SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Private ~~Issuer~~IssuerPursuant ~~Pursuant~~ to Rule 13a-16 or 15d-16 of ~~the~~theSecurities ~~Securities~~ Exchange Act of 1934

For the month of ~~January~~February 2005

Commission File Number 0-15742

UNITED BUSINESS MEDIA PLC (name of registrant) Ludgate House 245 Blackfriars Road London SE1 9UY United Kingdom (address of principal executive offices)

Ludgate House 245 Blackfriars Road London SE1 9UY United Kingdom(address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x

Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o__________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o__________

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Security Exchange Act of 1934: __________

Yes o

No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- o_______________

UNITED BUSINESS MEDIA PLC

Form 6-K Items

1. Press release dated ~~January~~February 41, 2005 2. Press release dated ~~January~~February 67, 2005 3. Press release dated ~~January~~February 1211, 2005 4. Press release dated ~~January~~February 14, 2005 5. Press release dated January 18, 2005 6. Press release dated January 18, 2005 7. Press release dated January 18, 2005 8. Press release dated January 19, 2005 9. Press release dated January 21, 2005 10. Press release dated January 25, 2005 ~~11. Press release dated January 28, 2005~~

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	UNITED BUSINESS MEDIA PLC
Dated: February 7th, 2005	By:
Dated: March 1st, 2005	By:	/s/ ANNE C. SIDDELL
	Name:	Anne C. Siddell
	Title:	Group Company Secretary

Appendix 1.

~~SCHEDULE~~For 10immediate release 1st February 2005

~~NOTIFICATION~~United OFBusiness ~~MAJOR~~Media ~~INTERESTS~~acquires INleading ~~SHARES~~paper-industry events

~~All~~United ~~relevant~~Business ~~boxes~~Media ~~should~~announced betoday ~~completed~~that it has acquired the Tissue World events and publication from Paperloop. The series of Tissue World exhibitions and conferences, currently held in ~~block~~France, ~~capital~~the ~~letters~~USA and China, are the premier events for the world’s manufacturers, suppliers and buyers of tissue paper.

1. These ~~Name~~events ~~of company UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest FMR Corp~~ and ~~its~~the ~~direct~~supporting ~~and~~publication, ~~indirect~~also ~~subsidiaries~~called ~~Fidelity~~Tissue ~~International~~World, ~~Limited~~will ~~(FIL)~~become ~~and~~part ~~its~~of ~~direct~~CMP ~~and indirect subsidiaries Mr Edward C. Johnson III~~Asia, ~~principal~~a ~~shareholder~~subsidiary of ~~FMR~~United ~~Corp~~Business ~~and~~Media, ~~Fidelity~~where ~~International~~they ~~Ltd~~will 3.complement ~~Please~~the ~~state~~trade ~~whether~~exhibitions ~~notification~~CMP ~~indicates~~Asia ~~that~~already itorganises isfor ~~in respect of holding of~~ the ~~shareholder~~paper ~~named~~and inrelated 2industries ~~above or~~ in ~~respect~~Singapore ofand aChina. ~~non-beneficial~~CMP ~~interest~~Asia ~~or in the case of an individual holder if it~~ is aone ~~holding~~ of ~~that person’s spouse or children under~~ the ~~age~~biggest oftrade 18exhibition ~~NON~~organisers ~~BENEFICIAL~~in ~~– See 2 Above 4. Name of~~ the ~~registered holder(s) and~~region, if more than one holder, the number of shares held by each of them As 2 Above – see attached sheet. 5. Number of shares acquired Not Known 6. Percentage of issued class Not Known 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction NOT KNOWN 11. Date company informed 31 DECEMBER 2004 12. Total holding ~~following~~over ~~this~~70 ~~notification 34~~events,~~308,176~~ ~~ORDINARY~~and ~~SHARES~~also OForganises ~~25P~~exhibitions ~~13.~~in ~~Total~~Europe ~~percentage~~and ~~holding of issued class following this notification 10~~America.~~21%~~

14.	Any additional information
	N/A
15.	Name of contact and telephone number for queries
	HELEN MARTIN 020 7921 5062
16.	Name and signature of authorised company official responsible for making this notification
	ANNE SIDDELL
	COMPANY SECRETARY
Date of notification: 4 JANUARY 2005

Paperloop is a leading news and information provider for the pulp, paper and allied industries. UBM has a 37.2 per cent stake in Paperloop.

Nominee/Registered Name	Management Company		Shares Held
Bank of New York Europe LDN		FII		1,071,400
Master Trust Bank of Japan		FIJ		61,332
Nomura Trust and Banking		FIJ		14,406
Trust & Cust Svcs Bk Ltd Toko		FIJ		12,547
BNP Paribas Paris		FIL		2,600
Brown Bros Harriman Ltd Lux		FIL		14,024,267
Chase Manhattan BK AG Frankfurt		FIL		128,062
Citibank NA Hong Kong BR		FIL		8,100
ING Luxembourg		FIL		10,498
JP Morgan Bournemouth		FIL		314,372
Morgan Stanley London		FIL		7,561
National Astl Bank Melbourne		FIL		36,256
RBC Global Services		FIL		104,751
State Street Bank and Trust Co London		FIL		39,854
State Street Bank Australia		FIL		142,387
State Street T&B Co Ltd Tokyo		FIL		13,847
Bermuda Trust Far East HK		FIM HK		222,767
JP Morgan Bournemouth		FISL		5,058,537
State Street Bank and Trust Co		FMRCO		11,194
Bank of New York		FMTC		62,500
Brown Brothers Harriman and Co		FMTC		343,071
CIBC Mellon Trust		FMTC		91,551
JP Morgan Chase Bank		FMTC		182,037
Mellon Bank N.A.		FMTC		538,622
Northern Trust Co		FMTC		483,574
Royal Trust – Toronto		FMTC		11,007
State Street Bank and Trust Co		FMTC		1,259,442
Bank of New York Brussels		FPM		2,440,631
Bank of New York Europe London		FPM		51,900
Bankers Trust London		FPM		208,215
Citibank London		FPM		275,200
Clydesdale Bank PLC		FPM		142,800
HSBC Bank PLC		FPM		48,100
JP Morgan Bournemouth		FPM		2,356,486
Mellon Bank		FPM		699,829
Midland Securities Services		FPM		105,529
Northern Trust London		FPM		2,803,924
Societe Generale		FPM		16,800
State Street Bank and Trust Co London		FPM		892,322
State Street Munich		FPM		9,898
TOTAL ORDINARY SHARES				34,308,176

The purchase price is approximately $4.5 million – being in part subject to the outcome of a forthcoming exhibition. The three Tissue World events are held in a biennial sequence with an annualised turnover of approximately $2.5 million.

~~MANAGEMENT~~CMP ~~COMPANIES~~Asia CEO, Peter Sutton said

~~Fidelity~~ “The ~~Management~~Tissue &World ~~Research~~events ~~Company~~are ~~(“FMRCO”)~~the ~~Fidelity~~established ~~Management~~meeting ~~Trust~~places ~~Company~~for ~~(“FMTC”)~~this ~~Fidelity~~highly ~~International~~specialised ~~Limited~~sector ~~(“FIL”)~~of ~~Fidelity~~the ~~Investment~~paper ~~Services~~industry ~~Limited~~and ~~(“FISL”)~~they ~~Fidelity~~will ~~Pension~~strengthen ~~Management~~CMP ~~Limited~~Asia’s ~~(“FPM~~existing trade fairs serving this global business. The first and biggest Tissue World event in France is complemented by newer editions in the USA and China, and the growth prospects are encouraging.”)

APPENDIX 2.

SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES

All relevant boxes should be completed in block capital letters.

1. Name of company UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest Legal & General Group plc companies 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse or children under the age of 18 NON BENEFICIAL – See 2 Above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them As 2 Above 5. Number of shares acquired N/A 6. Percentage of issued class N/A 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction NOT KNOWN 11. Date company informed 6 JANUARY 2005 12. Total holding following this notification 17,084,015 13. Total percentage holding of issued class following this notification 5.08%

14.	Any additional information
	N/A
15.	Name of contact and telephone number for queries
	HELEN MARTIN: 020 7921 5062
16.	Name and signature of authorised company official responsible for making this notification
	ANNE SIDDELL COMPANY SECRETARY
Date of notification: 6 JANUARY 2005

Material Interest	Holding
HSBC Global Custody Nominee (UK) Ltd A/C 914945		117,785
HSBC Global Custody Nominee (UK) Ltd A/C 923363		288,000
HSBC Global Custody Nominee (UK) Ltd A/C 775237		87000
HSBC Global Custody Nominee (UK) Ltd A/C 942199		587000
HSBC Global Custody Nominee (UK) Ltd A/C 942229		592000
HSBC Global Custody Nominee (UK) Ltd A/C 942217		716000
HSBC Global Custody Nominee (UK) Ltd A/C 942205		657000
HSBC Global Custody Nominee (UK) Ltd A/C 942175		569000
HSBC Global Custody Nominee (UK) Ltd A/C 942187		531420
HSBC Global Custody Nominee (UK) Ltd A/C 775245		1293437
HSBC Global Custody Nominee (UK) Ltd A/C 130007		138000
HSBC Global Custody Nominee (UK) Ltd A/C 770286		295000
HSBC Global Custody Nominee (UK) Ltd A/C 357206		8714183
HSBC Global Custody Nominee (UK) Ltd A/C 866197		77406
HSBC Global Custody Nominee (UK) Ltd A/C 904332		46400
HSBC Global Custody Nominee (UK) Ltd A/C 916681		17500
HSBC Global Custody Nominee (UK) Ltd A/C 361602		185000
HSBC Global Custody Nominee (UK) Ltd A/C 282605		30000
HSBC Global Custody Nominee (UK) Ltd A/C 360509		1361000
HSBC Global Custody Nominee (UK) Ltd A/C 766793		499884
HSBC Global Custody Nominee (UK) Ltd A/C 824434		90000
HSBC Global Custody Nominee (UK) Ltd A/C 924422		191000
TOTAL		17,084,015

APPENDIX 3.

SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES

All relevant boxes should be completed in block capital letters.

1. Name of company UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest Aviva plc and subsidiaries (Morley Fund Management Limited) 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse or children under the age of 18 NON BENEFICIAL – See 2 Above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them As 2 Above – see attached sheet. 5. Number of shares acquired N/A 6. Percentage of issued class N/A 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction 11 JANUARY 2005 11. Date company informed 12 JANUARY 2005 12. Total holding following this notification 14,045,224 ORDINARY SHARES OF 25P 13. Total percentage holding of issued class following this notification 4.18% 14. Any additional information N/A 15. Name of contact and telephone number for queries HELEN MARTIN 020 7921 5062

16.	Name and signature of authorised company official responsible for making this notification
	JEAN PURSER DEPUTY COMPANY SECRETARY
Date of notification: 12 JANUARY 2005

Registered Holder	No. of Shares
BNY Norwich Union Nominees Limited		4,206,804
Chase GA Group Nominees Limited		5,929,454
CUIM Nominee Limited		3,908,966
TOTAL		14,045,224

APPENDIX 4.

United Business Media plc

Director’s appointment

The company announces that Lord Leitch has been appointed to the board as a non-executive director with effect from 11th January 2005.

Sandy Leitch was chairman and chief executive of Zurich Financial Services (UK, Ireland, Southern Africa and Asia Pacific) until March 2004, holding senior positions at Allied Dunbar, Eagle Star and Threadneedle. He currently chairs the National Employment Panel which advises Government on employment issues. He has just been appointed to chair an independent review of skills in the UK.

Anne Siddell COMPANY SECRETARY

APPENDIX 5.

SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES

All relevant boxes should be completed in block capital letters.

1. Name of company UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest AXA S.A. and its group companies 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse or children under the age of 18 NON BENEFICIAL – See 2 Above And BENEFICIAL 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them As 2 Above – see attached sheet. 5. Number of shares acquired N/A 6. Percentage of issued class N/A 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction UNKNOWN 11. Date company informed 17 JANUARY 2005 12. Total holding following this notification 14,650,634 ORDINARY SHARES OF 25P 13. Total percentage holding of issued class following this notification 4.36% 14. Any additional information N/A 15. Name of contact and telephone number for queries HELEN MARTIN 020 7921 5062

16.	Name and signature of authorised company official responsible for making this notification
	JEAN PURSER DEPUTY COMPANY SECRETARY
Date of notification: 18 JANUARY 2005

Registered Holder	Name of Company/Fund	No. of Shares
HSBC Global Custody Nominee (UK) Limited A/C 845030	AXA UK Investment Co ICVC Extra Income Fund		24,500
HSBC Global Custody Nominee (UK) Limited A/C 845029	AXA UK Investment Co ICVC Distribution Fund		250,000
HSBC Global Custody Nominee (UK) Limited A/C 845042	AXA UK Investment Co ICVC Ethical Fund		70,000
HSBC Global Custody Nominee (UK) Limited A/C 845017	AXA UK Investment Co ICVC UK Equity Income Fund		1,338,000
HSBC Global Custody Nominee (UK) Limited A/C 845005	AXA UK Investment Co ICVC UK Growth Fund		750,000
HSBC Global Custody Nominee (UK) Limited A/C 889598	AXA UK Investment Co ICVC UK Opportunities Fund		200,000
Chase Nominees Limited A/C 13067	PPP Healthcare Group plc		160,000
Vidacos Nominees	AXA World Funds British Equity Funds		22,500
HSBC Global Custody Nominee (UK) Limited A/C 777094	Sun Life Nominees Limited A/C 20		28,585
HSBC Global Custody Nominee (UK) Limited A/C 777167	Sun Life Nominees Limited A/C 29		48,728
HSBC Global Custody Nominee (UK) Limited A/C 785078	Sun Life Nominees Limited A/C 31		10,446
HSBC Global Custody Nominee (UK) Limited A/C 873426	Sun Life Nominees Limited A/C 32		12,101
HSBC Global Custody Nominee (UK) Limited	Sun Life Pensions Management Limited		70,000
HSBC Global Custody Nominee (UK) Limited A/C 867815	Sun Life Pensions Management Limited		544,162
HSBC Global Custody Nominee (UK) Limited A/C 867396	Sun Life Pensions Management Limited A/C X		1,854,707
HSBC Global Custody Nominee (UK) Limited A/C 867530	Sun Life Pensions Management Limited A/C X		310,000
HSBC Global Custody Nominee (UK) Limited A/C 867372	Sun Life Assurance Limited A/C X		4,406,478
HSBC Global Custody Nominee (UK) Limited A/C 867116	Sun Life Assurance Limited A/C X		1,700,000
HSBC Global Custody Nominee (UK) Limited A/C 867268	Sun Life Assurance Limited A/C X		461,363
Smith and Williamson Nominees Limited A/C S66	Sun Life Pensions Management Limited		11,500
BNY (OCS) Nominees Limited	Sun Life Pensions Management Limited		12,247
Sun Life International Isle of Man Limited A/C SLI11	Sun Life International (IOM) Limited		350,000
	AXA France		12,421
	AXA Colonia Konzerm		11,357
Chase Nominees Ltd A/C BTO1C	AXA Insurance UK		700,000
HSBC Global Custody Nominee (UK) Limited A/C 880868	AXA General Unit Trust		375,000
Chase Nominees Ltd A/C 00994	AXA UK Group Pension Scheme Equity Fund		847,413
	AXA Financial Inc		18,000
	AXA Financial Inc		51,126
	TOTAL		14,650,634

APPENDIX 6.

SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES

All relevant boxes should be completed in block capital letters.

1. Name of company UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest Deutsche Bank AG and subsidiary companies 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse or children under the age of 18 NON BENEFICIAL – See 2 Above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them As 2 Above – see attached sheet. 5. Number of shares acquired N/A 6. Percentage of issued class N/A 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction UNKNOWN 11. Date company informed 17 JANUARY 2005 12. Total holding following this notification 10,511,033 ORDINARY SHARES OF 25P 13. Total percentage holding of issued class following this notification 3.13% 14. Any additional information N/A 15. Name of contact and telephone number for queries HELEN MARTIN 020 7921 5062

16.	Name and signature of authorised company official responsible for making this notification
	JEAN PURSER DEPUTY COMPANY SECRETARY
Date of notification: 18 JANUARY 2005

Registered Holder	No. of Shares
Deutsche Bank AG London – Proprietary Holding		10,511,033
Total		10,511,033

APPENDIX 7.

For immediate release 18th January 2005

United Business Media set to acquire leading French healthcare media business

United Business Media today announced it has submitted a binding offer to acquire medical trade press and other professional healthcare business information services in France, currently owned by MediMedia. The major products and brands – such as Le Quotidien du Medecin and Le Generaliste – occupy leading positions in the French medical press with more than half of total advertising spend directed at general practitioners.

These businesses would become part of CMPMedica France, where they would complement the existing major drug directory business, Vidal – with reciprocal promotion and access to advertisers, government and health professionals. There would be scope to expand the major brands into customised services and content-based marketing. UBM acquired CMPMedica during 2004.

The purchase price is €36 million in cash, and the completion of the transaction is subject to satisfactory completion of the contract and related conditions. In 2004 the business generated approximately €60m of turnover and €6m of profit before tax. The proposed acquisition should increase earnings by more than 2% in its first twelve months.

UBM CEO, Clive Hollick said

“These leading French medical newspapers will enhance the strong position we have in French healthcare through Vidal, the major drug directory business. Healthcare is now the largest sector served by United Business Media and prospects for growth in the 23 markets we cover, and in the increasing range of products we offer, are most promising.”

Additional UBM information update in relation to disposals in 2000

United received a settlement payment of £32 million from Granada in relation to outstanding items following the 2000 disposals.

For further information, please contact:

Michael Waring	United Business Media	020 7921 5031
Colin Browne	The Maitland Consultancy	~~07733~~020 ~~103800~~7379 5151

Notes to Editors:

~~Trade~~Related PressThe three main titles are the pre-eminent daily doctors’ paper, Quotidien du Medecin, a weekly, Le Generaliste, and a bi-weekly for pharmacists, Quotidien du Pharmacien. Together, the doctors’ titles held a 54% share of the advertising market in 2003. In 2004 Quotidien du Pharmacien took the leading position in its market.websites:

~~Trade~~www.tissueworld.com ~~shows This division contains a biennial hospital trade show, Hopital Expo, and the major annual doctors’ conference and exhibition, Medec~~www.paperloop.com ~~CMPMedica, a leading provider of healthcare information, communication and services, is an international company with a reputation for the quality and innovation of its products~~www.cmpasia.com

~~United~~CMP ~~Business Media acquired CMPMedica on 30th July 2004 – details are on the UBM website at www.unitedbusinessmedia.com~~Asia

CMP Asia is a leading trade fair organiser in the region and a provider of business-to-business information, through its publications and websites. With its headquarters in Hong Kong, CMP Asia has over 400 staff in 11 major cities in Asia and the USA. It has over 80 media products comprising 70 trade shows held in seven countries/regions, including the USA and in Europe, and 17 publications with associated B2B websites.

Specifically serving the international paper industry, CMP Asia’s Singapore subsidiary organises Asian Paper, an exhibition and conference held biennially in Singapore since 1992 and the leading event in South East Asia. It also co-organises the Shanghai International Nonwovens Conference and Exhibition with the China Nonwovens Technical Asssociation. A biennial event, it is China’s most important meetingplace for this industry. Nonwoven materials and tissue paper are used together in some finished products.

United Business Media plc (http://www.unitedbusinessmedia.com) is a leading provider of business information services to the technology, healthcare, media, automotive, financial services and property industries. UBM offers services in news distribution, market research, publishing and events to customers across the globe. Its brands include PR Newswire, the world’s leading corporate news distribution service; NOP World, one of the largest market research groups globally; and CMP, the B2B media and exhibition group operating in high tech, healthcare, property, entertainment, jewellery & fashion in the US, UK, Asia and Europe.

