Pre-close trading statement

Centaur Holdings PLC
19 July 2005



                                                                    19 July 2005



                              Centaur Holdings plc

                           PRE-CLOSE TRADING STATEMENT


     Full year results in line with market expectations and EBITDA margins
              anticipated to show significant growth year on year


Centaur Holdings plc, the specialist business publishing and information
company, today issues a pre-close trading update, prior to its preliminary
results announcement, scheduled for 20th September 2005.

Overall trading performance review

Results for the year ended 30th June 2005 are anticipated to be in line with
market expectations, with the Group achieving further strong growth in ebitda
(note i). This profits growth has been achieved despite a significant softening
of advertising activity during the second half and the additional operating
costs associated with the launch of Finance Week in October 2004.

The Board is committed to raising the ebitda margin to an average target level
of 20%. The Company has made good progress in the past year in leveraging its
cost base to this end. As a result, underlying margins (excluding the major new
initiatives noted below) are expected to be close to the target level for the
year just ended.

Advertising revenues

In the year to 30th June 2005, total advertising revenues will have increased by
approximately 7% over the prior year, led by growth in recruitment advertising
revenues of about 15%. The financial year started strongly, with continued high
rates of growth in the first half, especially in recruitment advertising.
However, we have experienced a marked weakening of advertising activity in a
number of our market sectors in the past three to four months, leading to other
advertising revenues showing limited growth in the second half over the same
period in 2004.

The weakness in advertising, which has not affected all market sectors, has been
experienced especially in display advertising and reflects the impact of the
wider economic slowdown experienced throughout this six month period.
Recruitment advertising revenues, which constitute less than a third of
Centaur's total advertising revenues, have continued to grow in the second half
year and are expected to report an increase over the prior year six month period
of about 10%, compared to the 21% growth achieved in the first half.

Events

Revenues from exhibitions, conferences and other events are expected to show
full year growth of about 6%. As anticipated, revenues from conferences have
declined as we have cut back on the number of conference events, with a focus on
improving margins. Established exhibitions have performed well in the second
half and have been enhanced by two new exhibitions during the period, both of
which have contributed a small profit contribution.

Major Development Initiatives

The two major new development initiatives within the Company are Perfect
Analysis (PA) and Finance Week (FW). PA is an online equity research tool for
investment professionals that is based on a product acquired in October 2003 by
the Company's subsidiary Perfect Information Ltd. PA's development programme,
now being conducted in cooperation with a major global client, remains on track
towards an expected completion in early 2006. FW has been well received by its
readers and has now obtained its first ABC certificate, confirming its position
as the leading news title for senior financial managers in major British
corporates. Advertising revenues are building steadily.

The operating and product development costs of PA and FW will adversely affect
ebitda in the year to 30th June 2005, in line with expectations. Both products
are expected to deliver significant returns in the medium term.

Acquisitions

Logistics Manager, acquired in February 2005, is trading in line with our
expectations. The magazine traded at around break-even in the period to June
2005 but forward bookings on the two exhibitions give us confidence of a good
return in the new financial year.

Current Trading

The Board is confident that its strategy of building strong multi-platform
brands serving niche business communities will enable the Company to make
further progress in the new financial year. Given the present uncertainties
regarding the strength of the UK economy, we are not expecting further
meaningful recovery in total advertising revenues until early 2006, although
internet advertising continues to deliver strong growth. We therefore currently
expect revenue growth in the new financial year to be driven principally by the
impact of new and recently launched products supported by a resumption of growth
in advertising in the second half.


Notes

i.   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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