Final Results

17 September 2009
                          Centaur Media plc

         Preliminary results for the year ended 30 June 2009

Centaur Media  plc ("Centaur",  "the Company"  or "the  Group"),  the
specialist  business  publishing  and  information  group,  announces
results for the year ended 30 June 2009.

Highlights


+-------------------------------------------------------------------+
|                              | 30 June |     30 |                 |
|                              |    2009 |   June |        Movement |
|                              |         |   2008 |                 |
|------------------------------+---------+--------+-----------------|
|                              |      £m |     £m |                 |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
|  Revenue                     |    66.3 |   90.4 |           (27%) |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
|  Adjusted EBITDA[1]          |     7.0 |   21.5 |           (67%) |
|------------------------------+---------+--------+-----------------|
| Adjusted EBITDA margin       |     11% |    24% |                 |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
| Adjusted profit before       |     4.4 |   19.2 |           (77%) |
| tax[2]                       |         |        |                 |
|------------------------------+---------+--------+-----------------|
| Profit before tax            |     1.7 |   14.5 |           (88%) |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
| Adjusted basic EPS           |    2.1p |   9.2p |           (77%) |
| (pence)[3]                   |         |        |                 |
|------------------------------+---------+--------+-----------------|
| Basic EPS (pence)            |    0.6p |   6.7p |           (91%) |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
| Cash conversion rate[4]      |     88% |    90% |                 |
|------------------------------+---------+--------+-----------------|
| Net cash                     |     0.6 |    7.7 |                 |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
| Full year dividend per share |    1.5p |   4.2p |                 |
| (pence)                      |         |        |                 |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
|------------------------------+---------+--------+-----------------|
|                              |         |        |                 |
+-------------------------------------------------------------------+



Commenting on the  preliminary results, Graham  Sherren, Chairman  of
Centaur said:
"Whilst this has  been a  difficult year  for Centaur,  I write  this
statement with confidence that our competitive position as a business
has improved  during the  last year  and  as we  go forward  we  will
prosper as the economy recovers.

The forward  visibility  of  Group revenues  remains  generally  low,
although we have seen a reduction in the rate of decline in the first
two months of the  new financial year and  there is evidence of  some
stabilisation.  Whilst  progress  may  initially  be  slow  I  expect
revenues to return to their previous levels as we begin to take  full
advantage of this recovery."

Enquiries:

Centaur Media plc    Geoff Wilmot, CEO             Tel: [phone]
                     Mike Lally, Group Finance
                     Director
Kreab Gavin Anderson Robert Speed                  Tel: [phone]
                     Anthony Hughes

www.centaur.co.uk

Notes:
[1.]    One of  Centaur's key measures  of profit, which  is used  to
measure the relative performance of divisional units of the Group, is
earnings  before  interest,   tax,  depreciation  and   amortisation,
excluding exceptionals and other significant non-cash items including
share based  payments  (adjusted  EBITDA)  as  shown  in  the  income
statement.
[2.]    Adjusted profit  before tax is  profit before tax,  excluding
the impact of amortisation of acquired intangibles and of exceptional
items.
[3.]    Adjusted  EPS is  based on  the basic  EPS but  after  making
adjustments for amortisation of acquired intangibles and  exceptional
items. See note 4.
[4.]    Cash  conversion  rate  is  free cash  flow  expressed  as  a
percentage of adjusted operating profit.   Free cash flow is  defined
as cash  generated  from  operations,  less  capital  expenditure  on
property, plant  and  equipment  and  software.   Adjusted  operating
profit  is  operating  profit  excluding  amortisation  of   acquired
intangibles and exceptional items.

Chairman's Statement

Whilst this  has been  a difficult  year for  Centaur, I  write  this
statement with confidence that our competitive position as a business
has improved  during the  last year  and  as we  go forward  we  will
prosper as the economy recovers.

Current year financial performance

Following the global  economic crisis  that took hold  in late  2008,
Group revenues fell  to 73%  of the  level achieved  in the  previous
financial year while  PBT of £1.7m  compared to £14.5m  in the  prior
year, despite a 15% (£11.4  million) reduction in total  expenditure,
reflecting the severity and speed  of the revenue decline during  the
year.

Dividend

An adjusted EPS  for the  year of  2.1p (FY2008:  9.2p) provides  the
context for the Board's  recommendation of a  final dividend of  1.0p
per share, giving a  full year dividend of  1.5p (FY2008: 4.2p).  The
Directors decided  to restrict  dividend payments  relative to  prior
year to reflect the increased level of investment we have made in our
online businesses, which is  expected to underpin significant  growth
in the future

Cost reduction

The level of  defensive cost reductions  undertaken across the  Group
during the  year  to  June  2009 represented  a  swift  and  decisive
response to these difficult trading conditions. In implementing these
cost reduction initiatives, great care was taken to ensure no  damage
was  done  to  our  core  operating  assets  that  would  impair  our
prospective recovery or growth potential and continued investment was
undertaken in existing  and new products  to maintain and  strengthen
market leading positions.

Investment in the future

Organic growth has always been at the heart of Centaur's success  and
our ability to maintain the rate of new product development over  the
last twelve months is a reflection of the prudent stewardship of  the
Group during  the years  of strong  growth from  2004 to  2008. As  a
result we started this current  financial year with £7.7 million  net
cash and although during the current year we made payments in respect
of dividends,  taxation and  capital expenditure  amounting to  £12.1
million, through  the effective  management  of the  Group's  working
capital, we remained free of  debt at 30 June  2009 with net cash  of
£0.6 million.

I was therefore very pleased that this strong cash position allowed a
raised level of capital investment in the business over the course of
the year with a strong focus on developing our online businesses.

Group fundamentals unchanged

Our continued  investment  through the  downturn  has resulted  in  a
strengthening of  many fundamental  aspects of  the Group  which  now
presents us with an exceptional opportunity for growth over the  next
3 to 5 years.

These include:

  * Market leading brands - we have increased the market share of our
    major brands across our communities over the past year.

  * Improved fixed cost base - on an annualised basis, Group
    expenditure will be reduced by around £12 million, a large
    proportion of which represents a reduction in the fixed cost base
    of the business that will contribute strongly to rapid margin
    improvement as revenues return.

  * Strong organic growth record - new product development was
    maintained through the downturn with a continuing strong pipeline
    of new product initiatives including substantial investments in
    our B2B online platform, workflow products at Perfect Information
    and a number of new event launches.

  * Strong balance sheet - we remain debt free at 30 June 2009 and
    the Group is well positioned to take advantage of future
    investment opportunities.

  * Cyclical recovery - as in previous cycles the recovery will drive
    strong revenue growth for the Group with a high level of marginal
    profitability enhanced by the investments we have made in our
    online businesses.

  * Experienced management - the strength of our management team is
    clearly illustrated throughout this report and remains a key
    success criterion in driving organic growth and identifying
    relevant acquisition opportunities.


Current trading and outlook

The forward  visibility  of  Group revenues  remains  generally  low,
although we have seen a reduction in the rate of decline in the first
two months of the  new financial year and  there is evidence of  some
stabilisation.  Whilst  progress  may  initially  be  slow  I  expect
revenues to return to their previous levels as we begin to take  full
advantage of this recovery.

Finally I would like to extend  the Board's thanks to all our  staff,
who through a difficult year have continued to work with  dedication,
tenacity and enthusiasm to ensure the future success of the business.
We thank them for their continued  commitment and hard work and  look
forward to them sharing in the future success of the Group.

Graham Sherren
Chairman


Business Review
Analysis of results


                                2009     2009    2008     2008
                                  £m       £m      £m       £m
By Segment                   Revenue Adjusted Revenue Adjusted
                                       EBITDA           EBITDA

Legal and Financial             17.6      1.9    28.7      9.2
Marketing and Creative          17.3      0.8    23.6      4.1
Construction and Engineering    17.3      2.4    20.5      4.7
Perfect Information              5.2      2.0     5.8      2.1
General Business Services        8.9    (0.1)    11.8      1.4

 Total                          66.3      7.0    90.4     21.5

By Source
Recruitment advertising          8.1        -    15.6        -
Other advertising               24.9        -    34.6        -
Circulation revenue              5.2        -     6.1        -
Online subscriptions             6.9        -     7.0        -
Events                          20.1        -    25.8        -
Other                            1.1        -     1.3        -

Total                           66.3        -    90.4        -

By Client type
Audiences                       16.0        -    19.6        -
Marketers                       50.3        -    70.8        -

Total                           66.3        -    90.4        -

By Product type
Print                           30.2      0.6    46.6     10.7
Events                          20.1      2.8    25.8      6.7
Online products                 15.5      3.6    17.6      4.1
Other                            0.5        -     0.4        -

Total                           66.3      7.0    90.4     21.5

Underlying
Underlying                      65.3      7.1    89.7     21.4
Acquisitions[1]                  1.0    (0.1)     0.7      0.1

Total                           66.3      7.0    90.4     21.5

By Maturity
New [2]                          6.5    (0.4)     9.8      0.2
Existing and acquired           59.8      7.4    80.6     21.3

Total                           66.3      7.0    90.4     21.5


Notes
[1.]      Acquisitions are defined as  those made within the  current
or preceding financial year
[2.]      New products  are defined  as any product  launched in  the
current or two preceding financial years

Trading Review

The tightening  of  trading conditions  reported  a year  ago  turned
rapidly into a severe economic  downturn resulting in extremely  weak
trading conditions during the financial  year to 30 June 2009  across
all our markets.

