Financial Highlights** for the Six Months ended 30 June 2004

Clive Hollick, Chief Executive of United Business Media, said:
“Good underlying revenue growth in all of our businesses lifted operating profit by 52 per cent. This revenue growth and the continuing drive for operating efficiencies has boosted margins to 16.8 per cent – ahead of our 15 per cent medium term margin target.

“Our strategy of investing in, and acquiring, new products to build the quality and range of products and the geographic coverage of our key industry sectors, such as technology, healthcare, media, automotive and property is paying off. Through our understanding and knowledge of these sectors we are able to deliver an increasing range of products including publications, trade shows, conferences, on line information and research services.

“Market shares, volumes and yields are up. The performance of businesses acquired over the last year is ahead of plan and organic investment is generating top line and profit growth. The recently announced acquisition of MediMedia healthcare publishing assets, which operate in over 20 countries, brings healthcare revenues to nearly a quarter of overall group revenues.

Outlook
“Looking ahead, the steady improvement in our revenues is expected to continue into the second half of 2004. We plan progressively to increase the level of investment in new products and, with a strong balance sheet and cash flow, are well placed to continue to acquire businesses that are strategically compelling and meet our exacting financial criteria. The combination of increasing revenues and operating efficiencies leaves United well placed to continue to deliver strong profit growth.”