MRI performing strongly, increased client base

  • Healthcare buoyant, new products

    • E-market for pharmaceuticals

    • Sales Force Assessor

    • MMI & ePocrates strategic alliance

    • DTC e-monitor


2001 interim results

Operating Summary

  • Costs cut

    • Short term mitigation

  • Drive synergies

    • Shared infrastructure

    • New revenue streams & new products

  • Integration of acquisitions

  • Continuing to invest to drive market share


2001 interim results

  • Tough market

  • Firm action on costs

  • Market share gains in all businesses

  • Investing to drive future revenue growth and take further market share


2001 interim results

2001 INTERIM RESULTS

Professional Media

Market Research

News Distribution


United today six m onths to 3 0 june continuing offline by
United TodaySix months to 30 JuneContinuing offline by %

2001

64

29

14

48

16

14

Turnover

Operating Profit