This press release includes statements which are not historical facts and are considered “forward-looking” within the meaning of Section 27 of the Securities Act of 1933, as amended. These forward-looking statements reflect UBM’s current views about future events, business and growth strategy and financial performance. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “plan,” “anticipate,” “on target” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from UBM’s expectations. UBM expressly does not undertake any duty to update forward-looking statements. Management does not attempt to update forecasts unless conditions materially change.

~~APPENDIX~~ Appendix 8.2



For immediate release	7^th February 2005

United Business Media acquires
leading UK specialist publications and events

United Business Media today announced it has acquired the licensed trade sector publishing and events assets of Quantum Business Media, including the leading title in the licensed trade – ‘The Publican’.

These market leading assets will become part of United Advertising Publications (“UAP”) and will complement Daltons Weekly and strengthen further UAP’s services to the business sector. Integration into UAP’s operational infrastructure will reduce overheads and generate cross-selling opportunities.

The purchase price is £21m million in cash. In 2004 the business generated £6.8m of turnover and (based on an assumed overhead for the stand alone business)£2.2m of profit before tax. The proposed acquisition should be earnings enhancing in its first twelve months and is expected to exceed UBM’s hurdle rate of return in its first year.

UAP Chairman, Charles Gregson, said

“These leading licensed trade publishing assets will give further breadth and depth to the range of specialist products available to UAP’s business clients. The financial case is attractive and we have identified operating efficiencies and the opportunity to develop new and existing revenues streams.”

For further information, please contact:

Michael Waring	United Business Media	020 7921 5031
Colin Browne	The Maitland Consultancy	020 7379 5151

Notes to Editors:

Related Websites

www.quantumbusinessmedia.com
www.unitedadvertising.co.uk
www.unitedbusinessmedia.com

The Publican

The Publican Newspaper is the leading title in the licensed trade and hugely respected among trade organisations, pub companies, brewers and suppliers to the trade.

The Publican is seen as the voice of the industry and is totally committed to helping the industry to operate more profitably. Perceived as the best weekly source of industry news, features and research, it is a must read for anyone working in the licensed trade.

Related events/products include

www.thepublican.com
The Publican Awards
The Publican Conference
Pub Industry Handbook
Flavour
Pub & Bar

United Advertising Publications (UAP)

From 22 locations around the UK UAP produces magazines and websites serving a diverse range of trading markets. UAP prints almost 1,000,000 magazines a week - all designed to help businesses and individuals to buy and sell products and services. UAP’s magazines are distributed through newsagents, by post and through free pick up in supermarkets and petrol stations - a distribution process pioneered by Auto Exchange magazine.

UAP’s magazines and websites are dedicated primarily to publishing advertisements but also have editorial. Almost every commercial aspect of business and private life is covered; from Trade-It’s local readers in Bristol selling anything domestic (including the kitchen sink!) to international transactions such as selling a complete business via the internet from Daltonsbusiness.com. And, there are the thousands of cars advertised for sale each week in Exchange & Mart.

Appendix 3.

SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES

All relevant boxes should be completed in block capital letters.

1. Name of company UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest ~~Deutsche~~FMR ~~Bank~~Corp AGand its direct and ~~subsidiary~~indirect ~~companies~~subsidiaries Fidelity International Limited (FIL) and its direct and indirect subsidiaries Mr Edward C. Johnson III, principal shareholder of FMR Corp and Fidelity International Ltd 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse or children under the age of 18 NON BENEFICIAL – See 2 Above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them As 2 Above – see attached sheet. 5. Number of shares acquired ~~N/A~~Not Known 6. Percentage of issued class ~~N/A~~Not Known 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction ~~UNKNOWN~~NOT KNOWN 11. Date company informed 1811 ~~JANUARY~~FEBRUARY 2005 12. Total holding following this notification 1336,~~732~~303,~~385~~047 ORDINARY SHARES OF 25P 13. Total percentage holding of issued class following this notification 410.08 80% 14. Any additional information N/A 15. Name of contact and telephone number for queries HELEN MARTIN 020 7921 5062

16.	Name and signature of authorised company official responsible for making this notification
	JEAN PURSER
	ANNE SIDDELL
	DEPUTY COMPANY SECRETARY
	COMPANY SECRETARY
Date of notification: 19 JANUARY 2005

Registered Holder			No. of Shares
Deutsche Bank AG London – Proprietary Holding			13,732,385
Total			13,732,385

Date of notification: 11 FEBRUARY 2005

APPENDIX 9.

Nominee/Registered Name	Management Company	Shares Held

Bank of New York Europe LDN	FII	1,071,400
JP Morgan, Bournemouth	FII	143,100
Master Trust Bank of Japan	FIJ	61,332
Nomura Trust and Banking	FIJ	14,406
Trust & Cust Svcs Bk Toko	FIJ	12,547
BNP Paribas, Paris	FIL	2,600
Brown Bros Harrimn Ltd Lux	FIL	12,985,258
Chase Manhttn Bk Ag Frnkfrt	FIL	128,062
Citibank NA, Hong Kong	FIL	8,100
ING Luxembourg	FIL	10,498
JP Morgan , Bournemouth	FIL	362,095
Northern Trust London	FIL	46,400
National Astl Bk Melbourne	FIL	47,356
RBC Global Services	FIL	104,751
State Str Bk and Tr Co Lndn	FIL	39,854
State Street Bank Australia	FIL	142,387
State Street T&B Co Ltd Tokyo	FIL	13,847
Bermuda Trust Far East Hk	FIM HK	222,767
JP Morgan Bournemouth	FISL	8,220,895
State Street Bank and Trust Co	FMRCO	11,194
Bank of New York	FMTC	62,500
Brown Brothers Harriman and co	FMTC	343,071
CIBC Mellon trust	FMTC	91,551
JPMorgan Chase Bank	FMTC	192,837
Mellon Bank N.A.	FMTC	480,622
Northern Trust Co	FMTC	483,574
Royal Trust Toronto	FMTC	11,007
State Street Bank and Trust Co	FMTC	1,242,242
Bank of New York Brussels	FPM	2,046,843
Bank of New York Europe Ldn	FPM	51,900
Bankers Trust London	FPM	246,515
Citibank London	FPM	310,400
Clydesdale Bank Plc	FPM	151,100
HSBC Bank plc	FPM	48,100
JP Morgan Bournemouth	FPM	2,019,886
Mellon Bank	FPM	771,929
Midland Securities Services	FPM	123,629
Northern Trust London	FPM	2,962,224
Societe Generale	FPM	16,800
State Str Bk and Tr Co Ldn	FPM	987,570
State Street Munich	FPM	9,898

TOTAL ORDINARY SHARES		36,303,047

~~SCHEDULE~~APPENDIX 104.

Message

~~NOTIFICATION~~For OFimmediate ~~MAJOR~~release ~~INTERESTS~~25th INFebruary ~~SHARES~~2005

~~All~~Preliminary ~~relevant~~Results ~~boxes~~For ~~should~~the beFull ~~completed~~Year inended ~~block~~31 ~~capital~~December ~~letters.~~2004

1. MULTIMEDIA ~~Name~~STRATEGY ofDRIVING ~~company~~STRONG UNITED BUSINESS MEDIA PLC 2. Name of shareholder having a major interest FMR Corp and its direct and indirect subsidiaries Fidelity International Limited (FIL) and its direct and indirect subsidiaries Mr Edward C. Johnson III, principal shareholder of FMR Corp and Fidelity International Ltd 3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse or children under the age of 18 NON BENEFICIAL – See 2 Above 4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them As 2 Above – see attached sheet. 5. Number of shares acquired Not Known 6. Percentage of issued class Not Known 7. Number of shares/amount of stock disposed N/A 8. Percentage of issued class N/A 9. Class of security ORDINARY SHARES OF 25P 10. Date of transaction NOT KNOWN 11. Date company informed 20 JANUARY 2005 12. Total holding following this notification 37,962,606 ORDINARY SHARES OF 25P 13. Total percentage holding of issued class following this notification 11.29%GROWTH

14.	Any additional information
	N/A
15.	Name of contact and telephone number for queries
	HELEN MARTIN 020 7921 5062
16.	Name and signature of authorised company official responsible for making this notification
	JEAN PURSER
	DEPUTY COMPANY SECRETARY
Date of notification: 21 JANUARY 2005

Financial Highlights^** for Full Year ended 31 December 2004

Nominee/Registered Name		Management Company		Shares Held
Trading
Bank of New York Europe LDN			FII		1,071,400
Underlying# profit*	up 20.0 per cent,	underlying# turnover up 3.2 per cent
JP Morgan, Bournemouth			FII		143,100
Turnover	Up 8.4 per cent	to £809.6m (£746.7m)
Master Trust Bank of Japan			FIJ		61,332
Operating profit*	Up 33.1 per cent	to £132.3m (£99.4m)
Nomura Trust and Banking			FIJ		14,406
Operating margin*	Up to 16.3 per cent	from 13.3 per cent
Trust & Cust Svcs Bk Toko			FIJ		12,547
Profit before tax*	Up 36.9 per cent	to £141.4m (£103.3m)
BNP Paribas, Paris			FIL		2,600
EPS*	Up 36.4 per cent	to 32.6p (23.9p)
Brown Bros Harrimn Ltd Lux			FIL		14,298,867
Dividend	Up 33.3 per cent	to 12.0p (9.0p)
Chase Manhttn Bk Ag Frnkfrt			FIL		128,062
Citibank NA, Hong Kong			FIL		8,100
ING Luxembourg			FIL		10,498
JP Morgan , Bournemouth			FIL		316,032
Morgan Stanley London			FIL		7,561
National Astl Bk Melbourne			FIL		47,356
RBC Global Services			FIL		104,751
State Str Bk and Tr Co Lndn			FIL		39,854
State Street Bank Australia			FIL		142,387
State Street T&B Co Ltd Tokyo			FIL		13,847
Bermuda Trust Far East Hk			FIM HK		222,767
JP Morgan Bournemouth			FISL		8,344,895
State Street Bank and Trust Co			FMRCO		11,194
Bank of New York			FMTC		62,500
Brown Brothers Harriman and co			FMTC		343,071
CIBC Mellon trust			FMTC		91,551
JPMorgan Chase Bank			FMTC		192,837
Mellon Bank N.A.			FMTC		480,622
Northern Trust Co			FMTC		483,574
Royal Trust Toronto			FMTC		11,007
State Street Bank and Trust Co			FMTC		1,230,242
Bank of New York Brussels			FPM		2,306,643
Bank of New York Europe Ldn			FPM		51,900
Bankers Trust London			FPM		246,515
Citibank London			FPM		310,400
Clydesdale Bank Plc			FPM		151,100
HSBC Bank plc			FPM		48,100
JP Morgan Bournemouth			FPM		2,120,786
Mellon Bank			FPM		771,929
Midland Securities Services			FPM		123,629
Northern Trust London			FPM		2,967,424
Societe Generale			FPM		16,800
State Str Bk and Tr Co Ldn			FPM		940,522
State Street Munich			FPM		9,898
TOTAL ORDINARY SHARES					37,962,606