In total the  Group reported  a 27%  reduction in  revenues to  £66.3
million (FY2008: £90.4 million)  with a progressive deterioration  in
the rate  of  decline  experienced  during the  second  half  of  the
financial year when revenues were 32% below last year (FY2009 H1: 19%
decline).

In total,  advertising  sales were  34%  below  last year  led  by  a
reduction  in  magazine   advertising  including  print   recruitment
advertising where revenues were  less than half the  level of a  year
ago. Online advertising  sales proved to  be slightly more  resilient
and excluding web recruitment were only 7% below last year.

Within Events,  although  total revenues  decreased  by 22%  for  the
financial year, the reduction in  trade exhibition sales was  limited
to 7% partly  due to new  product launches with  five new  exhibition
launches during  the year.   Excluding new  product launches  revenue
from trade exhibitions decreased by 11% across the financial year.

Despite the progressive rate of revenue decline reported above prompt
and decisive action  was taken  during the financial  year to  reduce
costs in response to the  extreme market weakness experienced  during
the period.

As reported  at  the time  of  our interim  results  announcement  in
February 2009  the  extensive cost  reduction  programme  implemented
during the year was balanced against a need to preserve the  strength
of  our  major  brands  and  to  maintain  new  product   development
capability to support future growth. While a key focus of these  cost
reduction initiatives was the need to adjust the immediate cost  base
of the business to reflect lower trading volumes, the programme  also
included  a   degree   of   brand   rationalisation   including   the
discontinuation of a  number of under-performing  print products  and
the consolidation of smaller peripheral products within major brands.
In addition a  number of  organisational changes  were undertaken  to
position  the  Group  for  future   growth  and  in  particular   the
implementation of integrated editorial  and commercial print and  web
operations in a number  of areas of  the business reflects  Centaur's
online strategy. An exceptional cost of £1.7 million was reported for
the year to 30  June 2009 reflecting the  cost of these  initiatives.
The details of this  exceptional cost are reported  in note 2 to  the
financial statements.

In total, cost savings in the current financial year amounted to £9.6
million (on  an adjusted  EBITDA basis  as defined  in the  Financial
Review) with approximately half the total saving accruing as a result
of reduced staff  numbers. Although  the average  monthly numbers  of
persons employed during the year (note 3 to the financial statements)
has reduced by 12%  the timing of these  cost saving initiatives  was
weighted into the second half of the financial year and the  absolute
reduction in staff number  across the Group at  30 June 2009 was  139
representing an  18%  reduction.  As  a  result the  actions  already
completed to reduce staff numbers, further cost savings of around  £2
million will be achieved in the new financial year to 30 June 2010.

Despite the  difficult  trading  conditions  the  Group  continued  a
programme of new product development during the year to 30 June 2009.
These initiatives are  described in  more detail below  and in  total
around 10% of group  revenues derived from  products launched in  the
last three years (FY2008: 11%).

The Group held  net cash  balances of £0.6  million at  30 June  2009
(FY2008: £7.7  million) although  free  cash flow  was reduced  by  a
raised level  of  capital expenditure  for  the year  totalling  £4.9
million (FY2008: £3.1 million) and reflecting continued investment in
web platform and property refurbishment.  As a result the  conversion
ratio of  adjusted  operating profit  into  free cash  flow  was  88%
compared to 90% last year.

In view of  the ongoing  market weakness,  the Board  has declared  a
reduced final dividend of 1.0p per share (FY2008: 3.0p) in line  with
its policy of seeking  to maintain an  appropriate level of  earnings
cover. The  final  dividend  will  be paid  on  12  January  2010  to
shareholders on the share register at 30 October 2009.


Legal & Financial

Legal &  Financial reported  a  39% reduction  in revenues  to  £17.6
million  for  the  year  (FY2008:  £28.7  million).  This  level   of
reduction, which represents almost half of the year on year  decrease
for Group,  reflects  the  pronounced effect  of  changes  in  global
financial markets over  the last  twelve months  on the  professional
communities served by products in this division.

Adjusted EBITDA also reduced to  £1.9 million (FY2008: £9.2  million)
which represented a margin of 11% compared to 32% a year ago although
the level of margin attrition was partly mitigated by a 19% reduction
in divisional costs.

Legal sector revenues,  which account  for 39% (FY2008:  37%) of  the
total division, decreased by 34% for the full year, mainly reflecting
reduced recruitment  activity as  declining volumes  of M&A  activity
affected the  principal  London law  firms.  In total,  legal  sector
recruitment  advertising  through  both   The  Lawyer  magazine   and
thelawyer.com accounted for around a third of the Group's recruitment
advertising revenue in the year  and across both products reported  a
54% decrease against last year. Event revenues in this sector  proved
more resilient  with  legal  conference revenues  increasing  by  28%
following the  launch  of a  number  of successful  "hot  topic"  CPD
accredited events.

A part of the revenue reduction in this division relates to  products
targeting  intermediaries  specialising   in  mortgages  or   secured
lending. Product advertising in  this sector began  to reduce in  the
last financial year  as soon  as the  availability of  credit in  the
primary markets started to  contract in the  autumn of 2007.  However
the severity of the decline was much more pronounced during the  year
to 30 June 2009 and as a result this portfolio saw revenues reduce by
78% during the year  to 30 June 2009.  Dependency on this sector  has
diminished greatly and  in total  represented only  5% of  divisional
revenues in the  current financial  year (FY2008:  14%). The  product
range remains broadly  unchanged, led by  Mortgage Strategy  magazine
which is the only remaining weekly title in this market. As a  result
Centaur remains  well  positioned  to  provide  access  to  essential
distribution channels  for the  remaining product  providers in  this
sector with  our continuing  product range  expected to  increase  in
importance as the market slowly recovers.

Within the broader financial  product range total revenues  decreased
in the year  by around  30% and  in  particular, product  advertising
volumes in the two principal magazine titles - Money Marketing & Fund
Strategy reduced by  28%. Event  revenues proved  more resilient  and
activity in the  year included  the launch of  the Investment  Summit
Dubai, bringing  together the  UK's most  influential fund  managers,
fund selectors  and  distributors.  In  addition  new  revenues  were
derived from events for specialist financial intermediaries targeting
retirement planning  and  the  corporate market  with  the  Corporate
Adviser Summit, held  in October 2008,  reporting revenue around  40%
above the previous year.


Marketing & Creative

In total  Marketing &  Creative revenues  decreased by  27% to  £17.3
million (FY2008: £23.6  million) with  print recruitment  advertising
representing around  40%  of  this reduction.  Adjusted  EBITDA  also
reduced to £0.8  million (FY2008: £4.1  million) which represented  a
margin of 5% compared to 17% a year ago.

In total around 40% (FY2008: 27%) of divisional recruitment  revenues
were achieved  online  principally  through  marketingweek.co.uk  and
designweek.co.uk.  In  general  these   online  revenues  were   more
resilient than their print counterparts with some growth reported  in
the first half of the financial  year and an overall reduction of  8%
for the full year compared to a decline of 33% for print products.

While  the  direct  cost   savings  associated  with  falling   print
recruitment advertising volumes are comparatively low, the completion
of  the  restructuring  initiatives,  which  commenced  in  the  last
financial year, led to  a 15% reduction in  divisional costs for  the
year and this mitigated around half of the total revenue reduction.

It was recognised in previous annual reports that the adjusted EBITDA
margin was comparatively low in this  division in the context of  the
overall margin achieved by  the Group. A  number of initiatives  have
now been  completed that  will contribute  to margin  improvement  as
revenues return to this sector.

A much greater  degree of  integration between  different strands  of
marketing activity is an increasingly regular feature of UK corporate
marketing departments  and  this requires  a  much broader  range  of
skills to be  deployed by  the marketing  professionals within  those
departments. This requirement underpins many of the changes that have
been introduced during the year including the repositioning of brands
and changes to  both editorial and  commercial teams.  These  changes
combine  areas  of  specialisation  to  provide  a  more   responsive
publishing  proposition  with  a  much  broader  focus  on  the   key
information requirements of our target audience.

