* Profit before tax and exceptional items up 21.5 per cent to 151.9
million pounds
* Earnings per share before exceptional items up 25 per cent to 21.1p
* Operating profits up 75 per cent in Broadcasting and Entertainment, and
up 41 per cent in Business Services
* Implementation of merger strategy well under way
LONDON, Sept. 12 /PRNewswire/ -- Commenting on the results, the Chairman,
Lord Stevens of Ludgate said:
"This has been a period of significant progress. We achieved an increase
in profits of over 20 percent, and the strategy outlined at the time of the
merger is being implemented effectively. There will be further initiatives in
the second half to improve our operating performance and to strengthen and
develop our products and franchises."
CHAIRMAN'S STATEMENT
United made significant progress in the first six months of 1996. The
merger with MAI was announced on February 8 and completed on April 2. The
integration following the merger has been smooth and rapid leaving the group
poised for further development. At the time of the merger we set ourselves
two clear objectives, to improve the overall operating performance and to
concentrate resources into core businesses; good progress has been made on
both fronts.
Profits before tax and exceptional items at 151.9 million pounds are
21.5 per cent ahead of last year and turnover at 1,039.2 million pounds is up
10 per cent. Earnings per share before exceptionals increased 25 per cent
from 16.9p to 21.1p. An interim dividend of 8p per share -- up 3 per cent on
last year -- is consistent with our stated policy of recommending increases
whilst improving the dividend cover to more than two times over the next few
years. The interim dividend will be paid on December 2 to shareholders on the
register on October 15. A scrip dividend alternative will be available.
The review of businesses in the merged group has led to the sale of a
number of non-core activities, Wagon Finance, Tolley (in August 1996) and
several investment properties, for a combined total of 243 million pounds.
These funds will help finance the development of business services, consumer
publishing and broadcasting and entertainment where significant opportunities
in domestic and international markets have been identified. The review has
also highlighted opportunities to secure useful improvements in the operating
performance of many group companies.
CONSUMER PUBLISHING
Divisional operating profits fell slightly, as a strong performance in the
USA was offset by increases in paper and newsprint costs (up by 2l.2 million
pounds compared to the same period last year) and the increased investment in
editorial resources at the U.K. national newspapers.
Strong revenue growth boosted profits from advertising periodicals. In
the USA we have demonstrated that an advertising periodical with extensive
coverage in its marketplace, delivered free to the consumer and also available
electronically is a winning formula with exciting development potential. We
have embarked on an ambitious launch program to extend our geographic coverage
to major new markets in the USA in both the apartment rental and auto sectors.
Our U.K. newspapers achieved useful revenue growth and significant
productivity improvements. The extensive reorganization at the national
newspapers will help lift margins and provide additional funds to invest in
the revitalization of Express Newspapers. The reorganization of the regional
newspapers is proceeding well and delivering improvements in performance in
line with expectations.
BROADCASTING AND ENTERTAINMENT
Strong performances by Anglia and Meridian helped lift the division's
profits by 75 per cent. The first half benefited from the phasing of our
broadcasters' share of the network program budget. Meridian is now 77 per
cent owned by United following the purchase of a further 15 per cent for
27 million pounds in March. There was encouraging growth in United's TV
production business with increased orders from ITV, significant new
commissions from Channel 5 and record overseas sales for the Survival natural
history programs. Our production and distribution joint ventures with Time
Warner made good progress and will benefit from our plans for increased
investment. Planning for the 225 million pounds joint venture to build Warner
Bros. Movie World film studios and theme park at Hillingdon is under way.
United's other interests include stakes in ITN, which was increased to
17 per cent in July, the successful Australian entertainment company, Village
Roadshow (19 per cent owned), and Yorkshire Tyne Tees Television (14 per cent
owned). The division intends to maintain its policy of identifying market
opportunities at home and abroad, clearly focused on consumer needs, which can
be built into strong franchises and can deliver earnings growth.
Channel 5, in which United has a 29 per cent economic interest, is making
good progress towards its launch at the beginning of 1997. The exceptional
items include the write-off of 4.5 million pounds, our share of the channel's
start-up costs to date. We intend to write off the balance of the start-up
costs in the full year accounts.
FINANCIAL SERVICES
A small increase in turnover and operating profits in money and securities
broking was a notable achievement in lackluster financial markets. Tight cost
control and the elimination of unprofitable activities helped to hold margins.
Growing market share, particularly in foreign exchange and international bond
markets, is improving the level of liquidity and, as a consequence, the
transactional capability we are able to provide to the financial community.
