Summary: United Business Media PLC Aug 03

Standard & Poors, August 2003

Abstract
The ratings on U.K.-based publisher and information provider United Business Media PLC (UBM) reflect its competitive positions in news distribution, market research, trade shows, and professional media, combined with a moderate financial policy. The ratings are offset, however, by the group's relatively small earnings base and profitability that is still recovering from the lower demand for business communications. At June 30, 2003, UBM had gross borrowings of -580 million ($933 million). UBM's earnings base is improving due to cost containment measures. For the six months ended June 30, 2003, the group's operating margin (before goodwill amortization and prior year exceptional items) increased to 12.2% compared with 9.1% for the same period one year earlier. Although UBM's underlying revenues were down...

Companies mentioned in this report are: United Business Media
Action: Review

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United Business Media

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