• Chief Executive's Statement • Summary Group Income Statement • Summary of Interim Financial Results for 2006 • Divisional Commentary
 
  • Other Financial Information  
 
  Summary of Interim Financial Results for the six months ended 30 June 2006

The results presented below reflect continuing businesses under the new management structure.
 
Note: As previously notified the amounts shown against CMP Technology (formerly CMP Media), CMP Information and CMPMedica in the table below have been restated to reflect the intra-group transfer of the US Healthcare titles and CME events from CMP Media to CMPMedica, the transfer of the Healthcare titles of CMP Information in the UK to CMPMedica and the transfer of CMP Princeton from CMP Media to CMP Information.  The amounts transferred are stated in detail in the business segments section of the accompanying financial statements (refer to note 3).		  
     
 
 
Revenue
Six months to 30 June
Operating Profit (2)
Six months to 30 June
  2006
£m		 2005
£m		 Change
(%)		 Underlying (1)
(%)		 2006
£m		 2005
£m		 Change
(%)		 Underlying (1)
(%)
PR Newswire (3) 69.1 51.3 34.7 6.2 20.6 14.3 44.1 24.2
CMP Asia 26.5 24.3 9.1 8.3 7.2 6.3 14.3 8.8
CMP Information 92.9 77.8 19.4 5.6 22.3 18.8 18.6 (1.3)
CMP Technology 113.3 87.6 29.3 (3.6) 17.3 12.5 38.4 (32.7)
CMPMedica 92.5 74.2 24.7 5.0 14.9 14.1 5.7 (8.1)
  394.3 315.2 25.1 3.2 82.3 66.0 24.7 (2.2)
Corporate (4) – – – – – 3.7 – –
  394.3 315.2 25.1 – 82.3 69.7 18.1 –
                 
 
 
(1) Underlying: adjusted for the estimated effects of acquisitions, discontinued operations, foreign exchange and biennial events
   
(2) Before amortisation of intangible assets, non-recurring items, share of taxation on profit from joint ventures and associates
   
(3) Our 50% share of Canada Newswire has been consolidated in H1 2006 increasing reported revenues by £13.2m and operating profit by £2.0m.
   
(4) Corporate operations comprises net central operating costs, together with those equity accounted investments which do not form part of one of the group’s operating divisions. The 2005 Corporate costs included profit of £3.9m in relation to equity accounted investments that have subsequently been disposed of e.g. five, SIS, SDN.
   
 
     
  Underlying revenue was up 3.2% – after adjusting for the effects of acquisitions, discontinued operations, biennials and foreign exchange. Revenue from 2005 and 2006 acquisitions was £68.8m (2006 acquisitions: £19.7m). Operating profit from acquisitions was £17.8m (2006 acquisitions: £7.1m).

The movement in the US dollar and the Euro has a direct translation impact – with approximately two thirds of UBM revenue reported locally in US dollars or Euros, group revenue increased by £7.8m as a result of foreign exchange. The average rate of £:$ exchange for the first half was $1.79 (2005 H1: $1.87), together with the effects of other currency movements, this increased operating profit by £1.5m. A 1 cent movement in the US dollar against Sterling is approximately equivalent to a move in profit of around £250,000 to £350,000 over the full year. 		 
     
   
     
  • Chief Executive's Statement • Summary Group Income Statement • Summary of Interim Financial Results for 2006 • Divisional Commentary
 
  • Other Financial Information