02 ubm – today
04 financial highlights – 2004
06 media marketing solutions
08 chairman’s review
10 chief executive’s review
12 operating review
14 financial review
16 board of directors
18 major ubm products
20 magazines
22 events
24 directories
26 online
28 news distribution
30 media intelligencenew pr newswire products
32 market research
35 accounts contents
36 directors’ remuneration report
44 corporate governance statement
47 independent auditors’ repor t to the members of
united business media plc
48 report of the directors
50 group profit and loss account
51 balance sheets
52 group cash flow statement
53 statement of group total recognised gains and losses
53 reconciliation of movements in group shareholders’
funds
54 group accounting policies
57 notes to the financial statements
85 principal group subsidiaries
86 five year financial summary
86 financial calendar
87 reconciliation of differences between uk gaap and
international financial reporting standards ifrs
ibc shareholder information
2004 – an  excellent performance
intelligent media       integrated multiplatform marketing solutions
p20 p22 p24
                                                                                        01
n  excellent performance
united business media plc httpwwwunitedbusinessmediacom is a leading
provider of business information services to the technology healthcare
media automotive financial services and property industries
2004 saw ubm become a more balanced and predictable business
      integrated multiplatform marketing solutions
p26 p28 p30 p32
operating profit increased by 331 per cent
        02
ubm – today
what
living our va lues really means…
ubm offers market leading b2b information services to customers across the globe
revenue growth by geography
proforma
grew 3
grew 8
online
2004£33m
europe
200441
grew 5 asia
pacific
20047
us
200452
print 
2004£320m
events
2004£130m
grew 9
news
distribution
2004£83m
prn new
products
2004£11m
2
grew 3
grew 37
grew 24
market
research
2004£223m
grew 5
revenue growth by media channel
underlying
                              03
va lues really means…
we explore as individuals teams businesses 
and as a group because we
 pursue creativity innovation and new opportunities
 seek continuous improvement
 take intelligent risks
 learn from our successes and failures
 listen to constructive feedback – and that’s so important 
we exceed because as individuals teams businesses
and as a group we
 anticipate meet and exceed expectations
 understand our customers’ businesses and create long lasting relationships
 value our employees’ diverse talents and support them to exceed their
own expectations
 treat each other fairly and justly
 recognise that sometimes we have to make difficult decisions but we
commit to communicating as much as we can as soon as we can
you excel because
 success for our customers and our business partners
is success for us
 enabling our employees to excel is central to our
success
 delivering shareholder value is crucial to us
 being a good neighbour and a good business
citizen is a key priority
 we celebrate success – so work hard work smart
and have fun


Summary:
 10
chief executive’s review
by any measure the financial results for 2004 were impressive
– revenues profits margins cash flow and dividends were all
well ahead of the previous year strong economic growth in
the us uk and asia all helped but the successful investment
in new products and our push into new markets is delivering
steady sustainable revenue growth
the hard work put in over the last few years to improve
productivity across the board to invest in innovation and to
offer our clients a greater range of products in print events
or online is boosting our market shares improving yields and
lifting margins the increasing investment in both
acquisitions and organics is delivering an excellent return
and providing the group with a more stable and predictable
mix of profits technology print revenues are still in modest
decline but the 30 per cent growth online is an important
pointer to the potential in this sector healthcare is now one
of our largest sectors and with signs of a good recovery in
continuing medical education in the us is set to be a key
profit driver in the next few years the growth in our
construction and built environment sector in the uk is a text
book example of driving for operating excellence and at the
same time investing in and integrating successfully several
key acquisitions pr newswire has also made important
productivity gains in its core business invested well to
launch new products and turned its loss making
international business into profit
these themes continue into 2005 the year has started well
order books are healthy and the pursuit of new growth
opportunities through greater investment is being vigorously
pursued further offshoring and outsourcing will bring useful
margin gains over the coming years in all of our businesses
we are seeking to use our financial strength and proven
ability to invest and acquire successfully to pursue growth
through consolidation and greater product and geographic
coverage usually this will be pursued within our group but
sometimes as in the case of nop the most compelling
consolidation and growth opportunity might lie outside the
group and be achieved through a sale on terms which
ensure that our shareholders receive the full measure of
these combination benefits if we are successful in achieving
this outcome at nop – a business we have steadily built up
over the last 20 years – our shareholders can expect to
receive a substantial part of the value released through a
return of capital
malcolm wall and i are both bowing out of united after
many hugely enjoyable challenging and generally successful
years we are proud of the business we have helped to build
and grateful to our colleagues customers and shareholders
for their support and encouragement david levin joins as
ceo in april with an illustrious record and a fine reputation
he will lead a fine team brimful of talent and ideas the
businesses are in great shape and in 2004 demonstrated
their ability to deliver outstanding results
i would like to pay a most heartfelt tribute to all of my
colleagues and friends right across the group for your
tremendous achievements not only in 2004 but in many
cases stretching over decades i have had the privilege of
witnessing at first hand the pride the determination and the
passion you have brought to your business i have
experienced the thrill and the fun of working with you to
help to build those businesses i enjoyed every minute of it
and for that i thank you all
clive hollick
chief executive
      11
“i would like to pay a most
heartfelt tribute to all of my
colleagues and friends right
across the group for your
tremendous achievements not
only in 2004 but in many cases
stretching over decades i have
had the privilege of witnessing at
first hand the pride the
determination and the passion you
have brought to your business”
by any measure the financial results for 2004 were impressive – revenues profits
margins cash flow and dividends were all well ahead of the previous year strong
economic growth in the us uk and asia all helped but the successful
investment in new products and our push into new markets is delivering steady
sustainable revenue growth
“i have experienced the thrill
and the fun of working with you
to help to build those businesses
i enjoyed every minute of it and for that i
thank you all”