United on track for full-year targets
LONDON - United Business Media said it is on track to meet full-year expectations, despite a steep decline in advertising at its technology publishing division CMP Media.
The company expects full-year page volumes to fall between 25% and 30%, although it has retained market share of 28.8% against 25.2% last year.
The company has undertaken a restructuring this year aimed at making cost savings of £60m. However, this year the cost of some operations moving office is estimated to have reached £60m.
The company said it expects to pay a dividend of 1p for the second half of the year, which will bring the year's total dividend to 12p and 7p in 2002, and said it was well positioned for an upturn in the media sector.
United shares fell 5.2% to 483.5p in early morning trading in London.
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