Interim Management Statement

RNS Number : 1625S

Centaur Media PLC

16 November 2011

 



16 November 2011

Centaur Media PLC

Interim Management Statement

Centaur Media plc, the business information and events group, today issues an interim management statement for the period from 1 July 2011, based on results for the four month period to 31 October 2011, with commentary on trading up to 15 November 2011.

Highlights

·      Underlying revenue growth of 9%

·      Restructuring benefits being delivered

·      Recent acquisitions fully integrated and performing well

Trading

Underlying revenues across the Group were 9% ahead of the same period last year.  Underlying print, digital and events revenues were up 2%, 15% and 23% respectively. By source, underlying advertising and paid for content revenues were both up 6% against the same period last year.

In Business Publishing, each of the three publishing groups is seeing revenue and cost savings benefits from the June restructuring. In Business Information, renewal rates and new business wins are in line with expectations.

In Exhibitions, the three events held to date - Employee Benefits Live, the National Home Improvement Show and the launch event Aidex - all performed in line with or ahead of expectations, with strong re-bookings for all three. Forward bookings across the exhibitions portfolio in aggregate are 17% ahead of the same period last year.

Cash flow and balance sheet

Operating cash out flow was lower than in the same period last year reflecting stronger underlying profitability across the Group.  The cash costs of the restructuring programme of £2.5m were in line with the Group's expectations and were largely taken in the first quarter of FY12.

The Group retains a strong balance sheet, has in place an £8m revolving credit facility and is in active discussions to put in place additional facilities as required. Deferred revenues of £10m are in line with the same period last year.

Geoff Wilmot, Chief Executive, commented:

"We are very encouraged by the strong start to the year, with the benefits of the restructuring programme implemented this summer seen across the Group.  While the economic environment remains uncertain, all three divisions are growing well, recent acquisitions are performing well and there is a strong pipeline of potential acquisitions.

"Overall, the Group is trading in line with our expectations for the current financial year."

Enquiries

Centaur Media plc	[phone]
Geoff Wilmot, Chief Executive
Mark Kerswell, Finance Director
College Hill	[phone]
Adrian Duffield / Kay Larsen

 

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