Last checked at 17 May 2019 07:00
17 May 2019
Centaur Media Plc
Significant strategic progress made and first quarter performance in line with Board expectations
Centaur Media Plc ("Centaur" or the "Group"), an international provider of business information and specialist consultancy, has issued the following trading update in advance of its Annual General Meeting to be held at 12.30pm today at Centaur's offices at 79 Wells St, London W1T 3QN.
Centaur has made significant strategic progress in the year to date with the sale of four of its smaller businesses for aggregate cash proceeds of £21.75m in the second quarter. Negotiations for the sale of The Lawyer are continuing and the Group will provide an update in due course. As previously disclosed, Centaur will consider the best use for the sale proceeds once the divestment process is complete.
Trading during the first quarter was in line with the Board's expectations, with revenues down 4% and profit at a similar level to the prior year. The management action taken over the past year has improved operational execution and is driving further efficiencies across the Group. Centaur is in a strong position to meet the Board's strategic priorities for the full year.
The divestment process is enabling increased management focus on Xeim's strategy to increase profits through improved margins and build recurring revenues. The business information technology improvements made last year underpin this long-term strategy and the Group remains on track to increase its profit margin to double digits in 2020.
Neil Johnson, Chairman, commented:
"The Board is pleased with the strategic progress and scale of the transformation that the team has achieved in recent months. The successful sale of four non-core businesses, at speed and in a challenging macro environment, has created a more focused Group that is better placed to deliver value to shareholders. Our immediate priority is now all about Xeim and driving a higher margin."
Enquiries
Centaur Media Plc |
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Andria Vidler, Chief Executive Officer | 020 7970 4000 |
Swag Mukerji, Chief Financial Officer |
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Teneo | 020 7420 3144 |
Paul Durman/Rebecca Hislaire |
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Note to editors
Centaur is an international provider of business information and specialist consultancy that inspires and enables people to excel at what they do, raising the standard for insight, interaction and impact.
Xeim's market-leading brands, including Econsultancy, Marketing Week and MarketMakers, provide business information, training and consultancy to marketing professionals seeking to accelerate their business performance.
Leading brands include: Econsultancy, Marketing Week, Festival of Marketing, MarketMakers, Creative Review, Influencer Intelligence, Oystercatchers, Fashion & Beauty Monitor, The Lawyer, The Engineer and Subcon.