United Business Media announced on Tuesday its results for 2008 were healthy, and the last quarter was "satisfactory and resilient," Media Guardian reported Tuesday.

The UK-based company attributes part of its financial success to cutting 1,000 jobs since June 2007 as well as its decision to distance itself from the weakening print media sector.

UBM, which owns several industry magazines as well as news release and events news service PR Newswire, stated that those assets, as well as online operations, contribute 60 percent of operating profit, while 25 percent comes from the distribution, monitoring and target division of the company, according to Media Guardian.

All together, UBM reported a 4.5 percent rise in adjusted operating profit in 2008, with revenue increasing by 10.7 percent.

UBM's chief executive David Levin said the the company's strength comes from the fact that it has "taken early action to reduce costs and...maintained a prudent balance sheet, allowing us to make selected acquisitions as pricing improves and opportunities arise," according to Media Guardian.