The re-launch of Marketing  Week lies at the  heart of these  changes
and  the  magazine,  which  represents  the  hub  of  the   marketing
community, has been successfully repositioned  as a broad based  high
quality editorial product  for marketing professionals.  A number  of
smaller brands which covered niche areas within the sector have  been
discontinued as separate  publications with a  migration of  targeted
editorial content to Marketing Week which continues to provide a very
effective and relevant route to  market for advertisers within  those
niche areas.

This principle was further extended  by the launch of Marketing  Week
Live in June 2009. The show is  the largest single event of its  kind
and unites a number of separate strands of marketing discipline under
the Marketing  Week  brand. The  four  component parts  to  the  show
included three  existing  products -  The  Instore Show,  The  Online
Marketing show and  Insight (aimed at  research professionals) and  a
newly launched  Data management  exhibition which  specifically  drew
direct marketing professionals to the Event. In total event  revenues
were  24%   below  the   previous   year,  partly   reflecting   some
discontinuation of events as a result of the repositioning of  brands
referred to  above and  also  a change  in  strategy in  relation  to
Marketing Conferences with a focus on a reduced number of events with
higher margin potential in this financial year.


Construction & Engineering

Revenues in this division  reduced by 16%  to £17.3 million  (FY2008:
£20.5 million), while adjusted EBITDA  at £2.4 million (FY2008:  £4.7
million) represents a margin deterioration to 14% (FY2008: 23%).

Within  Construction  those  magazines  aimed  at  the  general  home
interest market  (Period Living,  Real Homes  and Move  or  Improve?)
experienced continued softness  in both  advertising and  circulation
sales during  the year.  The impetus  to the  sector provided  during
times of high levels of activity  in the housing market is  currently
diminished and directly affected these magazines during the financial
year. However the prospects for  these titles remain strong and  this
underpinned the  acquisition of  Real  Homes magazine  from  Hachette
Filipacchi  (UK)  Limited  in  December  2008.  The  title  has  been
refocused  as   a   mainstream   home   improvement   magazine,   now
incorporating Move or Improve? magazine which is no longer  published
as a separate  title and  has added  a rich  seam of  quality to  the
portfolio which  has  been  well received  by  both  advertisers  and
readers in its first few issues under Centaur ownership.

The level of  Self Build  projects to  some extent  also follows  the
pattern of  activity  in  the  broader  construction  sector  and  is
affected by any contraction in available specialist project  finance.
Generally however these factors were partly offset by an increase  in
the availability  of building  plots and  by a  general reduction  in
input prices as the supply of building goods and services outstripped
demand. While in total, revenue from the Homebuilding shows decreased
by 8% compared to the last financial year these factors provided some
buoyancy to  the  portfolio which  included  the launch  of  two  new
regional shows during the year.

The Engineering  portfolio which  accounts for  around third  of  the
total revenues in  this division reported  revenues 21% down  against
the previous year principally due to reduced recruitment  advertising
in both The Engineer magazine and through theengineer.co.uk.

The online products in this division  are the subject of ongoing  new
product development during the coming year including the  development
of a new  standardised recruitment  platform for The  Engineer to  be
launched in November 2009 and the further roll out of the sales  lead
generation application through the Pro-Talk model.


Perfect Information

A revenue reduction for  the year of 10%  related principally to  the
closure of Perfect Analysis in October 2007.

However cost savings arising partly from this discontinuation  almost
completely mitigated the loss of revenue and adjusted EBITDA for  the
year was broadly  maintained at £2.0  million (FY2008: £2.1  million)
representing a two point margin improvement to 38%.

PI has adapted quickly and effectively to the changing  circumstances
of the  core  customer base  (principally  law firms  and  investment
banks)  over  the  last  12  months.  Although  document  usage   has
historically depended on corporate  transactions, core revenues  have
sustained very  well and  with some  few notable  exceptions  (Lehman
Brothers and Bear Stearns) renewal rates have remained above 90%.

The strength of PI derives from  its breadth of coverage in terms  of
both number  of  documents,  depth of  indexing,  areas  of  document
specialisation and  international scope.  The  database lies  at  the
heart of the business and has  been leveraged through a programme  of
creative and  well targeted  new product  developments including  the
launch during  this financial  year of  PI Navigator  which  delivers
significantly enhanced desk top delivery of personalised data sets to
precisely match professional users' document requirements.


General Business Services

This segment comprises products serving a number of distinct business
communities.  The main verticals in this segment are Human  Resources
(HR), the Recruitment sector, Supply Chain and Logistics and Business
Travel and the newly launched  EnAble Show (described in more  detail
below).

In total, General  Business Services revenues  decreased by 25%  with
the reduction split evenly between  magazines and events within  this
division. Online revenues were flat year  on year, although at 8%  of
total divisional revenues (FY2008: 6%) are a comparatively small part
of the division.

In total an adjusted EBITDA loss of £0.1 million was reported for the
year (FY2008: profit  £1.4 million)  and while costs  across all  the
businesses reported  in  this  division  have  reduced  by  13%,  the
movement into a small loss for  the year reflects the very  difficult
trading conditions  experienced  in  the  both  the  Recruitment  and
Logistics /Supply  chain  verticals  during the  year  and  some  new
product development  including  the  launch of  the  EnAble  Show  in
November 2008. This show  represents an entry into  a new high  value
vertical for  the  Group  connects  a  broad  range  of  people  with
disabilities, who are aiming for an independent and active lifestyle,
with the vast array  of suppliers of product  and services that  will
facilitate  that  aim.  The  initial  show  was  launched  with  good
exhibitor support  and a  respectable visitor  profile that  promises
well for repeat events.

The traditional advertisers in the Recruiter magazine are recruitment
consultancies and the suppliers of  goods and services to them,  with
the consultancies traditionally operating in a low margin and crowded
market. With   recruitment  volumes falling  as  a result  of  rising
unemployment combined  with recruitment  freezes across  a number  of
sectors the industry has contracted sharply in the last 12 months and
as a result  the Recruiter  magazine and website  have experienced  a
significant reduction  in both  recruitment and  display  advertising
support during this financial year.

A re-launch of the Recruiter  magazine planned for the first  quarter
of the new financial year will re-focus both content and  circulation
towards in-house  recruiters whose  scope  and number  has  increased
recently as companies seek to find more cost effective and  efficient
means of recruiting and retaining staff.

The principal products  in the Logistics  sector - Logistics  Manager
and website  -  experienced  a  contraction  in  display  advertising
support following a continued slump in the commercial property market
which  represents  a  key  strand  of  marketing  support  for  these
products.

Trading  conditions  in   the  Business  Travel   sector  were   very
challenging across all three shows (London, Dusseldorf and Dubai) and
collectively revenues  were  18%  down  against  the  previous  year.
 However although the main London show, held in February 2009, was  a
third smaller than a year ago, a small yield improvement and  visitor
numbers held  at 90%  of  the previous  years level,   indicated  the
importance of the show to  key travel buyers and confirmed  Centaur's
strong position in this market. This was further strengthened by  the
launch of the Business Travel awards which ran concurrently with  the
London show and proved a valuable addition to the brand especially as
a way to attract senior visitors to the main show.

In terms  of  financial  product advertising,  the  corporate  market
comprising the key Compensation and Benefit managers that make up the
circulation of  Employee  Benefits magazine  was  relatively  buoyant
partly reflecting a focus by companies on cost effective benefit  and
protection schemes even in the face of falling employee numbers.

Although advertising revenues still reduced  year on year -  Employee
Benefits reported a 9% reduction in display volume across the year  -
this performance  was materially  better than  the broader  financial
product advertising reported elsewhere in the Group.

Financial Review

Summary of Group results

As reported  in  the  Business Review,  the  Group  experienced  very
challenging trading conditions during the year to 30 June 2009. A 27%
reduction in revenues for the year reflected the effect of a  slowing
UK economy on both recruitment activity and discretionary advertising
expenditure by customers in most of our served markets. This exposure
to the economy and dependency  on advertising was included among  the
principal risks  and  uncertainties  facing  the  Group  reported  in
previous annual reports.

A  rapid  and  substantial  reduction  in  Group  expenditure  partly
mitigated the effect of the revenue reduction, although profit before
taxation reduced  to £1.7  million for  the financial  year  (FY2008:
£14.5 million). Full details of  cost reductions achieved during  the
year are detailed below.

The strength of the Group's balance sheet, bolstered by the agreement
of a new banking facility with  Royal Bank of Scotland, continued  to
represent a  very positive  feature  of the  Group and  this  allowed
further  new  product  development  activity  and  increased  capital
investment in both premises and online products during the year.

Full details  of  cash generation  and  capital investment  are  also
provided below.


