Last checked at 8 Jul 2010 07:00
Centaur Media PLC
08 July 2010
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 2010, prior to its full year results announcement, scheduled for 15 September 2010.
As reported in our interim management statement on 12 May 2010, recovery in our advertising revenues commenced during the second half of our financial year, with revenues during the six months to 30 June 2010 10% above the same period in the prior year. This was led by strong growth in the marketing and legal sectors. Recruitment advertising showed the highest rate of growth, with revenues ahead approximately 20% in the second half of the financial year. Print and online both delivered growth during the period.
Events also delivered a satisfactory performance in the seasonally busy final two months of the financial year, with our two major exhibitions during this period achieving revenue growth of 12%. Visitor numbers were also up on prior year and led to improved re-booking rates for both shows, providing a good platform for next year. Market conditions for our conferences business remained challenging, but our sponsored awards events in May and June performed strongly.
Online revenues have grown by approximately 15% in the second half of the financial year, with strong growth in online advertising revenues supplemented by further steady growth in Perfect Information revenues.
As previously reported, we completed the acquisition of Taxbriefs Holdings Ltd ("Taxbriefs") on 28 May 2010. Taxbriefs has been successfully integrated into the Group and made a positive contribution to profits in its first month in Centaur's ownership. The acquisition is expected to be earnings enhancing in its first full financial year.
The Group continues to maintain a strong balance sheet with high levels of cash generation during the second half of the financial year. This facilitated the acquisition of Taxbriefs, referred to above, which was financed from free cash flow. Following this, the Group expects to report net cash at the end of June 2010 of around £1m.
The Group expects to report profits for the financial year ended 30 June 2010 in line with the Board's expectations.
Current outlook
The marked improvement in trading conditions which we have experienced during the past four months has continued into the new financial year. The macro-economic outlook remains uncertain, but the Group's portfolio of market-leading brands, strong pipeline of new products and experienced management team will enable Centaur to benefit fully from a continuing recovery.
Enquiries:
| Centaur Media plc | Tel: 020 7970 4000 |
| Geoff Wilmot, CEO |
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| Mike Lally, GFD |
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| Kreab Gavin Anderson | Tel: 020 7554 1400 |
| Robert Speed |
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| Anthony Hughes |
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