Pre-Close Trading Statement

Centaur Holdings PLC
27 July 2004



27 July 2004



Centaur Holdings plc

PRE-CLOSE TRADING STATEMENT





HIGHLIGHTS


   •Full year results expected to be at the top end of market expectations


   •Normalised EBITDA margins expected to show significant growth year on
    year


   •Circa 12% increase in advertising revenues in 6 months to 30 June 2004
    over equivalent period in 2003


   •Circa 23% increase in recruitment advertising revenue over same period


   •Circa 20% increase in revenues from Exhibitions, Conferences and other
    events over same period


   •Perfect Analysis - initial phase of redevelopment completed in June, and
    first new clients secured


   •Trading in new financial year has started strongly and recent growth
    rates are being maintained


   •The Board is committed to raising the Company's ebitda margin to an
    average target level of 20%





Centaur Holdings plc (note i), the specialist business publishing and
information company, today issues a pre-close trading update, prior to its
preliminary results announcement, scheduled for 28th September 2004.


1. Overall trading performance review


Results for the year ended 30th June 2004 are expected to be at the top end of
market expectations. We expect significant growth in ebitda (note ii) over the
prior year, despite the continued advertising downturn in the first half year
and the additional operating costs associated with the development of Perfect
Analysis following the acquisition of Synergy Software Ltd by Perfect
Information in October 2003.


The Board is committed to raising the ebitda margin to an average target level
of 20%. To this end, it has initiated a systematic review of individual product
margins across the portfolio, together with a thorough review of central
overheads. The expected results for the year ended 30th June 2004 will already
show a marked improvement on the ebitda margin achieved in the prior year, which
will represent an important first step in our plans to raise the margin to our
target level.



2. Advertising revenues


In the 6 months to 30th June 2004, total advertising revenues will have
increased approximately 12% over the equivalent period in 2003. Recruitment
advertising revenues, which tends to benefit first from a cyclical recovery, are
expected to be approximately 23% higher than in the equivalent prior year
period. Recruitment revenues constitute less than a third of Centaur's total
advertising revenues.


3. Events


Revenues from exhibitions, conferences and other events have also continued to
grow strongly during the 6 month period to 30th June 2004, with an increase over
the equivalent period in 2003 of approximately 20%.


4. Perfect Information


Perfect Information's principal focus during this latest 6 month period has been
to continue the integration of its recent acquisition, Synergy Software Ltd. As
anticipated in the prospectus, the initial phase of re-development of its new
service Perfect Analysis (PA) was successfully completed in June and a number of
new clients have already been secured.


The initial operating and product development costs of the Perfect Analysis
service will adversely impact Perfect Information's ebitda in the year to 30th
June 2004, in line with brokers estimates. Perfect Analysis is expected to
achieve profitability during the year to June 2005, although not for the year as
a whole. However, we expect it to deliver significant returns thereafter.


5. Current Trading


The new financial year has commenced strongly and recent growth rates are being
maintained.


Notes


i. Centaur Holdings plc was admitted to AIM on 10th March 2004 via a placing to
fund the contemporaneous acquisition of Centaur Communications Ltd. References
to trading performance that pre-dates the acquisition on 10th March are
therefore to the performance of Centaur Communications Ltd. This trading update
provides an overview of Centaur's performance in the period from 1st January to
30th June 2004 (the second half of its financial year). This follows the
publication of Centaur's interim results to 31st December 2003, which were
included in the prospectus accompanying the Company's admission to AIM.


ii. Our key measure of profit is earnings before interest, tax, depreciation 
and amortisation and excluding exceptionals (ebitda)





Enquiries



Centaur Holdings plc          Graham Sherren          Tel: [phone]
                              Geoff Wilmot

Gavin Anderson & Company      Richard Constant        Tel: [phone]
                              Laura Hickman
                              Janine Brewis







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