Trading updates

The financial performance of the Group was monitored by the Board
each month during the financial year and although the Group's
principal revenue sources traditionally carry very low forward
visibility, the profile of results, described above, was the subject
of regular trading updates or interim management statements ("IMS")
made during the year as follows:


14 November 2008 (IMS),
9  January 2009 (pre-close trading update)
20 February 2009 (trading update)
27 February 2009 (Interim results announcement)
14 May 2009 (IMS)


Revenue

Total Group revenues  for the  year ended  30 June  2009 amounted  to
£66.3 million, a reduction  of 27% (£24.1  million) compared to  last
year.

This reduction was led by a decrease in Group advertising revenues of
34% which divided into a 48% reduction in recruitment advertising and
a  28%   reduction  in   all  other   advertising.  Included   within
non-recruitment advertising  was  a  comparatively  resilient  online
element where  the  year  on  year  decrease  was  limited  to  a  7%
reduction.

In total, at £33 million, advertising sales represented 50% of  Group
revenues for the year (FY2008: 56%).

In total  23%  of  the  Group's revenues  were  derived  from  online
products  (FY2008:   19%)  and   while   this  increase   in   online
concentration partly reflects that reduction in print revenues during
the year it  also reflects a  greater degree of  stability in  online
revenues, a characteristic which  underpins much of Centaur's  future
growth strategy.

Total event revenues for the year  decreased by 22% to £20.1  million
and represented 30% of Group revenues (FY2008: 29%).

While revenue  from acquisitions  made in  the current  or  preceding
financial year  represented  less than  2%  of the  Group's  revenue,
organic product launches in the  last three financial years  amounted
to 10% of Group revenues for the year to 30 June 2009.

Profit before taxation

Profit before  taxation decreased  by 88%  to £1.7  million  (FY2008:
£14.5  million).   After   adjusting  for   exceptional   costs   and
amortisation of acquired  intangible assets,  adjusted profit  before
tax decreased by 77% to £4.4 million (FY2008: £19.2 million).

The exceptional costs incurred in  the year amounted to £1.7  million
and these are described  in more detail  below and in  note 2 to  the
financial statements.  To  ensure the underlying  performance of  the
Group is presented in  the income statement  the Board considers  the
Group's earnings  before interest,  tax, depreciation,  amortisation,
exceptional costs  and  other significant  non-cash  items  including
share based  payments  ("adjusted EBITDA")  to  be an  important  and
consistent measure  of profitability  and  in addition  the  adjusted
EBITDA margin is one  of the key performance  indicators used by  the
Board to monitor and manage the business.

Adjusted EBITDA for  the year  ended 30  June 2009  was £7.0  million
compared to  £21.5 million  in the  year ended  30 June  2008.   This
represents an adjusted EBITDA margin of 11% (FY2008: 24%).

An analysis of revenue and adjusted EBITDA from continuing operations
by segment, product type, underlying/acquired and maturity as well as
an analysis of revenue by source  and client type is included in  the
Business Review and the different measures of profit described  above
are summarised in the following table:



Continuing operations                          2009  2008
                                                 £m    £m

Revenue                                        66.3  90.4


Adjusted EBITDA                                 7.0  21.5

Depreciation of property, plant and equipment (0.8) (0.8)
Amortisation of software                      (1.5) (1.5)
Share based payments                          (0.4) (0.2)
Interest receivable                             0.1   0.2

Adjusted PBT                                    4.4  19.2

Amortisation of acquired intangibles          (1.0) (1.1)
Exceptional costs                             (1.7) (3.6)


 Profit before taxation                         1.7  14.5

Group costs

In line with  the definition  of adjusted EBITDA  above, total  Group
costs are reported before interest, tax, depreciation,  amortisation,
exceptional costs  and  other significant  non-cash  items  including
share based payments.

Total Group costs for the financial year amounted to £59.3 million, a
reduction of  £9.6  million  compared to  the  previous  year.  These
savings were led by a reduction in employee numbers with the  average
monthly number of persons employed during the year reducing by 12% to
695. (FY2008: 786) as reported in note 3. In total around £6  million
of these savings relate to this headcount reduction, of which  around
£4 million represents a reduction in direct payroll costs during  the
current year with  the balance relating  to temporary staff  expenses
and other associated costs of  employment such as staff expenses  and
recruitment.

Although average employee numbers for the year has fallen by 12%  the
actual headcount across  the Group at  30 June 2009  amounted to  634
(FY2008: 773), a reduction of 139 employees (18%) compared to 30 June
2008 which  reflects  the  second  half  weighting  of  many  of  the
initiatives that have led to this reduction.  As a result there  will
be further salary savings of around  £2 million in the new  financial
year.

Other cost reductions were  also achieved through direct  initiatives
to improve  the  efficiency  of both  publishing  and  event  product
portfolios.  This   included   a   rationalisation   of   weaker   or
underperforming products during the year and a number of  adjustments
to reduce the direct costs of production and distribution in light of
lower advertising volumes, including  format changes and  adjustments
to circulation and print volumes.  In total costs of printing,  paper
and distribution across all magazine titles reduced by  approximately
£2.5 million (23%) for the full year. Events costs were also  reduced
in  line  with  deceased  space  sales  at  exhibitions  and  reduced
attendance at conferences and awards and in total venue costs fell by
£1.1 million (14%) for the financial year.

Exceptional cost

Within administrative expenses for the year ended 30 June 2009 and in
accordance with the statement of  accounting policies in relation  to
exceptional costs, an amount of  £1.7 million (FY2008: £3.6  million)
has been identified  as exceptional  for the  purpose of  calculating
both adjusted EBITDA and adjusted profit before tax.

The full £1.7 million of exceptional expenditure was represented by a
cash outflow during  the year to  30 June 2009,  together with  £1.0m
which was provided for in FY2008 and settled in the current financial
year (see free cash flow reconciliation).

In total  around £1.5  million  of this  expenditure relates  to  the
re-organisation of publishing  operations that  had commenced  during
the previous financial  year. Of  this amount  £1.0 million  (FY2008:
£1.3 million) are redundancy costs  associated with the reduction  in
staff numbers  detailed  above while  £0.5  million relates  to  post
closure costs  relating to  magazine  titles that  were  discontinued
during the year.

A further £0.2 million  exceptional cost is  reported in relation  to
empty office space  arising from  the restructuring  of the  business
during the year (£0.1m) and  the discontinuation of Perfect  Analysis
in the previous financial year (£0.1m).


Adjusted EBITDA margin

The  adjusted  EBITDA  margin  is  one  of  a  range  of  performance
indicators  used  by  the  Board  to  monitor  progress  towards  the
achievement of the strategic objectives of the Group.

In the current  year an  adjusted EBITDA  margin of  11% is  reported
(FY2008: 24%) and while this represents a significant  deterioration,
the severity  of  the  decline reflects  the  very  high  operational
gearing in  a number  of the  Group's business  models,  particularly
print advertising sales, combined with the highly cyclical nature  of
revenues from this source.

Sustainable margin improvement therefore  will be attained through  a
return to revenue growth and a focus on scale and rebalancing of  the
Group's revenues to reduce its dependence on display and  recruitment
advertising revenues which represented 50% of total Group revenue  in
the year to 30 June 2009. (FY2008 56%)

These initiatives underpin  much of the  new product development  and
capital investment undertaken by the Group in this financial year and
while  it  is  expected   that  advertising  revenues,   particularly
recruitment sales  will grow  strongly as  our markets  recover,  the
continued development of our online proposition will allow  expansion
into areas  of more  sustainable  revenue growth  including  workflow
related data and information sales and subscription based sales  lead
generation models.

The  cost  saving  initiatives   completed  to  date  have   provided
significant margin  protection during  this financial  year and  have
partly resulted in  a permanent  reduction in the  Group's cost  base
through  organisational  efficiencies  and  the  discontinuation   of
underperforming or loss  making products. It  is estimated that  this
reduction in the fixed cost base of  the business would add 3% to  4%
points to the adjusted EBITDA margin on the basis of a return to  the
level of revenue and adjusted EBITDA reported for the year to 30 June
2008.


Revenue per employee

Although Group revenues reduced by 27%  in the year to 30 June  2009,
revenue per employee of £95,000 (FY2008: £115,000) represented only a
17% reduction  against  the  previous financial  year.  This  partial
mitigation of the Group revenue reduction reflected the 12%  decrease
in average employee numbers for the year to 30 June 2009 compared  to
the previous year.

Based on actual employee numbers at 30 June 2009 of 634 (FY2008: 773)
the revenue per employee for the year is £105,000 (FY2008 £117,000).

Free cash flow and capital expenditure

Free cash flow ("FCF") is  defined as cash generated from  operations
less capital expenditure required to  maintain and develop the  asset
base of  the  Group,  (property, plant  and  equipment  and  computer
software) and after adjusting for any exceptional cash items.