This liquidity, combined with low transaction costs and a commitment to
continue to introduce new products will enable us to continue to make progress
against our traditional competitors and to hold our own against automated
transaction systems. The improvement in the range and quality of our prices
also helps us to develop more valuable financial information products.
BUSINESS SERVICES
Business Services achieved an outstanding rise of 41 per cent in operating
profits on turnover up 21 per cent. All companies in the division benefited
from the rising worldwide demand for business information in its many forms.
Miller Freeman profits were boosted to record levels by the successful
launches of new trade shows in the USA, Europe and the Far East. Miller
Freeman is vigorously pursuing a strategy of developing and acquiring
magazines and trade shows in all its core business areas such as computer
technology and jewelry in both established and emerging markets. Demand for
market research continues to grow strongly, especially in NOP's core areas of
media, healthcare and motor research. International opportunities are
developing apace.
Demand for PR Newswire's corporate information service continues to grow
strongly. A major investment program in system and client support is under
way to meet the rising demand for electronically published corporate and
business information.
Visual Communications Group's strong international position as both a
distributor and owner of photographic images enabled it to take full
advantages, of the increasing level of demand. Its international business has
further expanded with the acquisition of a leading German agency, Bavaria.
Further international development is planned.
POST MERGER REVIEW
The number of exceptional items in the interim accounts reflects the
significant level of reorganization and corporate activity following the
merger. A detailed review of all businesses is continuing. The aim is to
concentrate resources into businesses where we have strong market positions
and attractive growth opportunities, to increase the pace and range of product
development and cross fertilization in and between these chosen areas and to
boost financial performance. The sale of Wagon and Tolley, the proposed sale
of regional newspapers outside of our heartlands in the North and North West
and the sale or closure of marginal magazines, periodicals and trade shows is
consistent with this objective. Plans to boost productivity and to invest in
improving the range and coverage of the Express titles have recently been
announced. The cost of this reorganization (82 million pounds) and the profit
on the sale of Tolley (82 million pounds) will be included in the second half
of the year.
The one-off costs will be significant and to date amount to 56.4 million
pounds. Of this, 23.9 million pounds covers the cost of property which is
surplus to requirements following the merger, together with the write-down of
certain properties to the current market value. The balance includes the cost
to date of retraining, redundancy, new systems, portfolio rationalization and
writing off assets, where we would expect payback over the next three years.
A further benefit will be the improved growth that can be achieved by the more
efficient, entrepreneurial and motivated group that emerges.
FINANCING
Net debt at the half year was 239 million pounds, and interest cover a
comfortable 16 times. Since the half year, net cash proceeds from the sale of
Wagon, amounting to 121 million pounds, were received on July 2. In addition,
Tolley was sold in August, generating further cash of 100 million pounds.
The group generated an operating cash flow, net of capital expenditure and
depreciation, and before working capital movements, of 147.9 million pounds
against 122.8 million pounds last year. Working capital increased by
41.6 million pounds to finance increased turnover, investment in television
programming and a higher than normal level of newsprint purchases to secure
attractive prices. The second interim dividend of 37.5 million pounds was
paid in April 1996, instead of a final dividend in July.
Net assets at June 30, 1996, after making certain prior year adjustments
in respect of accounting policy changes following the merger, amount to
371 million pounds compared to 365 million pounds at June 30, 1995. The most
significant of these reduced the carrying value of intangible assets relating
to certain publishing rights and titles by 73 million pounds as these assets
are now included in the balance sheet at cost rather than valuation.
CURRENT TRADING
Trading in July and August has continued in line with our expectations.
Demand across the business services companies remains strong. Advertising
revenue is dependent on continued buoyancy in the U.K. and U.S. economies
whilst international exchange and interest rate movement will determine the
level of activity in financial markets. The slight softening in newsprint
prices will be welcome in all of our publishing businesses. The remainder of
the year will see further initiatives to improve our operating performance and
to strengthen and develop our products and franchises.
The pace of change and the drive to develop new products and enter new
markets continues to pose fresh challenges to all 19,000 employees in the
group. Their enthusiasm and talent for meeting these challenges continues to
be the single most important ingredient in our success.
The Interim Report will be posted to shareholders on September 13, 1996
and copies will be available at the Company's registered office.