~~APPENDIX~~ 2003 ~~10.~~& 2004 acquisitions performing ahead of plan £48m of acquisitions announced in 2005

~~For~~Balance ~~immediate~~Sheet ~~release 25th~~as ~~January 2005~~at 31 December 2004Net debt of £68.8m, £191.9m of acquisitions and 102.3 per cent cash conversion Tax creditor for prior years reduced by £121.0m

~~UNITED~~Key ~~BUSINESS~~PointsProgressively ~~MEDIA~~increasing investment in multi-media product development Strategic review of NOP World

US– ~~High~~high ~~Tech~~level ~~Publishing~~of ~~Statistics:~~interest ~~December~~in ~~2004~~acquiring whole business – if sold, substantial part of proceeds to be returned to shareholders

Summary


#	Underlying: adjusted for the estimated effects of acquisitions, foreign exchange, SARS and biennial events
*	Before amortisation of goodwill and intangibles and exceptional items
**	The statutory results which show operating profit of £6.3m (£(22.3)m) and EPS of 33.2p ((12.5)p) are shown in the attached summary financial statements

~~Month~~Clive Hollick, Chief Executive of ~~December~~United ~~2004~~Business Media, said

~~The~~“Underlying ~~business~~revenue ~~information~~growth ~~market~~and ~~serving~~significantly ~~the~~increased ~~technology~~operating ~~industry,~~margins ~~measured~~delivered inan ~~terms~~operating profit* of ~~advertising~~£132.3 ~~page volumes~~m, ~~decreased~~up 33.1 per cent. Underlying revenue grew by 63.0%2 inper ~~the~~cent, ~~month~~with ofunderlying ~~December~~operating ~~compared~~profit* toup ~~December~~20.0 ~~2003~~per cent. ~~CMP~~ ~~Media’s~~The continuing ~~technology~~drive ~~publications~~for ~~recorded~~operating aefficiencies 3has increased margins from 13.3% ~~decrease~~per ~~against~~cent ~~December~~in 2003 to 16.3 per cent in 2004. In 2005 UBM will be investing in a programme of offshoring and outsourcing to maintain the momentum behind the productivity successes of recent years.

~~CMP~~“Acquisitions ~~Media’s~~are ~~market~~performing ~~share,~~ahead ~~compared~~of toplan ~~2003,~~and ~~increased~~the –investment ~~its~~in ~~continuing~~multimedia ~~titles~~products ~~held~~is paying off with a ~~share~~33 per cent increase in online revenues and the prospect of ~~24.6%~~good growth in ~~December~~2005. The ~~2004~~investment upprogramme ~~from~~over 23the last two years has strengthened the product range we offer to the increasingly diverse range of market sectors we serve.9% Many inof ~~December~~these ~~2003~~new products have impressive growth rates based upon long term client relationships. Together with our acquisitions these provide United with a greater proportion of predictable revenues.

~~Calendar~~“Following ~~Year~~the recent announcement of our intention to ~~December~~undertake a strategic review of the group’s market research business, a number of third parties have expressed their interest in acquiring NOP World. As part of the strategic review, we intend to investigate these expressions of interest over the coming weeks, alongside other options for the business. In the event that this review results in the Board concluding that United should sell NOP World, the Board intends that United should return a substantial part of the proceeds of the sale to shareholders. If sold, a disposal of NOP World is likely to be tax free.

“The ~~market~~Board ~~decreased~~is byrecommending ~~5.9%~~a ~~compared~~final todividend ~~the~~which ~~year~~will tobring ~~December~~the ~~2003. CMP’s~~total ~~continuing~~for ~~titles, in~~ the year to ~~December~~12.0 ~~2004~~pence, ~~recorded~~an aincrease of 33.3 per cent.9% This ~~decrease~~increase reflects the excellent performance achieved in ~~advertising~~2004 ~~page~~and ~~volumes~~UBM’s ~~against~~confidence in the ~~year~~long-term tooutlook ~~December~~for ~~2003~~the business.

~~Market share of CMP Media’s continuing titles year to date was 26.9% up from 26.4% in the prior year period.~~Outlook

~~MARKET~~“Despite ~~SEGMENT~~the –weakness ~~ADVERTISING~~of ~~PAGE~~the ~~VOLUMES~~dollar and the rise in investments in new products, overall trading to date and the improving forward order books point to another year of good progress.”

~~MONTH~~Summary OFGroup ~~December~~Profit ~~2004~~& Loss Statement The profit and loss statement set out below represents the group’s full profit and loss account (which is included in the attached financial information) in order to show more clearly the results from operations excluding amortisation.

	2004 Pages			2003 Pages			Change 04 vs 03 %			2004 Market Share %			2003 Market Share %
	Year ended 31 December
CMP Media
	2004 £m			2003 £m			%
Continuing		1,222			1,264			-3.3	%		24.6	%		23.9	%
Group turnover**		809.6			746.7			8.4
Discontinued		0			94						0.0	%		1.8	%
Operating profit*		132.3			99.4			33.1
CMP Media Total		1,222			1,358			-10.0	%		24.6	%		25.7	%
Net interest income		12.5			9.4			33.0
Whole Market
Other financial expense (FRS17)		(3.4	)		(5.5	)		(38.2	)
Continuing		4,976			5,202			-4.3	%		100.0	%		98.2	%
Profit before tax*		141.4			103.3			36.9
B2B Tech Publications		4,316			4,526			-4.6	%		86.7	%		85.4	%
Amortisation of goodwill		(126.0	)		(121.7	)
General Business		660			676			-2.4	%		13.3	%		12.8	%
Exceptional items		7.2			—
Discontinued		0			94						0.0	%		1.8	%
Profit/ (loss) before tax		22.6			(18.4	)
Total Market		4,976			5,296			-6.0	%		100.0	%		100.0	%
Taxation		(30.8	)		(22.7	)		35.7
Exceptional taxation		121.0			—
Profit / (loss) on ordinary activities after tax		112.8			(41.1	)
Equity minority interest		(1.5	)		(0.3	)
Profit / (loss) for the period		111.3			(41.4	)
Dividends –equity		(40.2	)		(30.2	)		33.3
-non-equity		(0.4	)		(0.4	)		—
Dividends		(40.6	)		(30.6	)		32.7
Retained profit / (loss) for the period		70.7			(72.0	)
EPS* (pence)		32.6			23.9			36.4
Basic EPS (pence)		33.2			(12.5	)
Dividends per share (pence)		12.0			9.0			33.3

~~MAJOR~~* ~~CMP~~Before ~~TITLES~~amortisation of goodwill, intangible assets and exceptional items ** Excluding JVs and associates

	December 2004				YTD December 2004
	+/- Pages		% Change		+/- Pages		% Change
Information Week		-45.6		-25.1		-11.8		-0.5
EE Times		-39.1		-17.0		-80.7		-2.5
Dr Dobb’s		-0.8		-2.1		-68.2		-11.8
Network Computing		-2.8		-2.9		-127.9		-7.8
Network Magazine		+17.8		+56.3		-91.4		-17.0
CRN		-23.2		-11.1		-294.4		-10.8
VAR Business		-7.2		-6.9		-78.8		-5.2

CONTENTS

~~CALENDAR~~1. ~~YEAR~~Summary TOof ~~December~~full year 2004 Financial Results 2. Divisional Review 3. Dividend 4. Balance Sheets and Cash Conversion 5. Fixed Asset Investments 6. Pensions 7. Tax 8. Interest 9. Exceptional Items and amounts written off investments 10. IFRS 11. Additional Information on Outlook 12. Offshoring and Outsourcing 13. CMP Media Statistics

	2004 Pages		2003 Pages		Change 04 vs 03 %			2004 Market Share %			2003 Market Share %
CMP Media
Continuing		17,828		18,551		-3.9	%		26.9	%		26.4	%
Discontinued		66		1,759					0.1	%		2.5	%
CMP Media Total		17,894		20,310		-11.9	%		27.0	%		28.9	%
Whole Market
Continuing		66,093		68,200		-3.1	%		99.9	%		97.0	%
B2B Tech Publications		59,410		61,170		-2.9	%		89.8	%		87.0	%
General Business		6,683		7,030		-4.9	%		10.1	%		10.0	%
Discontinued		66		2,079					0.1	%		3.0	%
Total Market		66,159		70,279		-5.9	%		100.0	%		100.0	%

1. SUMMARY OF FULL YEAR 2004 FINANCIAL RESULTS

Source - IMS: Auditor

	Group Turnover Twelve months to 31 December (£m)										Group Operating Profit* Twelve months to 31 December (£m)