The strength of FCF generation,  representing the cash available  for
the stakeholders  of the  Group, has  been a  strong feature  of  the
Group's financial  performance in  recent years  (see five  year  FCF
summary), although  this  year's  performance  was  affected  by  the
reduced level of revenue and profit  reported for the year. In  total
cash generated from operations (before cash expenditure in respect of
exceptional items)  amounted to  £8.7 million,  with working  capital
reducing from net working capital  liabilities of £2.0 million at  30
June 2008  (including accrued  exceptional costs  of £1.0m)  to  £2.8
million at 30  June 2009.   The achievement of  this working  capital
reduction represented  a  strong performance  for  the Group  in  the
context of the  difficult trading conditions  experienced during  the
year. However the  cash conversion ratio  (FCF to adjusted  operating
profit) was  reduced  to 88%  for  the  year (FY2008:  90%)  and  was
constrained by an increased level of capital investment.


                                     2009   2008   2007   2006   2005
                                   Actual Actual Actual Actual Actual
                                       £m     £m     £m     £m     £m

Cash generated from operations        6.0   19.0   18.2   14.4    9.6
Exceptional items - cash impact       2.7    1.2      -      -    0.5
Capital expenditure                 (4.9)  (3.1)  (2.6)  (3.0)  (2.5)

Free cash flow                        3.8   17.1   15.6   11.4    7.6

Operating profit                      1.6   14.3   15.9   14.7    8.9
Amortisation of acquired              1.0    1.1    0.7    0.3      -
intangibles
Exceptional costs/(credit)            1.7    3.6      -  (2.2)    0.6

Adjusted operating profit             4.3   19.0   16.6   12.8    9.4

Cash conversion rate                  88%    90%    94%    89%    81%


In total capital expenditure amounted  to £4.9 million (FY2008:  £3.1
million) which reflected a continuation of the significant investment
in online businesses and property refurbishment that commenced in the
previous financial year.

In total  £2.5 million  (FY2008: £2.4  million) was  expended on  the
purchase of  software in  relation  to online  product  developments.
These initiatives  include  the  development of  a  standardised  web
recruitment  platform,  an  integrated   magazine  and  web   content
management  system  and  an  enhanced  customer  database  that  have
collectively positioned the Group very effectively to take  advantage
of online  sales  opportunities as  revenues  derived from  our  core
markets recover.

A further £2.4 million (FY2008: £0.7 million) was expended during the
year on property, plant and equipment,  of which £1.6 million was  in
respect  of   leasehold   improvements   relating   to   the    major
refurbishment of office accommodation in the Group's two main  London
properties. The  balance of  £0.7  million includes  replacement  and
replenishment expenditure in relation to existing computer  equipment
and fixtures and fittings in use across the Group.

Although the implementation of the online development described above
is ongoing, it  is anticipated  that total  capital expenditure  will
reduce substantially  in  the new  financial  year as  the  remaining
online initiatives are completed.


Banking facilities

The agreement  of a  new  banking facility  with  The Royal  Bank  of
Scotland  plc  ("RBS")  was  completed  during  the  financial   year
following  a  review   of  the  Group's   expected  working   capital
requirements over the next three years.

Although the  Group had  an existing  ongoing facility  of up  to  £4
million with RBS, this was arranged  on a one year rolling basis  and
was due to expire in September  2009. The new terms, which provide  a
revolving credit facility of up to  £5 million maturing in May  2012,
are considered to provide adequate  headroom for the Group's  working
capital requirements over this period.

The  financial  covenants  governing  this  facility  include   gross
leverage and interest cover ratios to  be assessed on a twelve  month
rolling basis at  each quarter end,  commencing on 30  June 2009.  At
that date the Group reported net  cash of £0.6 million (FY2008:  £7.7
million) with  no  requirement  to  draw  on  the  facility  and  all
covenants were fully satisfied.


Share capital reduction

The Board holds  a mandate  to purchase up  to 10%  of the  Company's
issued share  capital  in  each  twelve  month  period.  During  this
financial year the Company acquired 1,776,467 (FY2008: 7,550,000)  of
its own shares through open  market purchases. The total amount  paid
to acquire the shares was £0.9 million (FY2008 £7.9 million) and this
has been deducted from shareholders' equity.  The shares are held  as
treasury shares.

While this mandate remains  available to the  Board and continues  to
represent an efficient  mechanism through  which excess  cash may  be
returned to shareholders, the focus of cash management over the  next
twelve months will be to  minimise cash borrowings through  continued
effective working capital management and to maintain flexibility over
dividend policy.


Earnings per Share ("EPS")

Basic EPS for  the year  was 0.6p compared  to 6.7p  in the  previous
financial year.

An alternative  adjusted  EPS,  consistent with  the  calculation  of
adjusted PBT described above,  is reported for  the same reason  that
the Board considers this to  represent a more accurate reflection  of
the underlying performance of  the Group.  On  an adjusted basis  EPS
was 2.1p  compared  to 9.2p  a  year ago.  Full  details of  the  EPS
calculations are presented in note 4.


Taxation

Tax on profit on ordinary activities amounted to £0.8 million in  the
year ended 30 June 2009 (FY2008: £5.0 million).

Taking into  account  the tax  effect  of adjustments  to  arrive  at
adjusted PBT, this represents an  effective tax rate of 34%  (FY2008:
31%) of adjusted PBT.

The year on year increase in  this effective tax rate, which  exceeds
the standard rate of UK corporation tax rate (28%), partly reflects a
further reduction in the value of  the deferred tax asset in  respect
of outstanding share options. The value of this asset is based on the
expected deduction that will arise under Schedule 23 Finance Act 2003
when options are exercised and  is calculated partly by reference  to
current share  price. At  30 June  2009 the  market price  was  39.0p
compared to 65.8p a year ago  and the carrying value of the  deferred
tax asset was  adjusted accordingly. In  addition, while  expenditure
for the year considered to  be disallowable for taxation purposes  is
unchanged at  £0.2 million,  this  creates a  proportionately  higher
impact on the effective tax rate as  a result of a  77% reduction  in
adjusted PBT for the year to £4.4 million (FY2008: £19.2 million).


Dividends

A final dividend of  1.0p per share is  proposed, giving a total  for
the year of  1.5p (FY2008: 4.2p).  The final dividend  is subject  to
shareholder approval at the annual  general meeting and will be  paid
on 12 January 2010  to all ordinary shareholders  on the register  at
close of business  on 11  December 2009. The  Company has  sufficient
reserves to cover the recommended dividend.


Treasury policy

Treasury is  managed  centrally  and is  principally  concerned  with
minimising  bank  borrowings  through  the  efficient  management  of
working capital and  seeking to maximise  returns on available  short
term cash deposits. Further details  of the operation of the  Group's
treasury functions  and  a description  of  the role  that  financial
instruments have had during the year in the management of the Group's
funding and liquidity  risks and interest  and foreign exchange  rate
risks are contained in the "financial instruments" notes to the  full
financial statements.


Principal risks and uncertainties

Specific business risks to  which the Group  is exposed are  detailed
below and the Board has  implemented a comprehensive risk  management
process to identify, monitor and mitigate these risks.


Exposure to the economy

Centaur's products and markets  are predominantly UK  based and as  a
result the Group's performance is  broadly linked to the strength  of
the UK  economy  and  general economic  factors  such  as  inflation,
currency fluctuation, interest  rates, supply and  demand of  capital
and industrial disruption therefore have the potential to affect  the
Group's operations,  business and  profitability. While  these  macro
economic factors  are  beyond  the control  of  the  Group,  specific
exposure to  interest  rate  and  currency risk  is  minimal  and  in
addition the range of markets  served by Centaur's products  together
with the continuing  strategy of extending  the reach of  established
brands through the  delivery of new  products in a  diverse range  of
media formats provides some ability to spread this exposure.


Dependence on advertising

In total advertising revenues represented 50% of Group revenue in the
year ended  30 June  2009 (FY2008:  56%) and  changes in  advertising
trends, particularly  away from  traditional magazine  formats  could
have an impact on the Group's profitability. However the diversity of
served markets and strength of brands, which in most cases includes a
number of  market leading  positions  together with  continued  brand
diversification into  alternative media  formats all  serve to  limit
this  exposure.  In  addition,  as  described  above,  the  continued
investment in online products provides further opportunities to build
more sustainable and less cyclical revenue streams that will help  to
reduce the  concentration of  more traditional  forms of  advertising
within overall Group revenues.


Growth strategy

The Group  seeks  to  launch  or  acquire  new  titles,  conferences,
exhibitions and other  brand extensions.   It is  essential that  the
Group successfully develops and markets these products and integrates
acquired businesses. The  proven record  of organic  growth over  the
past  several  years,  and  the  successful  integration  of  several
businesses acquired over the same time period clearly demonstrate the
Group's ability to deliver this strategy.


