Last checked at 8 Jan 2010 07:00
08 January 2010
Centaur Media plc ('Centaur' or 'the Group')
Half year trading update
Centaur Media plc, the specialist business publishing and information company, today issues a trading update prior to its interim results announcement, which is scheduled for 25 February 2010.
In our interim management statement issued on 19 November 2009 we reported some stabilisation in our markets and a reduction in the rate of year-on-year revenue decline since the start of the financial year. This positive trend continued during November and December where Group revenues were around 15% below the same periods last year, compared to a 28% year-on-year decline reported for the four month period ended 31 October 2009.
The revenue reduction was partly mitigated by the effect of cost saving initiatives and we expect our trading results in the first half of the financial year to be in line with the Board's expectations. In addition the Group maintains a strong balance sheet with net cash at 31 December 2009, also in line with our expectations.
While levels of forward visibility remain limited the Board is confident that the fundamental strengths of the Group provide a solid foundation for growth as markets continue to recover during 2010.
Appointment of non-executive director
The Board is pleased to announce the appointment of Robert Boyle as a non-executive director and Chairman of Centaur's Audit Committee with immediate effect.
Centaur's Chairman Patrick Taylor said "I am delighted that Robert has agreed to serve as a non-executive director of Centaur. His extensive experience of financial and risk management and stakeholder communication across a wide variety of businesses, including his very relevant experience to our sector, brings a rich seam of further expertise to the Board that will be invaluable over the coming years"
There are no other matters relating to the appointment of Robert Boyle to the Board of Centaur that need to be disclosed pursuant to Listing Rule 9.6.13.
Enquiries:
Centaur Media plc Tel: 020 7970 4000Geoff Wilmot, CEO Mike Lally, GFD Kreab Gavin Anderson Tel: 020- 7074 1800Robert SpeedAnthony Hughes