UNAUDITED INTERIM RESULTS
(for the six months ended June 30, 1996)
(in millions of pounds)
6 Months ended June 30, 1996
Before
exceptional Exceptional Total
items items
Turnover
Continuing operations 1,001.2 -- 1,001.2
Discontinued operations 38.0 -- 38.0
Total 1,039.2 -- 1,039.2
Operating profit
Continuing operations 140.0 (56.4) 83.6
Discontinued operations 9.3 -- 9.3
Total 149.3 (56.4) 92.9
Share of results of associates 10.6 (4.5) 6.1
Total operating profit 159.9 (60.9) 99.0
Profit/(loss) on sale and closure
of business -- 48.0 48.0
Merger expenses -- (31.0) (31.0)
Profit on disposal of fixed
asset investment -- 11.6 11.6
Profit on ordinary activities
before interest 159.9 (32.3) 127.6
Net interest (8.0) -- (8.0)
Profit on ordinary activities
before tax 151.9 (32.3) 119.6
Tax (47.1) 8.3 (38.8)
Profit on ordinary activities
after tax 104.8 (24.0) 80.8
Minority interests (1.7) -- (1.7)
Profit for the period 103.1 (24.0) 79.1
Dividends
Post merger -- -- (39.2)
Pre-merger - United News & Media plc -- -- --
Pre-merger - MAI plc
(including non-equity) -- -- --
Retained profit for the period -- -- 39.9
Earnings per share 21.1p -- 16.2p
UNAUDITED INTERIM RESULTS - Continued
(in millions of pounds)
6 Months ended June 30, 1995
Before
exceptional Exceptional Total
items items restated
Turnover
Continuing operations 906.4 -- 906.4
Discontinued operations 38.3 -- 38.3
Total 944.7 -- 944.7
Operating profit
Continuing operations 117.2 (9.8) 107.4
Discontinued operations 7.4 -- 7.4
Total 124.6 (9.8) 114.8
Share of results of associates 7.4 -- 7.4
Total operating profit 132.0 (9.8) 122.2
Profit/(loss) on sale and closure
of business -- (2.9) (2.9)
Merger expenses -- -- --
Profit on disposal of fixed
asset investment -- -- --
Profit on ordinary activities
before interest 132.0 (12.7) 119.3
Net interest (7.0) -- (7.0)
Profit on ordinary activities
before tax 125.0 (12.7) 112.3
Tax (41.1) 4.9 (36.2)
Profit on ordinary activities
after tax 83.9 (7.8) 76.1
Minority interests (2.2) 4.9 2.7
Profit for the period 81.7 (2.9) 78.8
Dividends
Post merger -- -- --
Pre-merger - United News & Media plc -- -- (19.0)
Pre-merger - MAI plc
(including non-equity) -- -- (25.5)
Retained profit for the period -- -- 34.3
Earnings per share 16.9p -- 16.3p
UNAUDITED INTERIM RESULTS - Continued
(in millions of pounds)
Year ended December 31, 1995
Before
exceptional Exceptional Total
items items restated
Turnover
Continuing operations 1,815.2 -- 1,815.2
Discontinued operations 76.2 -- 76.2
Total 1,891.4 -- 1,891.4
Operating profit
Continuing operations 240.7 (40.5) 200.2
Discontinued operations 16.7 -- 16.7
Total 257.4 (40.5) 216.9
Share of results of associates 17.2 -- 17.2
Total operating profit 274.6 (40.5) 234.1
Profit/(loss) on sale and closure
of business -- (2.9) (2.9)
Merger expenses -- -- --
Profit on disposal of fixed
asset investment -- -- --
Profit on ordinary activities
before interest 274.6 (43.4) 231.2
Net interest (15.9) -- (15.9)
Profit on ordinary activities
before tax 258.7 (43.4) 215.3
Tax (85.1) 14.8 (70.3)
Profit on ordinary activities
after tax 173.6 (28.6) 145.0
Minority interests (5.0) 4.9 (0.1)
Profit for the period 168.6 (23.7) 144.9
Dividends
Post merger -- -- --
Pre-merger - United News & Media plc -- -- (56.5)
Pre-merger - MAI plc
(including non-equity) -- -- (42.3)
Retained profit for the period -- -- 46.1
Earnings per share 34.8p -- 29.9p
ANALYSIS OF ACTIVITIES
(in millions of pounds)
6 Months ended June 30, 1996
Before
exceptional Exceptional Total
items items
Turnover by division
Continuing operations:
Consumer Publishing 348.8 -- 348.8
Broadcasting & Entertainment 186.5 -- 186.5
Financial Services 176.5 -- 176.5
Business Services 289.4 -- 289.4
Total 1,001.2 -- 1,001.2
Discontinued operations 38.0 -- 38.0
Total 1,039.2 -- 1,039.2
Total operating profit
(a) By division
Continuing operations:
Consumer Publishing 41.6 (27.3) 14.3
Broadcasting & Entertainment 26.3 (9.9) 16.4
Financial Services 31.5 (6.8) 24.7
Business Services 51.2 (16.9) 34.3