Competitor activity

A number of products exist  that compete directly or indirectly  with
those of  the  Groups  resulting in  a  highly  competitive  market.
Domestic and international competitors  market their products to  the
Group's  target  audiences.   New  technology,  changing   commercial
circumstances and  new entrants  to the  markets in  which the  Group
operates, may adversely affect the  Group's business.  A key  element
of  the  Group's  strategy  is   to  develop  and  maintain  a   deep
understanding of the information needs  of the markets it serves  and
by maintaining the highest standards  of editorial integrity it  aims
to ensure  that the  provision  of information  remains  commercially
aligned with and  relevant to  the markets it  serves. Through  these
means the Group can continually  adapt and develop existing  products
thus protecting  market leading  positions and  thereby limiting  the
opportunities for competitors to secure an advantage.


Dependence on key personnel

The  Group's  future  success  is  substantially  dependent  on   the
continued services  and continuing  contributions of  its  Directors,
senior management and other key  personnel. The loss of the  services
of any of the Group's executive officers or other key employees could
have  a  material  adverse  effect  on  the  Group's  business.   The
entrepreneurial culture of the Group and the incentive programmes  in
place enable the Group to attract and retain the key management team.


Reliance on information systems

Certain divisions of  the Group  are dependent on  the efficient  and
uninterrupted operation  of  their IT  and  computer systems  and  of
services from third-party providers.  The Group has taken precautions
to limit its exposure to the risk of material disruption to systems.

Financial Review (continued)

Key performance indicators (KPIs)

The key strategic objectives of the Group are summarised below:

  * To achieve critical mass in high value growth markets
  * To maintain long term double digit revenue growth
  * To balance portfolio revenues across print, online and events
  * To expand audience share of revenues
  * To increase adjusted EBITDA margins to 25%

The Board uses a range of performance indicators to monitor progress
against these objectives and manage the business. The indicators
which the Board considers to be important are as follows:

  * Revenue growth by revenue type
  * Share of revenues from audiences
  * Adjusted EBITDA margin
  * Revenue per employee
  * Adjusted PBT
  * Adjusted EPS
  * Cash conversion rate.

In  addition  to   monitoring  progress   against  stated   strategic
objectives this range of  measures provides the Group's  stakeholders
an opportunity to assess progress  made within each reporting  period
towards a  number  of  commercial and  financial  objectives  and  in
addition, by adopting  measures that are  commonly reported by  other
members of  Centaur's  peer  group, to  facilitate  a  comparison  of
performance against  other similar  companies in  the sector.   Other
specific aims of the adopted performance measures are as follows:


  * To indicate the spread and breadth of Centaur's operating
    business models and their relative importance in each reporting
    period
  * To remove the impact of non-recurring exceptional credits or
    expenditure (and any related tax effect of those exceptional
    items) thus ensuring the indicators are closely aligned with the
    underlying, continuing aspects of the Group's trading performance
  * To indicate the strong cash generative nature of the Group
  * To remove the impact of non-cash credits or expenditure from the
    measures of earnings to ensure the indicators are closely aligned
    to the cash generative nature of the Group's assets
  * To indicate the strong operational gearing associated with the
    Group's revenue growth.


Financial Review (continued)

Key performance indicators (KPIs) (continued)


                                              2009  2008
Revenue (decline)/growth by revenue type         %     %
Print                                        (35%)  (2%)
Events                                       (22%)    0%
Online products                              (12%)   11%
Other                                          25% (56%)
Total                                        (27%)    0%

Revenue share by client type                     %     %
Audiences                                      24%   22%
Marketers                                      76%   78%
Total                                         100%  100%
                                                 %     %
Adjusted EBITDA margin[1]                      11%   24%
                                              £000  £000
Revenue per employee - continuing operations    95   115
                                                £m    £m
Adjusted PBT[2]                                4.4  19.2
                                             Pence Pence
Adjusted EPS[3]                                2.1   9.2
                                                 %     %
Cash conversion rate[4]                        88%   90%


Notes:
[1].       One of Centaur's key measures of profit, which is used  to
measure the relative performance of divisional units of the Group, is
earnings  before  interest,   tax,  depreciation  and   amortisation,
excluding exceptional  items  and other  significant  non-cash  items
including share based payments (Adjusted EBITDA).
[2.]       Adjusted PBT  (PBTA) is profit  before tax, excluding  the
impact of  amortisation of  acquired intangibles  and of  exceptional
items.
[3.]       Adjusted EPS is  based on the basic  EPS but after  making
adjustments for amortisation on acquired intangibles and  exceptional
items as detailed in note 4.
[4.]       Cash  conversion rate  is free  cash flow  expressed as  a
percentage of adjusted operating profit.   Free cash flow is  defined
as cash  generated  from  operations,  less  capital  expenditure  on
property, plant and  equipment and software,  and excluding the  cash
impact of exceptional items.  Adjusted operating profit is  operating
profit  after  making  adjustments   for  amortisation  on   acquired
intangibles and exceptional items.

Consolidated Income Statement for the year ended 30 June 2009



                                                          2009   2008
                                                   Note     £m     £m
Continuing operations

Revenue                                               1 66.3   90.4

Cost of sales                                           (37.4) (44.8)

Gross profit                                            28.9   45.6

Distribution costs                                      (3.6)  (4.5)
Administrative expenses                                 (23.7) (26.8)


Adjusted EBITDA                                       1 7.0    21.5

Depreciation of property, plant and equipment           (0.8)  (0.8)
Amortisation of software                                (1.5)  (1.5)
Amortisation of acquired intangibles                    (1.0)  (1.1)
Share based payments                                    (0.4)  (0.2)
Exceptional cost                                      2 (1.7)  (3.6)

Operating profit from continuing operations             1.6    14.3

Interest receivable                                     0.1    0.2


 Profit from continuing operations before taxation      1.7    14.5

Taxation                                                (0.8)  (5.0)

Profit for the year from continuing operations          0.9    9.5

Discontinued operations
Profit for the year from discontinued operations        -      0.2


Profit for the year attributable to equity              0.9    9.7
shareholders

Earnings per share from total operations              4
Basic                                                   0.6p   6.7p
Fully diluted                                           0.6p   6.7p

Earnings per share from continuing operations         4
Basic                                                   0.6p   6.6p
Fully diluted                                           0.6p   6.6p




Consolidated Balance Sheet at 30 June 2009


                                                2009  2008
                                          Note    £m    £m
Non-current assets
Goodwill                                     5 140.3 140.3
Other intangible assets                         16.1  15.9
Property, plant and equipment                    3.6   2.0
Deferred tax assets                              0.3   0.7
                                               160.3 158.9

Current assets
Inventories                                      1.0   1.2
Trade and other receivables                     11.0  16.5
Cash and cash equivalents                        0.7   7.8
                                                12.7  25.5

Current liabilities
Financial liabilities - borrowings               0.1   0.1
Trade and other payables                         8.3  11.0
Deferred income                                  6.5   8.7
Current tax liabilities                            -   2.0
                                                14.9  21.8

Net current (liabilities) / assets             (2.2)   3.7

Non-current liabilities
Deferred tax liabilities                         1.1   1.1
                                                 1.1   1.1

Net assets                                     157.0 161.5

Capital and reserves
Share capital                                   15.0  15.0
Treasury shares                                (9.8) (8.9)
Share premium                                    0.7   0.7
Other reserves                                   3.5   3.1
Retained earnings                              147.6 151.6

Total shareholders' equity                     157.0 161.5


The financial statements were approved by the Board of Directors on
16 September 2009 and were signed on its behalf by:


MJ Lally
Group Finance Director


Consolidated Cash Flow Statement for the year ended 30 June 2009



                                                         2009   2008
                                                   Note    £m     £m

Cash flows from operating activities
Cash generated from operations                            6.0   19.0
Tax paid                                                (2.3)  (4.6)
Cash flows from operating activities                      3.7   14.4

Cash flows from investing activities
Interest received                                         0.1    0.1
Acquisition of subsidiaries (net of cash acquired)          -  (0.1)
Proceeds from the disposal of businesses                  0.1    0.2
Proceeds from the disposal of subsidiary                    -    0.4
Purchase of property, plant and equipment               (2.4)  (0.7)
Purchase of software                                    (2.5)  (2.4)
Purchase of other intangible assets                     (0.2)      -
Cash flows from investing activities                    (4.9)  (2.5)

Cash flows from financing activities
Net proceeds from issue of ordinary share capital           -    0.1
Treasury shares purchased                               (0.9)  (7.9)
Repayment of loan notes                                     -  (1.0)
Interest paid                                           (0.1)      -
Dividends paid                                          (4.9)  (5.4)
Cash flows from financing activities                    (5.9) (14.2)

Net decrease in cash and cash equivalents               (7.1)  (2.3)

Cash and cash equivalents at 1 July 2008                  7.8   10.1

Cash and cash equivalents 30 June 2009                    0.7    7.8



Statement of Accounting Policies

The principal accounting policies adopted in the preparation of these
financial statements  are set  out below.  These policies  have  been
consistently applied  to all  the years  presented, unless  otherwise
stated.

