The company said that although its CMP Media publishing arm suffered from the downturn in the US advertising market, revenue growth at US-based market research arm United Information Group and its PR Newswire service continued to grow.
CMP, which publishes the Information Week, Network Computing and Internet Week magazines, saw ad page volumes fall 8.9% compared with a year earlier.
United said it is to cut online investment this year from £45m to £30m in line with the slowing economy, but is considering expanding its PR Newswire service to cover UK companies.
United, which in the last 12 months has changed its name, pulled out of ITV and repositioned itself as a mainly business-to-business operation, is currently sitting on around £300m in cash following its disposal of its ITV business and Express Newspapers.
Earlier this week, United announced that it had sold megastar.co.uk -- the former website belonging to the Daily Star which was sold with Express Newspapers -- to sports news and data online service Sports.com for a reported £100,000.