	2004		2003		Change (%)			Underlying #(%)			2004		2003		Change (%)			Underlying #(%)

CMP Media		193.8		210.5		(7.9	)		(3.2	)		23.0		14.8		55.4			52.0
CMPMedica		29.8		—		100.0			—			3.4		—		100.0			—
CMP Asia		50.5		44.4		13.7			9.4			15.0		12.6		19.0			7.5
CMPi		159.3		135.0		18.0			4.1			33.6		25.3		32.8			10.4
UAP		58.5		58.1		0.7			0.0			13.2		14.0		(5.7	)		(8.0	)

Professional Media		491.9		448.0		9.8			0.6			88.2		66.7		32.2			14.8

News Distribution		94.8		94.8		0.0			10.6			24.0		13.4		79.1			103.2

Market Research		222.9		203.9		9.3			5.3			20.1		19.3		4.1			(12.1	)

Total		809.6		746.7		8.4			3.2			132.3		99.4		33.1			20.0

~~-Ends-~~# Underlying: adjusted for the estimated effects of acquisitions, foreign exchange, SARS and biennial events * before amortisation of goodwill and intangible assets and exceptional items

~~For~~Underlying ~~further~~revenue ~~information~~was up 3.2 per cent – after adjusting for the effects of acquisitions, ~~please~~foreign ~~contact:~~exchange, SARS and biennials. Group revenue in 2004 was increased by £90.1m of revenue from 2004 acquisitions and the full year effect of acquisitions made during 2003. The weakness of the US dollar has a direct translation impact – with two thirds of UBM revenue reported locally in US dollars, group revenue was reduced by £53.0m as a result of foreign exchange.

Michael Waring	United Business Media	020 7921 5031
Fiona Piper	The Maitland Consultancy	020 7379 5151

The average rate of $:£ exchange in 2004 was 1.83 (1.64), together with the effects of other currency movements this reduced operating profit in 2004 by £7m. A 1 cent movement in the US dollar against sterling is approximately equivalent to a move in profit of around £300,000 over the full year.

2. DIVISIONAL REVIEW

Professional Media

	Turnover Twelve months to 31 December							Operating Profit^* Twelve months to 31 December

	2004 £m		2003 £m		Change %			2004 £m		2003 £m		Change %

CMP Media		193.8		210.5		(7.9	)		23.0		14.8		55.4
CMPMedica		29.8		—		100.0			3.4		—		100.0
CMP Asia		50.5		44.4		13.7			15.0		12.6		19.0
CMPi		159.3		135.0		18.0			33.6		25.3		32.8
UAP		58.5		58.1		0.7			13.2		14.0		(5.7	)

Total		491.9		448.0		9.8			88.2		66.7		32.2

Profitability at CMP Media has improved significantly. An increase in operating margins from 7.0 per cent to 11.9 per cent has boosted operating profits to £23.0m (£14.8m). Despite tougher comparatives in the second half of 2003, overall full year underlying technology revenues were only down 1 per cent - online revenues were strongly up by 29 per cent, events were up 11 per cent, continuing revenues from traditional print publishing were down 2 per cent. CMP Media’s online business moved into operating profit. Custom marketing solutions and integrated multi-media marketing packages continue to do well, to the overall benefit of CMP Media’s technology business – this does however dilute traditional print yields which were down 1.5 per cent.

In 2004 CMP Healthcare Media was 18 per cent of CMP Media’s total revenue. Last year’s healthcare acquisition (The Oncology Group and Cliggott Publishing) is fully integrated and performed ahead of its business case. Underlying healthcare publishing revenues were up 7.6 per cent. Revenue from the medical education business was down 31.6 per cent as the regulatory issues of the second quarter registered in both the third and fourth quarters of 2004.

Further operating efficiencies were achieved across CMP Media. In addition, organic investment projects delivered £12m of revenue and £4m of incremental contribution.

CMPMedica, acquired on 30 July 2004, is ahead of plan. CMPMedica’s underlying revenues are up 6.4 per cent, with the important French market performing well. CMPMedica’s subsequent JV acquisition of Axilog is providing it with greater access to doctors’ desktops in France.

CMP Asia’s profit is now well ahead of pre SARS levels, with visitor attendance at Hong Kong shows up by around 40 per cent on 2003, and particular successes from the jewellery fairs, the beauty fair and the natural health fairs in Japan. Profits of £15.0m reflected improved strength in the established business and the effects of the steady flow of new products launched in recent years.

CMP Information increased exhibition space and – boosted by the acquisitions and new product launches – grew display market share in the UK and US to 38 per cent (35 per cent). Revenues increased by 18.0 per cent and further improvements in margin drove a 32.8 per cent increase in operating profit. This growth was boosted by the businesses acquired in 2003 (including The Builder Group and Barbour Index) which are performing ahead of plan. Increased product improvements and launches helped to grow underlying revenue by 4.1 per cent and underlying operating profit by 10.4 per cent.

UAP’s performance in the second half of 2004 saw a continuation of the mixed trends in the first half. Overall revenue was stable, with strong performances from Daltons Weekly and DaltonsBusiness.com, continued progress at Auto Exchange, but a decline in revenue at Exchange & Mart. Margins were down due to the costs of restructuring, promotions and reinvestment in core brands.

In 2005 UAP is investing in the E&M brand in order to accelerate the migration online. The acquisition in February 2005 of The Publican and other licensed trade assets strengthens the breadth and depth of UAP’s range of specialist titles and offers cross selling opportunities with the Businesses for Sale section of Daltons Weekly.

PR Newswire - News Distribution

Turnover
Twelve months to
31 December

Operating Profit^*
Twelve months to
31 December

2004
£m

2003
£m

Change
%

2004
£m

2003
£m

Change
%

PR Newswire

94.8

—

24.0

13.4

79.1

PR Newswire achieved a 103.2 per cent increase in underlying operating profit, an operating margin increase to 25.3 per cent , up from 14.1 per cent in 2003, and an underlying 10.6 per cent increase in revenue.

There were three main factors behind PR Newswire’s growth; improvements in core US wire volumes and yield, the increasing success of organic product launches, and significant improvements in the profitability of operations outside of the Americas.

US wire volumes increased by 3.7 per cent with yields up 6.6 per cent. The core messaging business benefited from the strength of the Canada Newswire JV which achieved a 15 per cent increase in revenue and a 14 per cent increase in operating profit. Video news release and media contacts database products, both grew revenue by over a third, generating £10m in revenue and moving into profit. Effective cost control has succeeded in turning the businesses outside America from a £2.7m loss in 2003 into a profit in 2004.

NOP World - Market Research

Turnover
Twelve month to
31 December

Operating Profit^*
Twelve months to
31 December

2004
£m

2003
£m

Change
%

2004
£m

2003
£m

Change
%

NOP World

222.9

203.9

9.3

20.1

19.3

4.1

Mediamark Research, Allison Fisher, Eurisko and NOP Research each grew revenue by over 10 per cent, together they accounted for over 90 per cent of NOP’s total profit. And there are signs of improvement in the US healthcare and consumer business. The reorganisation of NOP along sector lines and the investment in new products, improved marketing and higher productivity is now boosting the performance of the custom businesses. Non-recurring restructuring costs and losses on discontinued businesses reduced operating profit by £3m.

3. DIVIDEND

In line with the progressive dividend policy, the Board is recommending a final dividend of 8.37 pence (5.70 pence), bringing the total for the year to 12.00 pence (9.00 pence), an increase of 33.3 per cent. This increase reflects the excellent performance achieved in 2004 and the directors’ confidence in the long-term outlook for the business.

The final dividend on the ordinary shares will be paid on 26 May to shareholders on the register on 29 March.

The dividend on the 5,446,789 outstanding B shares will be 8.00 pence per share. This dividend will be payable on 25 April to shareholders on the register on 29 March.

4. BALANCE SHEET AND CASH CONVERSION

Net debt at the end of the period was £68.8m, after expenditure of £191.9m on acquisitions during the year and strong operating cash conversion of 102.3 per cent of operating profit. The year end net debt follows the retirement of $250m of 7.25 per cent debt in July and $125m of 8.04 per cent debt in September.

5. FIXED ASSET INVESTMENTS

UBM holds investments in five, ITN, SIS, SDN, Paperloop and The Press Association. Five revenue grew by 11.1per cent to £288.8m (£259.9m) and increased operating profit to £19.5m (£8.5m). Audience share increased to 6.7 per cent (6.6 per cent) and share of advertising revenue increased from 8.1 per cent to 8.3 per cent. Five’s share of Individual’s viewing on the Freeview platform has increased to 9.3 per cent .

Income from fixed asset investments - including SDN, PA and ITN – amounted to £6.0m.

6. PENSIONS

As at 31 December 2004, the pension deficit of £95.2m had been increased by £11.3m on the prior year end, largely reflecting an increase in the assumed rate of inflation.

7. TAX

The effective tax rate in 2004 was 21.8 per cent (22.0 per cent).

Following the successful resolution of outstanding tax liabilities, there was a £121.0m reduction in prior year liabilities. The year end tax creditor has been reduced by £100.5m to £208.0m (£308.5m). The tax creditor also reflects a £20.5m accrual in respect of 2004 and a prudent provision for potential tax liabilities in respect of prior years.

8. INTEREST

Net interest income for the year (before the FRS17 financial expense ) was £12.5m (£9.4m).

9. EXCEPTIONAL ITEMS AND AMOUNTS WRITTEN OFF INVESTMENTS

A net exceptional profit of £7.2m was credited to the profit on ordinary activities before tax. This comprised £18.9m additional profit relating to 2000 disposals and £11.7m written off investments. In December 2004, United agreed a settlement payment of £32m from Granada in respect of outstanding items relating to the 2000 disposals. The additional profit on disposal represents this receipt, after deduction of interest, costs and the offset of recorded receivables. The Group has also written down the carrying value of certain fixed asset investments, to reflect their expected realisable value.

As referred to above, there was also an exceptional taxation credit of £121.0m.