Basis of preparation

The consolidated and Company financial statements have been  prepared
in accordance with International Financial Reporting Standards (IFRS)
as  adopted  by  the  European  Union  and  International   Financial
Reporting Interpretations  Committee (IFRIC)  applicable at  30  June
2009 and with those  parts of the Companies  Act, 2006 applicable  to
companies reporting under  IFRS. The financial  statements have  been
prepared on the historical cost basis.

These financial statements are presented in pounds sterling (GBP)  as
that is the currency of the primary economic environment in which the
Group operates.

The preparation of financial statements in conformity with  generally
accepted accounting  principles requires  the  use of  estimates  and
assumptions  that  affect   the  reported  amounts   of  assets   and
liabilities at the date of the financial statements and the  reported
amounts  of  revenues  and  expenses  during  the  reporting  period.
Although these estimates are based on management's best knowledge  of
the amount,  events or  actions, the  actual results  may  ultimately
differ from those estimates.

The Company  has taken  advantage of  the exemption  available  under
section 408 of the Companies Act  2006 and has not presented its  own
income statement in these financial statements.

The   following   new   standards,   amendments   to   standards   or
interpretations are mandatory  for the first  time for the  financial
year ending 30 June 2009.


  * IFRIC 12, 'Service concession arrangements', effective for annual
    periods beginning on or after 1 January 2008. This interpretation
    is not relevant for the Group.
  * IFRIC 13, 'Customer loyalty programmes' (effective from 1 July
    2008). This interpretation is not relevant for the Group.
  * IFRIC 14, 'IAS 19 - The limit on a defined benefit asset, minimum
    funding requirements and their interaction' (effective from 1
    January 2008). This interpretation is not relevant for the Group.
  * Amendment to IAS 39, 'Financial instruments: Recognition and
    measurement', and IFRS 7, 'Financial instruments: Disclosures',
    on the 'Reclassification of financial assets' (November version)
    (effective 1 July 2008). The adoption of these amendments has no
    material impact on the financial statements of the Group.

The  following   new   standards,   amendments   to   standards   and
interpretations have  been  issued,  but are  not  effective for  the
financial year ending 30 June 2009 and have not been early adopted:


  * Amendment to IFRS 2, 'Share based payments' on 'Vesting
    conditions and cancellations' (effective 1 January 2009)
  * IFRS 8, 'Operating segments', effective for annual periods
    beginning on or after 1 January 2009, subject to EU endorsement.
  * IFRIC 15 'Agreements for the construction of real estate'
    effective from 1 January 2009.
  * IFRIC 16 'Hedges of a Net Investment in a Foreign Operation',
    effective for annual periods beginning on or after 1 January
    2009.

The Directors anticipate  that the  adoption of  these standards  and
interpretations in future periods will have no material impact on the
financial statements of the Group.


Additional presentation within the consolidated income statement

The Group has presented  separately on the  face of the  consolidated
income statement an  additional profit measure  of adjusted  EBITDA.
Adjusted EBITDA  is  earnings  before  interest,  tax,  depreciation,
amortisation and excluding exceptional and other significant non-cash
items. This presentation has been  provided as the Directors  believe
that this measure reflects more clearly the ongoing operations of the
Group. In 2009 and 2008, share based payment costs have been  treated
as a significant non-cash item.


Exceptional items

The Group considers items of income and expenses as exceptional items
and discloses them separately; where the nature of the item, or its
size, is likely to be material so as to assist the user of the
financial statements to better understand the results of the
operations of the Group.


Notes to the Financial Statements

1    Segmental reporting

Primary reporting format - business segments

The Group is currently organised into five main business segments.

Corporate costs are allocated to business segments on an  appropriate
basis depending on  the nature  of the  cost.  Costs  that cannot  be
allocated to a business segment are shown as "unallocated".

Segment assets consist  primarily of property,  plant and  equipment,
intangible assets including goodwill, inventories, trade  receivables
and cash and cash equivalents.

Segment liabilities comprise  trade payables,  accruals and  deferred
income.

Corporate assets and  liabilities comprise current  and deferred  tax
balances, cash and cash equivalents and borrowings.

Capital  expenditure  comprises  additions  to  property,  plant  and
equipment, intangible  assets  and goodwill  and  includes  additions
resulting from acquisitions through business combinations.


Secondary reporting format - geographical segments

Substantially all of the Group's net assets are located and all
revenue and profit are generated in the United Kingdom. Furthermore
substantially all of the Group's customers are located in the United
Kingdom.  The Directors consider that the Group operates in a single
geographical segment, being the United Kingdom, and therefore
secondary format segmental reporting is not required.


1           Segmental reporting (continued)


Year ended             Marketing Construction              General
30 June 2009 Legal and       and          and     Perfect Business
             Financial  Creative  Engineering Information Services Unallocated Group
                    £m        £m           £m          £m       £m          £m    £m
Continuing
operations

Revenue           17.6      17.3         17.3         5.2      8.9           -  66.3

Adjusted
EBITDA             1.9       0.8          2.4         2.0    (0.1)           -   7.0
Depreciation
of property,
plant and
equipment        (0.2)     (0.2)        (0.2)       (0.1)    (0.1)           - (0.8)
Amortisation
of software      (0.2)     (0.3)        (0.3)       (0.5)    (0.2)             (1.5)
Amortisation
of acquired
intangibles      (0.1)         -        (0.4)           -    (0.5)           - (1.0)
Share based
payments             -         -            -           -        -       (0.4) (0.4)
Exceptional
cost             (0.4)     (0.7)        (0.3)       (0.1)    (0.2)           - (1.7)

Segment
result             1.0     (0.4)          1.2         1.3    (1.1)       (0.4)   1.6

Interest
receivable           -         -            -           -        -         0.1   0.1
Profit/
(loss)
before tax         1.0     (0.4)          1.2         1.3    (1.1)       (0.3)   1.7
Taxation             -         -            -           -        -       (0.8) (0.8)
Profit/
(loss) for
the year
from
continuing
operations         1.0     (0.4)          1.2         1.3    (1.1)       (1.1)   0.9

Profit/
(loss) for
the year
attributable
to equity
shareholders       1.0     (0.4)          1.2         1.3    (1.1)       (1.1)   0.9

Segment
assets            59.3      45.7         38.3        11.8     16.9           - 172.0
Corporate
assets               -         -            -           -        -         1.0   1.0
Consolidated
total assets      59.3      45.7         38.3        11.8     16.9         1.0 173.0
Segment
liabilities        2.9       3.8          3.8         2.5      1.8           -  14.8
Corporate
liabilities          -         -            -           -        -         1.2   1.2
Consolidated
total
liabilities        2.9       3.8          3.8         2.5      1.8         1.2  16.0

Other items:
Capital
expenditure        1.5       1.3          1.1         0.9      0.5           -   5.3
Impairment
of trade
receivables        0.1       0.2          0.2           -      0.1           -   0.6



1           Segmental reporting (continued)


Year ended             Marketing Construction              General
30 June 2008 Legal and       and          and     Perfect Business
             Financial  Creative  Engineering Information Services Unallocated Group
                    £m        £m           £m          £m       £m          £m    £m
Continuing
operations

Revenue           28.7      23.6         20.5         5.8     11.8           -  90.4

Adjusted
EBITDA             9.2       4.1          4.7         2.1      1.4           -  21.5
Depreciation
of property,
plant and
equipment        (0.2)     (0.2)        (0.2)       (0.1)    (0.1)           - (0.8)
Amortisation
of software      (0.2)     (0.3)        (0.2)       (0.6)    (0.2)           - (1.5)
Amortisation
of acquired
intangibles      (0.1)     (0.1)        (0.4)           -    (0.5)           - (1.1)
Share based
payments             -         -            -           -        -       (0.2) (0.2)
Exceptional
cost                 -     (1.1)        (0.2)       (1.7)    (0.1)       (0.5) (3.6)

Segment
result             8.7       2.4          3.7       (0.3)      0.5       (0.7)  14.3

Interest
receivable           -         -            -           -        -         0.2   0.2
Profit/
(loss)
before tax         8.7       2.4          3.7       (0.3)      0.5       (0.5)  14.5
Taxation             -         -            -           -        -       (5.0) (5.0)
Profit/
(loss) for
the year
from
continuing
operations         8.7       2.4          3.7       (0.3)      0.5       (5.5)   9.5

