PRNewswire and CMP operator United Business Media (LSE: UBM) will have made more job cuts than first planned by year’s end. UBM said in last month’s full-year earnings it would have shed 300 staff in the second half of the year, but today’s preliminary earnings statement ahead of its upcoming March 3 earnings says the number will be more like 350. Some of the further cuts are coming from splitting its Commonwealth Business Media group in to UBM Aviation and UBM Global Trade, mirroring the way UBM split CMP in to four earlier this year.
Despite the economy, the company said scored its biggest monthly operating profit in the last six years in November, but print advertising and some events are weaker. It said it’s shelled out £10.7 million in the last four weeks on China-based Sanguine and its Chinese PRNewswire JV plus the Game Developer Europe event, adding ” there will be good opportunities to make reasonably priced acquisitions in 2009″. Release.