10. IFRS SUMMARY

UBM has estimated the impact of IFRS as if used as the accounting basis for its 2004 results. There is a significant positive impact on profit due to the non amortisation of goodwill under IFRS; the net effect of other changes is expected to be immaterial.

	£m’s

Profit for the financial year in accordance with UK GAAP		111.3
IFRS adjustments (unaudited)
- amortisation of goodwill and intangible assets		122.9
- share based payments		(1.5	)
- equity accounting		1.7
- deferred tax		0.9
- pensions		0.1
- other		0.4
Profit in accordance with IFRS		235.8

11. ADDITIONAL INFORMATION ON OUTLOOK

The overall start to the year has been promising. Forward bookings are ahead - with events worldwide up by over 10 per cent and forward bookings for medical education indicating a recovery towards 2003 levels. In healthcare, CMPMedica’s forward bookings in its drug directories are up over 5 per cent compared with the same time last year. Technology publishing remains soft but online continues to grow strongly. Following the good results from the organic investment programme of recent years we are increasing new product investment by a further £5m to £10m in 2005.

12. OFFSHORING AND OUTSOURCING

UBM has stepped up its programme of offshoring and outsourcing. Projects already offshored or outsourced include data processing, telephone interviewing, software upgrades, website conversions and circulation management. New projects currently being finalised or in planning are not expected to have a material effect in 2005 but should realise annualised savings of approximately $20m by 2007.

13. CMP Media Statistics

Due to the progressive decline in the significance of this indicator since its initial publication in 2001 UBM will in future publish these statistics on a quarterly rather than a monthly basis. The next report will therefore relate to the first quarter of 2005.

For further information please contact:

For United Business Media enquiries:

Michael Waring	United Business Media	020 7921 5031
Colin Browne	The Maitland Consultancy	020 7379 5151

Notes to Editors:

United Business Media plc (http://www.unitedbusinessmedia.com) is a leading provider of business information services to the technology, healthcare, media, automotive, financial services and property industries. UBM offers services in market research, consultancy, news distribution, publishing and events to customers across the globe. Its brands include NOP World, one of the largest market research groups globally; PR Newswire, the world’s leading corporate news distribution service and CMP, ~~MEDIA~~the ~~LLC~~B2B media and exhibition group operating in high tech, healthcare, property, entertainment, jewellery & fashion in the US, UK, Asia and Europe.

CMP Media LLC (www.cmp.com) is a leading integrated media company providing essential information and marketing services to the entire technology spectrum -- the builders, sellers and users of technology worldwide. Capitalising on its editorial strength, CMP is uniquely positioned to offer marketers comprehensive, integrated media solutions tailored to meet their individual needs. Its diverse products and services include newspapers, magazines, Internet products, research, direct marketing services, education and training, trade shows and conferences, and custom publishing.

BASIS OF COMPILATION OF STATISTICS

The statistics, which are the main subject of today’s release, are independently compiled by IMS/Auditor. The basis of compilation includes:

- pages are hand counted - supplement ads are counted if in over 50% of circulation - house ads are not counted - inserts are counted if bound in publication - the database will continually be updated as more accurate information arrives

All CMP High Tech publications are tracked. CMP determines the competitive set of publishing titles which are measured on its behalf by IMS Auditor and periodically adjusts the population to ensure that it is properly representative of the changing US business technology advertising market in which CMP competes.

Note: that these statistics represent only total advertising page volumes as counted above, they do not represent paid advertising page volumes nor do they show the revenue yields which the operators in these market segments have achieved.

~~APPENDIX~~Group ~~11.~~profit and loss account for the year ended 31 December 2004

For immediate release 28th January 2005

Notes		Before exceptional items 2004 £m			Exceptional items (note 3) 2004 £m			Total 2004 £m			Before exceptional items 2003 £m			Exceptional items (note 3) 2003 £m		Total 2003 £m

	Turnover - group and share of joint ventures
	Continuing operations		803.8			—			803.8			770.3			—		770.3
1	Less: share of joint ventures’ turnover		(24.0	)		—			(24.0	)		(23.6	)		—		(23.6	)

			779.8			—			779.8			746.7			—		746.7
	Acquisitions		29.8			—			29.8			—			—		—

1	Group turnover		809.6			—			809.6			746.7			—		746.7

	Group operating profit / (loss)
	Continuing operations		1.7			—			1.7			(29.1	)		—		(29.1	)
	Acquisitions		(5.1	)		—			(5.1	)		—			—		—

	Group operating loss		(3.4	)		—			(3.4	)		(29.1	)		—		(29.1	)

	Share of operating profit in joint ventures and associates
	Continuing operations		3.7			—			3.7			2.9			—		2.9
	Acquisitions		—			—			—			—			—		—
			3.7			—			3.7			2.9			—		2.9

	Income from other fixed asset investments		6.0			—			6.0			3.9			—		3.9

1	Total operating profit / (loss)		6.3			—			6.3			(22.3	)		—		(22.3	)

3	Additional profit on prior year disposals		—			18.9			18.9			—			—		—
3	Amounts written off investments		—			(11.7	)		(11.7	)		—			—		—

	Profit / (loss) on ordinary activities before interest		6.3			7.2			13.5			(22.3	)		—		(22.3	)
4	Net interest income		12.5			—			12.5			9.4			—		9.4
	Other finance expense		(3.4	)		—			(3.4	)		(5.5	)		—		(5.5	)

2	Profit / (loss) on ordinary activities before tax		15.4			7.2			22.6			(18.4	)		—		(18.4	)

5	Tax on profit / (loss) on ordinary activities		(30.8	)		—			(30.8	)		(22.7	)		—		(22.7	)
3	Exceptional taxation credit		—			121.0			121.0			—			—		—

	Profit / (loss) on ordinary activities after tax		(15.4	)		128.2			112.8			(41.1	)		—		(41.1	)
	Equity minority interests		(1.5	)		—			(1.5	)		(0.3	)		—		(0.3	)

	Profit / (loss) for the financial year		(16.9	)		128.2			111.3			(41.4	)		—		(41.4	)
6	Dividends - equity								(40.2	)							(30.2	)
	- non-equity								(0.4	)							(0.4	)

									(40.6	)							(30.6	)

	Retained profit / (loss) for the financial year								70.7								(72.0	)

	Earnings/(loss) per share
7	- adjusted								32.6	p							23.9	p
7	- basic								33.2	p							(12.5	) p
7	- diluted								29.6	p							(12.5	) p

~~STRATEGIC~~Balance ~~OPTIONS~~sheets ~~FOR~~at ~~NOP~~31 ~~WORLD~~December 2004

The Board of United Business Media plc (“UBM”) announces that it has appointed its financial advisers, Dresdner Kleinwort Wasserstein and

	Group 2004 £m			As restated Group 2003 £m			Company 2004 £m			Company 2003 £m

Fixed assets
Intangible assets		495.8			430.8			—			—
Tangible assets		50.1			54.5			—			—
Investments in subsidiary undertakings		—			—			3,349.8			3,373.4
Investments in joint ventures:
- share of gross assets		16.6			16.7			—			—
- share of gross liabilities		(7.8	)		(5.5	)		—			—
Investments in joint ventures		8.8			11.2			—			—
Investments in associated undertakings		1.9			0.2			—			—
Other investments		146.8			168.9			—			—

		703.4			665.6			3,349.8			3,373.4

Current assets
Stocks and work in progress		22.8			20.4			—			—
Debtors		198.0			158.5			141.9			118.3
Short term liquid funds		234.2			425.2			—			—
Cash at bank and in hand		144.6			185.9			0.3			0.2

		599.6			790.0			142.2			118.5
Creditors: amounts falling due within one year		(668.1	)		(1,076.6	)		(34.2	)		(246.6	)

Net current (liabilities)/ assets		(68.5	)		(286.6	)		108.0			(128.1	)

Total assets less current liabilities		634.9			379.0			3,457.8			3,245.3

Creditors: amounts falling due after more than one year
Bank and other loans		(96.1	)		(101.9	)		(130.2	)		(138.2	)
Other creditors		(4.6	)		(5.4	)		(1,999.4	)		(1,680.1	)
Convertible debt		(208.7	)		—			—			—

		(309.4	)		(107.3	)		(2,129.6	)		(1,818.3	)

Provisions for liabilities and charges		(50.0	)		(63.1	)		—			—

Net assets excluding pension liability		275.5			208.6			1,328.2			1,427.0

Pension liability		(95.2	)		(83.9	)		—			—

Net assets including pension liability		180.3			124.7			1,328.2			1,427.0

Capital and reserves
Called up share capital		84.5			84.5			84.5			84.5
Share premium account		310.8			309.4			310.8			309.4
Merger reserve		31.3			31.3			—			—
Other reserves		156.0			160.1			126.2			126.2
Profit and loss account		(404.5	)		(461.6	)		806.7			906.9

Shareholders’ funds (including non-equity interests)		178.1			123.7			1,328.2			1,427.0
Equity minority interests		2.2			1.0			—			—

Capital employed		180.3			124.7			1,328.2			1,427.0

Equity shareholders’ funds		177.6			123.2			1,327.7			1,426.5
Non-equity shareholders’ funds		0.5			0.5			0.5			0.5

Shareholders’ funds		178.1			123.7			1,328.2			1,427.0

~~Allen~~These &financial ~~Company~~statements ~~LLC,~~were toapproved ~~conduct~~by a ~~strategic~~duly ~~review~~appointed and authorised committee of ~~NOP~~the ~~World.~~Board of Directors on 24 February 2005 and were signed on its behalf by:

~~The~~Geoff ~~strategic~~Unwin Director ~~review~~Clive ~~will examine a number of alternatives to maximise the value of NOP World for UBM shareholders including developing NOP World further, expanding NOP World through strategic alliances or a sale.~~Hollick Director

AGroup ~~further~~cash ~~announcement~~flow ~~will~~statement befor ~~made~~the ~~when~~year ~~appropriate.~~ended 31 December 2004