Total 150.6 (60.9) 89.7
Discontinued operations 9.3 -- 9.3
Total 159.9 (60.9) 99.0
(b) By geographic markets
United Kingdom 81.4 (43.4) 38.0
United States 61.1 (14.2) 46.9
Europe and Middle East 7.4 (2.0) 5.4
Pacific 10.0 (1.3) 8.7
Total 159.9 (60.9) 99.0
ANALYSIS OF ACTIVITIES - Continued
(in millions of pounds)
6 Months ended June 30, 1995
Before
exceptional Exceptional Total
items items restated
Turnover by division
Continuing operations:
Consumer Publishing 321.8 -- 321.8
Broadcasting & Entertainment 173.2 -- 173.2
Financial Services 173.1 -- 173.1
Business Services 238.3 -- 238.3
Total 906.4 -- 906.4
Discontinued operations 38.3 -- 38.3
Total 944.7 -- 944.7
Total operating profit
(a) By division
Continuing operations:
Consumer Publishing 43.1 -- 43.1
Broadcasting & Entertainment 15.0 (9.8) 5.2
Financial Services 30.2 -- 30.2
Business Services 36.3 -- 36.3
Total 124.6 (9.8) 114.8
Discontinued operations 7.4 -- 7.4
Total 132.0 (9.8) 122.2
(b) By geographic markets
United Kingdom 64.4 (9.8) 54.6
United States 50.3 -- 50.3
Europe and Middle East 4.6 -- 4.6
Pacific 12.7 -- 12.7
Total 132.0 (9.8) 122.2
ANALYSIS OF ACTIVITIES - Continued
(in millions of pounds)
Year ended December 31, 1995
Before
exceptional Exceptional Total
items items restated
Turnover by division
Continuing operations:
Consumer Publishing 653.5 -- 653.5
Broadcasting & Entertainment 354.1 -- 354.1
Financial Services 332.5 -- 332.5
Business Services 475.1 -- 475.1
Total 1,815.2 -- 1,815.2
Discontinued operations 76.2 -- 76.2
Total 1,891.4 -- 1,891.4
Total operating profit
(a) By division
Continuing operations:
Consumer Publishing 87.6 (30.7) 56.9
Broadcasting & Entertainment 43.9 (9.8) 34.1
Financial Services 53.7 -- 53.7
Business Services 72.7 -- 72.7
Total 257.9 (40.5) 217.4
Discontinued operations 16.7 -- 16.7
Total 274.6 (40.5) 234.1
(b) By geographic markets
United Kingdom 147.9 (40.5) 107.4
United States 97.6 -- 97.6
Europe and Middle East 12.6 -- 12.6
Pacific 16.5 -- 16.5
Total 274.6 (40.5) 234.1
UNAUDITED CONSOLIDATED BALANCE SHEET
(in millions of pounds)
As at As at As at
June 30 June 30 Dec. 31
restated restated
1996 1995 1995
Fixed assets
Intangible assets 60.0 60.0 60.0
Tangible assets 387.7 418.9 419.1
Investments 69.5 66.1 65.7
Shares in associated companies 60.2 53.1 59.5
Total 577.4 598.1 604.3
Current assets
Stocks and work-in-progress 106.7 86.3 105.2
Debtors and prepayments 393.8 359.5 338.9
Wagon consideration 127.1 -- --
Investments 8.2 8.3 9.7
Wagon loan portfolio -- 321.0 345.3
Cash and liquid investments 413.9 393.1 375.7
Total 1,049.7 1,168.2 1,174.8
Wagon funding -- (267.2) (298.1)
Creditors (523.5) (601.4) (531.2)
Borrowings (652.9) (517.1) (562.4)
Provisions (79.3) (15.5) (36.0)
Net assets 371.4 365.1 351.4
Capital and reserves
Called up share capital 122.6 120.8 121.0
Share premium account 213.9 203.4 205.6
Reserves 1,110.0 1,067.8 1,075.2
Merger reserve 31.1 22.1 23.6
Goodwill reserve (1,116.7) (1,059.3) (1,085.6)
Shareholders' funds 360.9 354.8 339.8
Minority interests 10.5 10.3 11.6
Total 371.4 365.1 351.4
UNAUDITED MOVEMENT IN NET CASH AND
LIQUID INVESTMENTS
for the six months ended June 30, 1996
(in millions of pounds)
1996 1995
Operating profit 159.9 132.0
Associated companies (7.3) (3.9)
Other non-cash movements (5.8) 0.6
Depreciation 27.2 26.6
Capital expenditure (18.3) (25.0)
Net interest paid (7.8) (7.5)
Total 147.9 122.8
Movement in working capital (41.6) (14.5)
Wagon working capital movement (12.3) 0.2
Dividends paid
- interim (16.6) (11.5)
- final (37.5) --
Tax paid (40.0) (33.0)
Property sales 21.6 0.9
Net purchase of investments (57.9) (117.1)
Capital raised 17.4 2.1
Merger costs (31.0) --
Other (2.3) 10.5
Net cash outflow (52.3) (39.6)
Opening net cash and liquid investments (186.7) (84.4)
Closing net cash and liquid investments (239.0) (124.0)
Closing net cash and liquid investments comprise:
Cash and liquid investments 413.9 393.1
Borrowings (652.9) (517.1)
Total (239.0) (124.0)
