Last checked at 12 May 2010 07:00
Centaur Media PLC - Interim Management Statement
Centaur Media PLC
12 May 2010
Centaur Media plc
('Centaur' or 'the Group')
INTERIM MANAGEMENT STATEMENT
Centaur Media plc, the business information and events group, today issues an interim management statement for the period from 31 December 2009 to the date of this announcement, incorporating a trading update for the four month period ended 30 April 2010.
Overall trading performance
At the time of our interim results announcement on 24 February 2010 a number of areas of the Group were reporting year-on-year revenue growth for the months of January and February 2010. This positive trend has continued with the recovery spreading across most of the Group.
Within the publishing business advertising revenues returned to growth in the four months ended 30 April 2010, with the rate of growth accelerating progressively through the period. Overall advertising revenues grew by 5% during this period, led by a 20% increase in recruitment advertising. Online advertising increased by 11% and represented 27% of total advertising revenue.
The events portfolio has also benefited from the improving trading environment. While revenues for the four months to the end of April 2010 were below the comparative period last year, our largest exhibition, the National Homebuilding and Renovating Show, was well attended with on-site rebooking for 2011 of over 80% compared with 70% at last year's show. We also achieved similar rebooking growth at the London Business Travel Show, providing a good platform for both of these key shows in 2011.
The online data business, Perfect Information ("PI"),has achieved subscription renewal rates of above 90% since the start of the financial year. PI has also experienced stronger market conditions during the four months ended 30 April 2010. The new product development programme, described in our interim results announcement, has contributed to a strong pipeline of new business prospects during this period. In particular PI's new analytical tool, ECM insight, was successfully launched at the beginning of April and has so far been well received by the market.
There have been no material changes to trading conditions in the period from 30 April 2010 to the date of this announcement.
Cash flow and balance sheet
The Group continues to maintain a strong balance sheet with cash inflows traditionally high at this stage in our financial year and it is anticipated that the Group will report a net cash position at 30 June 2010.
Board changes
At the time of the annual general meeting on 10 December 2009 the Company reported that, following his appointment as Chairman of the Board, Patrick Taylor would stand down as Chairman of both the Audit and Remuneration Committees during 2010
It was reported on 8 January that Robert Boyle would become the Chairman of the Audit Committee with immediate effect. The Board is now pleased to announce that Colin Morrison has been appointed Chairman of the Remuneration Committee with effect from 1 July 2010.
Outlook
The Group remains well positioned to benefit as our markets recover. Trading for the remainder of the financial year is expected to be in line with the Board's expectations.
Enquiries:
| Centaur Media plc | Geoff Wilmot, CEO | Tel: 020 7970 4000 |
| Mike Lally, GFD |
| Kreab Gavin Anderson | Robert Speed | |
| Anthony Hughes | Tel: 020 7074 1800 | |