Discontinued
operations
Revenue              -         -            -           -        -           -     -
Segment
result               -         -            -           -        -           -     -
Profit on
disposal of
operation            -         -            -           -      0.2           -   0.2
Profit for
the year
from
discontinued
operations           -         -            -           -      0.2           -   0.2

Profit/
(loss) for
the year
attributable
to equity
shareholders       8.7       2.4          3.7       (0.3)      0.7       (5.5)   9.7

Segment
assets            60.0      47.1         39.6        11.1     18.1           - 175.9
Corporate
assets               -         -            -           -        -         8.5   8.5
Consolidated
total assets      60.0      47.1         39.6        11.1     18.1         8.5 184.4
Segment
liabilities        3.7       5.4          4.9         2.5      3.1           -  19.6
Corporate
liabilities          -         -            -           -        -         3.3   3.3
Consolidated
total
liabilities        3.7       5.4          4.9         2.5      3.1         3.3  22.9

Other items:
Capital
expenditure        0.7       0.9          0.9         1.0      0.4           -   3.9
Impairment
of trade
receivables          -       0.2          0.2           -      0.1           -   0.5



2    Exceptional cost


                                        2009 2008
                                          £m   £m

Closure of Perfect Analysis
Accelerated amortisation of assets      -    1.2
Redundancies                            -    0.2
Post closure costs                      0.1  0.3
                                        0.1  1.7

Reorganisation of publishing operations
Redundancies                            1.0  1.3
Share based payment                     -    0.1
Post closure costs                      0.5  -
                                        1.5  1.4

Onerous lease provision                 0.1  0.5


Total                                   1.7  3.6



A number  of  restructuring  initiatives that  commenced  during  the
previous year were completed  in the year ending  30 June 2009.   The
total cost  of  these  initiatives  was £2.9m,  of  which  £1.4m  was
reported in FY2008 and £1.5m in  FY2009. Of this amount £1.0  million
(FY2008: £1.3  million)  are  redundancy  costs  while  £0.5  million
relates to post closure costs  relating to magazine titles that  were
discontinued during the year.

During the  previous  year,  the  Directors  decided  to  discontinue
Perfect Analysis, the  equity research service  developed by  Synergy
Software Solutions  Limited,  a  subsidiary  company.  The  costs  of
closure totalled £1.8m of  which £1.7m was  reported in the  previous
financial year.  This included  £1.2m of accelerated amortisation  of
computer software.

In addition the exceptional costs for FY2008 included £0.5m
reflecting the onerous element of an additional short term property
rental commitment at 30 June 2008 that was entered into to facilitate
the changes to the Group's main London premises that arose following
the restructuring of the business. A further £0.1m is reported in
relation to this property during the current financial year.


3    Directors and employees


                                          Group Group Company Company
                                           2009  2008    2009    2008
                                             £m    £m      £m      £m

Wages and salaries                         25.9  29.4     1.0     1.1
Social security costs                       3.0   3.3     0.1     0.1
Other pension costs                         0.6   0.8     0.1     0.1
Equity settled share-based payments (note   0.4   0.3     0.1     0.1
22)

                                           29.9  33.8     1.3     1.4


The average monthly number of persons employed during the year,
including Executive Directors, was:


                                Group  Group Company Company
                                 2009   2008    2009    2008
                               Number Number  Number  Number
Editorial                         171    186       -       -
Production                         40     53       -       -
Sales                             155    178       -       -
Product management and support    165    202       -       -
Central services                  164    167       9       8

                                  695    786       9       8


All employees are based in the UK.


4    Earnings per share

Basic earnings per share (EPS) is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average  number
of shares  in issue  during the  year. Shares  held in  the  employee
benefit trust  and shares  held  in treasury  have been  excluded  in
arriving at the weighted average number of shares.

For diluted  earnings  per  share  the  weighted  average  number  of
ordinary shares  in issue  is adjusted  to assume  conversion of  all
dilutive potential ordinary shares.  The  Company has two classes  of
dilutive potential ordinary  shares: share  options (including  those
granted under the Sharesave plan) granted to Directors and  employees
where the exercise price is less than the average market price of the
Company's ordinary  shares  during  the year;  and  the  contingently
issuable shares under the Company's  long-term incentive plan to  the
extent that the conditions are met at the reporting date.

4     Earnings per share (continued)


                            2009                      2008
                           Weighted                  Weighted
                            average   Per             average   Per
                           number of share           number of share
                  Earnings  shares   amount Earnings  shares   amount
Total operations     £m    millions  Pence     £m    millions  Pence

Basic EPS           0.9      140.6    0.6     9.7      144.3    6.7

Effect of
dilutive
securities
Options              -        0.5      -       -        0.3      -

Diluted basic EPS   0.9      141.1    0.6     9.7      144.6    6.7

Continuing
operations

Basic EPS           0.9      140.6    0.6     9.5      144.3    6.6

Effect of
dilutive
securities
Options              -        0.5      -       -        0.3      -

Diluted basic EPS   0.9      141.1    0.6     9.5      144.6    6.6



An alternative  measure  of  adjusted earnings  per  share  has  been
provided  as  the  Directors  believe  that  this  measure  is   more
reflective of the ongoing trading of the Group.


                            2009                      2008
                           Weighted                  Weighted
                            average   Per             average   Per
                           number of  share          number of share
                  Earnings  shares   amount Earnings  shares   amount
                     £m    millions  Pence     £m    millions  Pence

Adjusted EPS
Earnings
attributable to
ordinary
shareholders from
continuing
operations          0.9      140.6    0.6     9.5      144.3    6.6

Amortisation of
acquired
intangibles         1.0        -      0.7     1.1        -      0.7
Exceptional cost
(note 2)            1.7        -      1.2     3.6        -      2.5
Tax effect of
above adjustments  (0.7)       -     (0.5)   (0.9)       -     (0.6)

Adjusted EPS        2.9      140.6    2.1     13.3     144.3    9.2

Effect of
dilutive
securities
Options              -        0.5      -       -        0.3      -
Contingently
issuable shares      -         -       -       -         -       -

Diluted adjusted
EPS                 2.9      141.1    2.1     13.3     144.6    9.2



5    Goodwill



                                 Total
                                    £m
Cost
At 1 July 2008 and 30 June 2009  140.3

Net book amount
At 30 June 2008 and 30 June 2009 140.3


The majority of the  Group's goodwill arose  from the acquisition  of
the Centaur Communications Group in 2004.

Goodwill by segment
Each individual magazine  and online  title is  deemed to  be a  Cash
Generating Unit (CGU). Goodwill is attributed to individual CGUs  but
is grouped together at segmental level for the purposes of the annual
impairment review of goodwill, being the lowest level for which there
are separately identifiable cash flows. The following table shows the
allocation of goodwill to segments at 30 June 2009:


                                              Construction             General
                       Legal and Marketing    and          Perfect     Business
                       Financial and Creative Engineering  Information Services Total
                       £m        £m           £m           £m          £m       £m

At 30 June 2008 and 30
June 2009              53.2      40.5         30.1         8.7         7.8      140.3



Impairment testing of goodwill
During the year goodwill was tested for impairment in accordance with
IAS 36. In assessing whether a write-down of goodwill is required  in
the carrying value of  the related asset, the  carrying value of  the
group  of  CGUs  is  compared  with  its  recoverable  amount.    The
recoverable amount for each group of  CGUs that make up the  segments
of the Group's business has been measured based on value in use.

The key  assumptions  used  in calculating  value  in-use  are  sales
growth, EBITDA, working capital  movements and capital  expenditure.
The Group has used  formally approved budgets for  the first year  of
the value in use calculation,  and estimated revenue growth rates  of
between 7% and 20% and EBITDA margins of between 5% and 40% for years
2 to  6.  Terminal values  assuming  growth  rates of  3%  have  been
calculated from estimated year  6 cash flows  and this timescale  and
terminal growth  rate  are  both  considered  appropriate  given  the
cyclical nature of Group revenues.

The assumptions used  in the  calculations of  value-in-use for  each
segment have been derived  from past experience.  Management  believe
that no reasonably  possible change  in assumptions  would cause  the
carrying amount of goodwill to exceed its recoverable amount.


6    Nature of the financial information

The foregoing financial information does not amount to full accounts
within the meaning of Section 434 of Companies Act 2006. The
financial information has been extracted from the Group's Annual
Report and Accounts for the year ended 30 June 2009 on which the
auditors have expressed an unqualified opinion.

Copies of the Annual Report and Accounts will be posted to
shareholders shortly and will be available from the Company's
registered office at 50 Poland Street, London, W1F 7AX.

---END OF MESSAGE---




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