For further information, please contact:

Notes		2004 £m			2003 £m

8	Net cash inflow from operating activities		107.1			84.6
	Dividends received from joint ventures and associated undertakings		4.0			2.1
	Returns on investments and servicing of finance
	Interest received		44.1			20.5
	Interest paid		(36.3	)		(18.2	)
	Dividends paid to minority shareholders		—			(1.3	)
	Dividends paid to non-equity shareholders		(0.4	)		(0.6	)
	Income from other fixed asset investments		5.6			5.4

	Net cash inflow from returns on investments and servicing of finance		13.0			5.8
	Taxation
	UK corporation tax received		1.0			8.9
	Overseas tax paid		(11.0	)		(0.5	)

	Taxation (paid) / received		(10.0	)		8.4
	Capital expenditure and financial investment
	Purchase of tangible fixed assets		(8.5	)		(6.9	)
	Proceeds from sale of tangible fixed assets		1.9			—
	Proceeds from sale of investments		3.0			10.3
	Increase in investments		—			(5.4	)
	Investment in own shares - ESOP		(4.1	)		—

	Net cash outflow from capital expenditure and financial investment		(7.7	)		(2.0	)
	Acquisitions and disposals
	Purchase of subsidiary undertakings and businesses		(199.9	)		(138.3	)
	Net cash acquired with subsidiary undertakings and businesses		9.7			8.4
	Investments in joint ventures and associated undertakings		(1.7	)		—

	Net cash outflow from acquisitions and disposals		(191.9	)		(129.9	)
	Equity dividends paid to shareholders		(31.2	)		(24.4	)

	Net cash outflow before use of liquid resources and financing		(116.7	)		(55.4	)
	Management of liquid resources
	Sale of current asset investments		176.6			134.9
	Decrease / (increase) in short term deposits		169.5			(103.3	)

	Net cash inflow from management of liquid resources		346.1			31.6
	Financing
	Proceeds from issue of ordinary share capital		1.5			1.0
	Return of capital to shareholders (including costs)		(1.9	)		(3.6	)
	(Decrease) / increase in bank loans		(98.9	)		21.1
	Repayment of loan notes		—			(1.2	)

	Net cash (outflow) / inflow from financing		(99.3	)		17.3

	Increase / (decrease) in cash in the year		130.1			(6.5	)

Michael Waring	United Business Media	020 7921 5031
	Reconciliation of net cash flow to movement in net cash / (debt)		2004 £m			2003 £m
Colin Browne	The Maitland Consultancy	020 7379 5151
	Decrease / (increase) in cash in the year			130.1			(6.5	)
	Cash outflow / (inflow) from debt			98.9			(19.9	)
	Cash inflow from decrease in liquid resources			(346.1	)		(31.6	)
	Changes in net cash resulting from cash flows			(117.1	)		(58.0	)
	Other non-cash movements			(1.0	)		(2.0	)
	Translation difference			2.8			13.0
	Movement in net cash in year			(115.3	)		(47.0	)
	Opening net cash			46.5			93.5
9	Closing net (debt) / cash			(68.8	)		46.5

~~For~~Liquid ~~additional~~resources ~~information~~include onterm ~~NOP~~deposits ~~World~~and government and corporate securities.

~~www.nopworld.com~~Statement of group total recognised gains and losses for the year ended 31 December 2004

United Business Media plc (http://www.unitedbusinessmedia.com) is a

	2004 £m			2003 £m

Profit / (loss) for the financial year		111.3			(41.4	)
Currency translation differences on foreign currency net investments:
Group		3.6			(20.4	)
Joint ventures		(0.5	)		(0.1	)
Actuarial (loss) / gain recognised in the pension schemes		(14.9	)		11.6

Other recognised losses for the year		(11.8	)		(8.9	)

Total recognised gains / (losses) for the year		99.5			(50.3	)
Adjustment for investment in own shares (see note 11)		3.7			—

Total recognised gains / (losses) since last annual report		103.2			(50.3	)

~~leading~~The ~~provider~~historical ofcost ~~business~~result ~~information~~is ~~services~~not tomaterially ~~the~~different ~~technology,~~from ~~healthcare, media, automotive, financial services and property industries. UBM offers services in news distribution, market research, publishing and events to customers across~~ the ~~globe. Its~~reported ~~brands~~loss ~~include PR Newswire, the world’s leading corporate news distribution service; NOP World, one of the largest market research groups globally; and CMP, the B2B media and exhibition group operating~~ in ~~high~~either ~~tech, healthcare, property, entertainment, jewellery & fashion in the US, UK, Asia and Europe~~year.

~~This~~Reconciliation ~~press release includes statements which are not historical facts and are considered “forward-looking” within the meaning~~ of ~~Section~~movements 27in ofgroup ~~the Securities Act of 1933, as amended. These forward-looking statements reflect UBM~~shareholders’s ~~current~~funds ~~views~~for ~~about~~the ~~future~~year ~~events,~~ended ~~business~~31 ~~and~~December growth strategy and financial performance. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “plan,” “anticipate,” “on target” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from UBM’s expectations. UBM expressly does not undertake any duty to update forward-looking statements. Management does not attempt to update forecasts unless conditions materially change.2004

	2004 £m			As restated 2003 £m
Opening shareholders’ funds as reported		123.7			211.3
Adjustment for investment in own shares (see note 11)		—			(4.1	)

Opening shareholders’ funds - restated		123.7			207.2
Profit / (loss) for the financial year		111.3			(41.4	)
Equity dividends		(40.2	)		(30.2	)
Non-equity dividends on B shares (see note 6)		(0.4	)		(0.4	)

		194.4			135.2
Other recognised losses relating to the year		(11.8	)		(8.9	)
New share capital subscribed		1.5			1.0
Own share capital purchased - ESOP		(4.1	)		—
Return of capital to shareholders		(1.9	)		(3.6	)

Closing shareholders’ funds		178.1			123.7

Notes to the financial statements

1. Business analysis

	Group 2004 £m		Group share of joint ventures 2004 £m		Group 2003 £m		Group share of joint ventures 2003 £m

Turnover by division
Continuing operations:
CMP Media		193.8		8.8		210.5		8.2
CMP Asia		50.5		4.5		44.4		3.5
CMP Information		159.3		—		135.0		1.6
United Advertising Publications		58.5		—		58.1		—

Professional media		462.1		13.3		448.0		13.3
News distribution		94.8		10.7		94.8		10.3
Market research		222.9		—		203.9		—

Continuing operations		779.8		24.0		746.7		23.6

Acquisitions:
CMPMedica		29.8		—		—		—

		809.6		24.0		746.7		23.6

Turnover by geographic market
United Kingdom		249.6		—		225.7		1.6
North America		424.1		18.5		450.1		17.7
Europe and Middle East		78.1		1.0		31.5		0.8
Pacific		57.8		4.5		39.4		3.5

		809.6		24.0		746.7		23.6

Turnover analysis is based on turnover by origin. Turnover by destination would not be materially different.

Net operating assets/ (liabilities) by division	2004 £m			As restated 2003 £m

CMP Media		118.7			144.6
CMPMedica		150.9			—
CMP Asia		(7.0	)		(4.0	)
CMP Information		65.6			78.9
United Advertising Publications		7.3			6.5

Professional media		335.5			226.0
News distribution		4.8			12.1
Market research		80.2			69.0

		420.5			307.1

by geographic market
United Kingdom		92.8			70.0
North America		176.9			226.3
Europe and Middle East		159.0			16.4
Pacific		(8.2	)		(5.6	)

		420.5			307.1

Reconciliation of net operating assets to net assets
Net operating assets		420.5			307.1
Investments		391.7			605.5
Corporation tax		(208.0	)		(308.5	)
Net borrowings		(300.2	)		(376.0	)
Proposed dividend		(28.5	)		(19.5	)
Pension liability		(95.2	)		(83.9	)

Net assets		180.3			124.7

1. Business analysis (continued)

	Group 2004 £m			Group share of joint ventures 2004 £m			Total 2004 £m

*Operating profit before amortisation of intangible assets by division
Continuing operations:
CMP Media		21.8			1.2			23.0
CMP Asia		14.5			0.5			15.0
CMP Information		33.6			—			33.6
United Advertising Publications		13.2			—			13.2

Professional media		83.1			1.7			84.8
News distribution		20.5			3.5			24.0
Market research		20.1			—			20.1

Continuing operations		123.7			5.2			128.9

Acquisitions:
CMPMedica		3.4			—			3.4

*Operating profit before amortisation of intangible assets		127.1			5.2			132.3

Amortisation of intangible assets		(124.5	)		(1.5	)		(126.0	)

*Operating profit / (loss) by division
Continuing operations:
CMP Media		(38.7	)		0.7			(38.0	)
CMP Asia		10.9			0.5			11.4
CMP Information		(3.7	)		—			(3.7	)
United Advertising Publications		12.3			—			12.3

Professional media		(19.2	)		1.2			(18.0	)
News distribution		19.1			2.5			21.6
Market research		7.9			—			7.9

Continuing operations		7.8			3.7			11.5

Acquisitions:
CMPMedica		(5.2	)		—			(5.2	)

*Operating profit		2.6			3.7			6.3

Non-operating exceptional items and amounts written off investments								7.2
Net interest and other financial income								9.1

Profit on ordinary activities before tax								22.6

*Operating profit / (loss) by geographic market
United Kingdom		(7.4	)		—			(7.4	)
North America		(6.6	)		3.6			(3.0	)
Europe and Middle East		3.4			(0.4	)		3.0
Pacific		13.2			0.5			13.7

*Operating profit		2.6			3.7			6.3

Non-operating exceptional items and amounts written off investments								7.2
Net interest and other financial income								9.1

Profit on ordinary activities before tax								22.6

*Includes income from other fixed asset investments of £6.0 million.

