Centaur Media bets on restructuring for growth

Publishing and event organiser Centaur Media is betting on restructuring its company into three main operating divisions to accelerate revenue and margin growth, saying the plan will result in significant cost savings and operational benefits.According to the initiatives, the company will merge the legal and financial publishing businesses, integrate the HR and Engineering publishing communities and dispose assets in the logistics, supply chain, recruitment, manufacturing and B2B construction markets. Centaur Media, which publishes brands like Marketing Week, said the restructuring "will have no impact on the group's underlying performance for the year to 30 June 2011, although there will be a significant non cash impairment charge in relation to the write down of assets affected by the restructuring. Additionally, there will be a cash charge relating to the cost reductions." In addition to the operational changes, the company is revamping its management. Tim Potter will continue to head Business Publishing. Former CEO of EMAP Inform Simon Middelboe will join Centaur on 1 August 2011 to lead Business Information, while the company is in the process of appointing a top executive for the Exhibitions unit. The three divisional managing directors, together with Geoff Wilmot, the CEO and interim CFO Mark Kerswell, will form the Operating Board, Centaur said. Shares of the company shed 13% and were trading at 46.25p in London.AR