UBM, the publishing and events business, predicted further closures in the magazine sector as interim profits slipped and it cut a further 350 jobs and 15 print titles.

The owner of PRNewswire said revenue for the six months to June slipped to £435m (£446m) and adjusted operating profit, excluding amortisation and exceptional items, fell 13.2 per cent to £78.3m (£90.2m).