1. Business analysis (continued)

	Group 2003 £m			Group share of joint ventures 2003 £m			Total 2003 £m

*Operating profit before amortisation of intangible assets by division
Continuing operations:
CMP Media		14.1			0.7			14.8
CMP Asia		12.1			0.5			12.6
CMP Information		25.2			0.1			25.3
United Advertising Publications		14.0			—			14.0

Professional media		65.4			1.3			66.7
News distribution		10.2			3.2			13.4
Market research		19.3			—			19.3

*Operating profit before amortisation of intangible assets		94.9			4.5			99.4

Amortisation of intangible assets		(120.1	)		(1.6	)		(121.7	)

*Operating (loss)/ profit by division
Continuing operations:
CMP Media		(38.4	)		0.1			(38.3	)
CMP Asia		(1.4	)		0.5			(0.9	)
CMP Information		(4.3	)		0.1			(4.2	)
United Advertising Publications		13.3			—			13.3

Professional media		(30.8	)		0.7			(30.1	)
News distribution		0.7			2.2			2.9
Market research		4.9			—			4.9

*Operating (loss)/ profit		(25.2	)		2.9			(22.3	)

Non-operating exceptional items								—
Net interest and other financial income								3.9

Loss on ordinary activities before tax								(18.4	)

*Operating (loss)/ profit by geographic market
United Kingdom		(6.1	)		0.6			(5.5	)
North America		(25.7	)		2.8			(22.9	)
Europe and Middle East		9.8			(0.9	)		8.9
Pacific		(3.2	)		0.4			(2.8	)

*Operating (loss)/ profit		(25.2	)		2.9			(22.3	)

Non-operating exceptional items								—
Net interest and other financial income								3.9
Loss on ordinary activities before tax								(18.4	)

*Includes income from other fixed asset investments of £3.7 million.

2. Reconciliation of operating profit before amortisation and exceptionals to profit / (loss) before tax

	2004 £m			2003 £m

Operating profit before amortisation of intangible assets and exceptional items		132.3			99.4
Amortisation of intangible assets:
- Group		(124.5	)		(120.1	)
- Joint ventures and associates		(1.5	)		(1.6	)

Total operating profit / (loss)		6.3			(22.3	)
Net interest income		12.5			9.4
Other finance expense		(3.4	)		(5.5	)
Exceptional items and amounts written off investments charged to profit / (loss) before tax (see note 3)		7.2			—

Profit / (loss) before tax		22.6			(18.4	)

3. Exceptional items and amounts written off investments

	2004 £m			2003 £m

Additional profit relating to prior year disposals (a)		18.9			—
Amounts written off investments (b)		(11.7	)		—
Total charged to loss on ordinary activities before tax		7.2			—

Exceptional taxation credit (c)		121.0			—

(a)	In December 2004, United agreed a settlement of £32 million from Granada in respect of outstanding items relating to the 2000 disposals. The additional profit on disposal represents this receipt, after deduction of interest, costs, and the offset of recorded receivables.
(b)	The group has written down the carrying value of certain fixed asset investments, to reflect their expected realisable value. It is the group’s intention to exit these investments.
(c)	The group has resolved a number of outstanding items as a consequence of which there is a net exceptional tax credit of £121.0 million.

4. Net interest income/(expense)

		2004 £m			2003 £m

Interest receivable			26.6			25.8
Interest payable	– on bank loans and overdrafts		(2.3	)		(1.0	)
	– other		(11.8	)		(15.4	)

			12.5			9.4

Interest receivable includes £9.8 million (2003: £8.9 million) of interest receivable from Channel 5 Television Group Limited in respect of shareholder loans.

5. Tax on profit / (loss) on ordinary activities

a) Analysis of tax charge for the year:

	2004 £m		2003 £m

UK corporation tax at 30.0% (2003: 30.0%)		16.9		15.9
Overseas corporation tax		12.3		5.4
Tax relating to share of profit of joint ventures		1.2		1.4

Total current tax		30.4		22.7
Overseas deferred tax		0.4		—
		30.8		22.7

b) Factors affecting tax charge for the year:

	2004 £m			2003 £m

Profit /(loss) on ordinary activities before tax		22.6			(18.4	)
Profit / (loss) on ordinary activities before tax multiplied by standard rate of corporation tax in the UK of 30%		6.8			(5.5	)
Effect of:
Expenses not deductible for tax purposes (primarily goodwill amortisation)		43.1			35.2
Tax effect of items not recognised in consolidated financial statements		(19.0	)		(5.4	)
Reversal of timing differences		2.4			0.5
Higher tax rates on overseas earnings		4.3			0.4
Additional profit relating to prior year disposals not taxable		(5.7	)		—
Other		(1.5	)		(2.5	)

Total current tax		30.4			22.7

c) Factors that may affect future tax:

No deferred tax has been recognised on the retained profits and reserves of overseas subsidiaries or joint ventures or associated undertakings as there is currently no intention to remit such amounts to the UK.

Deferred tax assets have not been recognised, having given consideration to the likelihood of recovery of the balance.

6. Dividends

	2004 £m		2003 £m

Equity dividends
Ordinary shares:
Interim of 3.63 p (2003: 3.3p)		12.1		11.0
Proposed final of 8.37p (2003: 5.7p)		28.1		19.2
Non-equity dividends - B shares		0.4		0.4

		40.6		30.6

Non-equity dividends relate to the accrual for the LIBOR linked dividend on 5,446,789 (2003: 6,212,819) B shares remaining in issue (see note 24).

7. Earnings/(loss) per share

	2004 Earnings/ (loss) £m			2004 Weighted average number of shares million		2004 Earnings/ (loss) per share pence			2003 Earnings/ (loss) £m			2003 Weighted average number of shares million		2003 Earnings/ (loss) per share pence

Adjustment in respect of B share		109.1			334.4		32.7			80.3			334.2		24.0
dividends		(0.4	)		—		(0.1	)		(0.4	)		—		(0.1	)

Adjusted earnings per share		108.7			334.4		32.6			79.9			334.2		23.9
Adjustment in respect of amortisation of intangible assets		(126.0	)		—		(37.7	)		(121.7	)		—		(36.4	)
Adjustment in respect of exceptional items		128.2			—		38.3			—			—		—

Basic profit / (loss) per share		110.9			334.4		33.2			(41.8	)		334.2		(12.5	)
Dilution		3.5			52.4		(3.6	)		—			—		—

Diluted profit / (loss) per share		114.4			386.8		29.6			(41.8	)		334.2		(12.5	)

Adjusted earnings per share is presented as the directors consider that this is a meaningful measure of the performance of the group. For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The group has two categories of dilutive potential ordinary shares: those share options granted to employees where the exercise price is less than the average market price of the company’s ordinary shares during the year and shares attributable to convertible debt. No adjustment has been made for the dilutive impact in 2003 as this would decrease reported loss per share. The impact of dilutive securities in 2004 would be to increase the profit by £3.5 million for convertible debt (2003: £3.7 million) and to increase weighted average shares by 4.6 million shares for employee share options (2003: 2.6 million) and 47.8 million shares for convertible debt (2003: 47.8 million).

8. Reconciliation of operating profit / (loss) to cash inflow from operating activities

	Total 2004 £m			Total 2003 £m

Operating profit / (loss)		6.3			(22.3	)
Depreciation charges		12.9			25.3
Amortisation of intangible assets – group		124.5			120.1
Share of results of joint ventures		(2.5	)		(2.9	)
Income from fixed asset investments		(6.0	)		(3.9	)
Profit on sale of fixed asset investments		—			(4.3	)
Loss on sale of tangible fixed assets		—			0.3
Payments against provisions		(16.1	)		(23.1	)
Decrease / (increase) in stocks		2.8			(1.4	)
(Increase) / decrease in debtors		(2.8	)		12.3
Decrease in creditors		(3.3	)		(11.9	)
Other non-cash items including movements on provisions		(8.7	)		(3.6	)

Cash inflow from operating activities		107.1			84.6

The effect of exceptional items on cash inflow from operating activities was £nil (2003: £nil).

9. Analysis of movement in net cash

	At 1 January 2004 £m			Cash flow £m			Other non-cash movements £m			Exchange movements £m			At 31 December 2004 £m

Cash at bank and in hand		185.9												144.6
Overdrafts		(2.7	)											(2.8	)

		183.2												141.8
Less deposits treated as liquid resources		(169.5	)											—

		13.7			130.1			—			(2.0	)		141.8
Debt due after one year		(101.9	)		(212.7	)		(1.1	)		10.9			(304.8	)
Debt due within one year		(460.0	)		311.7			—			8.3			(140.0	)

		(548.2	)		229.1			(1.1	)		17.2			(303.0	)
Deposits included in cash		169.5			(169.5	)		—			—			—
Current asset investments		425.2			(176.6	)		—			(14.4	)		234.2

Total		46.5			(117.0	)		(1.1	)		2.8			(68.8	)

Cash deposits with third parties held in respect of letters of credit included in cash above amounted to £5.6 million.

10. 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 year.

11. Basis of accounting

The financial statements have been prepared under the historical cost convention, in accordance with applicable Accounting Standards in the United Kingdom. The financial statements have been prepared on a basis consistent with prior years, except for the adoption of UITF Abstract 38 ‘Accounting for ESOP Trusts’. This Abstract requires that any investment in own shares through an ESOP trust is deducted from shareholders’ funds. As required by the Abstract, the comparative information at 31 December 2003 has been restated, with other investments being reduced by £4.1m, other reserves being reduced by £7.8m and the profit and loss reserve being increased by £3.7m to reverse provisions made against these shares in prior years.

12. Status of information

The figures and financial information for the year ended 31 December 2004 do not constitute the statutory financial statements for that year. Those financial statements have not yet been delivered to the Registrar, but include the auditors’ report which was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. The figures and financial information for the year ended 31 December 2003 included in the preliminary announcement do not constitute the statutory financial statements for that year. Those financial statements have been delivered to the Registrar and included the auditors’ report which was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.

This preliminary announcement was approved by a duly appointed and authorised committee of the Board of Directors on 24 February 2005.

- ENDS -

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