UBM considers offer for US research firm

United business Media, the owner of NOP Research and several specialist business magazines, says it is considering making a bid for NFO World Research, the market research group put up for sale by its parent, Interpublic, earlier this year.

Lord Hollick, the chief executive at UBM, said: "We want to have more of a global presence," adding that NFO would be geographically complementary to UBM's current market research businesses. Analysts reckon that the US-based NFO might cost about £300m to £350m.

UBM, which used to own several ITV franchises and Express Newspapers, yesterday announced full-year losses of £220.1m, an improvement on the previous year's £537.2m deficit. The company's shares, which fell 40 per cent during 2002 – from 480p to 290p – closed yesterday at 219p, up 14.5p.

Lord Hollick said trading conditions continued to be tough and that the outlook for revenue had been clouded by growing corporate uncertainty in the face of geopolitical concerns. He said the group would still strive to manage its cost base in line with actual revenues. In the past two years UBM has shed 2,150 jobs.

The group said it had cut its dividend payment from 12p to 7p.

Lord Hollick said he had looked at some opportunities in consumer media but said the group preferred to launch its own ventures.

UBM still owns a shareholding in Channel 5, which it is expected to sell eventually since it no longer fits with the group's new focus. Lord Hollick said: "There's a long line of suitors but until we see what the Communications Bill says we don't know who we can dance with."