Cash proceeds of 127.1 million pounds in respect of the sale of Wagon were
received on July 2, 1996. Additionally, in August 100 million pounds was
received on the sale of Tolley.
NOTES
1. Accounting policies
On February 8, 1996, United News & Media plc ("United") and MAI plc
("MAI") announced plans for the merging of their respective businesses. The
merger was effected by way of offers made by United for the whole of the
issued share capital of MAI. These offers became unconditional on
April 2, 1996. The merger has been accounted for using the merger accounting
principles set out in Financial Reporting Standard 6. Accordingly, the
financial information for the current period has been presented, and that for
prior periods restated, as if MAI had been owned by United throughout the
current and comparative accounting periods.
The group's accounting policies are consistent with those previously
applied in the accounts of United except as detailed below:
Intangible fixed assets -- certain publishing rights and titles are
stated at fair value on acquisition and are not subsequently revalued.
Having no finite economic life, no systematic amortization is applied
but provision is made for any permanent impairment in value.
Previously these assets were stated at valuation.
Foreign currencies -- differences arising on restatement of
investments, excluding goodwill, in foreign subsidiaries and related
net foreign currency borrowings are written off to reserves. This
policy was previously adopted by MAI, whereas United previously
included any goodwill associated with foreign subsidiaries in the
amount retranslated and dealt with in reserves.
In addition, an adjustment has been made to align the accounting policy in
respect of goodwill so that all goodwill is written off to reserves on
acquisition. This policy was previously adopted by United, whereas, in the
case of certain listed associates, MAI previously amortized the goodwill over
its expected useful life.
2. Exceptional Items
a) Operating losses
Exceptional costs incurred plus provisions as at June 30, 1996 relating to
the business and portfolio reorganization following the merger amount to
56.4 million pounds. Of this amount, 23.9 million pounds relates to property
write downs and provisions for vacant space and dilapidations. The balance
comprises costs of 32.5 million pounds resulting from the refocusing of the
merged group on its core portfolio businesses and publications and other costs
arising as a consequence of the merger.
The net exceptional costs in the six months ended June 30, 1995 comprise
amortization costs (17.4 million pounds) which arose from the reduction in the
expected economic useful life of capitalized start-up costs in Meridian
Broadcasting Limited from 10 to 2 years (also giving rise to the exceptional
write back of the minorities' interests of 4.9 million pounds), less the
profit which arose on the redemption of a portion of the BSkyB Holdings
Limited loan stock (7.6 million pounds).
The addition exceptional costs incurred in the six months to
December 31, 1995 plus provisions at that date comprise restructuring costs of
30.7 million pounds in national and regional newspapers.
b) Share of results of associates
The exceptional cost of 4.5 million pounds in share of results of
associates reflects the group's share of Channel 5 start-up costs for the six
months ended June 30, 1996.
c) Profit/(loss) on sale and closure of businesses
The exceptional profit of 48 million pounds during the period arose from
the sale of Wagon.
The loss on sale and closure of businesses of 2.9 million pounds in the
six months to June 30, 1995 arose on the sale of United Consumer Magazines.
d) Merger Expenses
The exceptional costs of 31 million pounds represents the expenses
incurred in effecting the merger during the period.
e) Profit on disposal of fixed asset investment
The exceptional profit of 11.6 million pounds arose on the disposal of the
group's interest in Village Roadshow Limited preference shares.
