Centaur Media plc
09 July 2009
Centaur
Media plc
('Centaur' or 'the Group')
Pre-close Trading Statement
Centaur Media plc, the specialist business publishing and information
group, today issues a pre-close trading statement for the year ended
30 June 2009, prior to its full year results announcement, scheduled
for 17 September 2009.
At the time of our interim management statement on 14 May 2009 we
reported that the Group was trading in line with the Board's
expectations despite very challenging trading conditions in our
served markets.
This position has remained broadly unchanged through to the end of
the financial year.
As reported at the time of the interim results announcement in
February 2009, our cost reduction programme has resulted in total
cost savings of approximately £10 million in the year to 30 June 2009
and a further £2 million next year. These savings are made up of both
variable and fixed cost reductions principally arising from the
discontinuation or sale of a number of under-performing peripheral
products and the rationalisation of key business processes across the
Group.
Also as previously reported new terms have been agreed with Royal
Bank of Scotland for a revolving credit loan facility of up to GBP£5
million maturing in June 2012. We are pleased to report that cash
generation has remained strong throughout the second half of the
financial year and that we had no requirement to draw on this
facility at the year end, when we had net cash of approximately £0.5
million.
Current outlook
There is not expected to be any material change in trading conditions
during the first quarter of the new financial year and the outlook
for our served markets remains uncertain. The Group is well
positioned to take advantage of any recovery as a result of core
strengths including a portfolio of market leading brands, organic
growth culture and strong balance sheet.
Enquiries:
Centaur Media plc Tel: 020 7970
4000
Geoff Wilmot, CEO/ Mike Lally, GFD
Kreab Gavin Anderson Tel: 020 7554 1400
Robert Speed/ Anthony Hughes
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This announcement was originally distributed by Hugin. The issuer is
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