3. Taxation
Taxation has been calculated on the basis of the estimated effective tax
rate for the year ending December 31, 1996. Of the estimated pre-exceptional
taxation charge of 47.1 million pounds for the six months ended June 30, 1996,
18 million pounds relates to overseas taxation (six months ended June 30,
1995 -- 16 million pounds) and 4.4 million pounds relates to associated
companies' profits (six months to June 30, 1995 -- 1.7 million pounds).
4. Foreign exchange
The trading results of overseas subsidiaries and associated companies were
translated into sterling at an average of the exchange rates ruling for the
period. This resulted in a weighted average rate of exchange in respect of
the U.S. dollar for the period of $1.53:l pound (six months ended June 30,
1995 $1.59:1 pound).
5. Earnings per share
Basic earnings per share are calculated on profit attributable to ordinary
shareholders of 79.1 million pounds and on 487,968,999 shares, being the
weighted average number of shares in issue during the period assuming that the
shares in United, issued to effect the merger, had been in issue throughout
the current and prior periods. Comparative figures have been calculated by
converting published prior period weighted average figures at the merger
conversion rate, and using retained profits excluding non-equity dividends
declared.
6. Status of financial information
The financial information for the year ended December 31, 1995 included in
the interim report does not constitute full financial statements within the
meaning of section 240 of the Companies Act 1985. The financial information
for the year ended December 31, 1995 is a combination of previously published
information for the two groups consisting of, for MAI, the interim reports for
the periods ended December 31, 1994 and December 31, 1995 and statutory
accounts for the year ended June 30, 1995 and, for United, statutory accounts
for the year ended December 31, 1995. In both cases the statutory accounts
used, which have been summarized for comparison purposes, received unqualified
audit reports which did not contain a statement under either section 237(2) or
237(3) of the Companies Act 1985 and have been delivered to the Registrar of
Companies.
UNITED NEWS & MEDIA GROUP
Consumer Publishing
United Newspapers contains United's national and regional newspapers:
Express Group (Daily and Sunday Express, Daily Star) and United Provincial
Newspapers, whose titles include the Yorkshire Post, Sheffield Star, Yorkshire
Evening Post, Lancashire Evening Post and Blackpool Evening Gazette.
United Advertising Publications publishes a range of titles in the U.K.
(including Exchange & Mart, Dalton's Weekly, and the Trade-It series), the USA
(including the For Rent Magazine, Harmon Homes and Harmon Autos series) and
Spain (including Segundamano in Madrid).
Broadcasting and Entertainment
United Broadcasting & Entertainment comprises United's interests in
television and related areas. Its main Channel 3 businesses are Meridian
Broadcasting and Anglia Television, the ITV license holders for the South of
England and East Anglia respectively. It also owns 14 per cent of Yorkshire
Tyne Tees Television, and the advertising sales house TSMS.
As well as its own production arm United Film & Television Productions,
and the Survival natural history productions, United has three joint
production ventures with HBO, the Time Warner cable channel: ATE, Citadel and
the animation company Cosgrove Hall. Another joint venture with HBO is the
distribution company ITEL.
United owns 17 per cent of ITN, the news provider, and a 29 per cent
economic interest in the new Channel 5. Other investments include 19 per cent
of Village Roadshow, the Australian entertainment company and 17.5 per cent of
Satellite Information Services, a specialist racing channel for bookmakers.
New media interests include educational CD-ROM publisher Anglia Multimedia
and Televirtual, the designer of virtual reality images.
Financial Services
United Broking comprises United's worldwide interests in money and
securities broking, including Harlow Butler and Garban.
United Property manages United's portfolio of commercial property.
Business Services
United Business Information provides a range of services to businesses
worldwide.
Miller Freeman is a leading business magazines and exhibitions group,
based in the USA, Europe and Asia. NOP Information Group contains the U.K.'s
second largest market research group, together with some significant
businesses in the USA. United Financial Services is a supplier of financial
information, based on data generated within United Broking.
PR Newswire is the leading electronic distributor of corporate
communications. Visual Communications Group is a major producer and
distributor of stock photography. OIT supplies new media services, including
broadcast fax, audiotext and on-line services.
SOURCE United News & Media plc
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CONTACT:
Richard Saunders of United News ''&'' Media
plc, 0171-921-5000, or John Bell of Cardew ''&'' Co.,
0171-930-0777
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