Last checked at 20 Feb 2009 07:00
20th February 2009
Centaur Media plc
("Centaur" or "the Group")
TRADING UPDATE
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Centaur Media plc the specialist business publishing and information company, today issues a trading statement prior to its interim results announcement, which is scheduled for 27th February 2009.
In our half year trading statement on 9th January 2009, we indicated that trading conditions in the first half of this financial year had been difficult, with poor visibility for future market conditions. Since this time we have seen a further deterioration in trading driven in particular by significant weakness in recruitment advertising, where revenues in January 2009 this year were a third of the level achieved in January 2008. Trading in February has, to date, shown few signs of improvement.
We have not experienced any material change in our market position during this period and these results therefore reflect the extreme challenges faced by our clients at this time. As previously indicated, we have made significant reductions in our cost base during the past few months in order to offset some of the effects of these weak market conditions. Due to the seasonal nature of our business, Centaur typically earns the majority of its profits in the four months from March to June each year and unless there is a reduction in the recent rate of revenue decline for the remainder of this financial year, we anticipate our performance for the year to June 2009 to be significantly below the Board's expectations.
The Board is confident that the fundamental strengths of the Group remain unchanged. These core strengths are Centaur's portfolio of market-leading brands, our ongoing investment in our web platform, our organic growth culture and our strong balance sheet. The Board believes that these qualities should continue to provide a measure of resilience during this period of economic downturn as well ensuring a foundation for growth as our served markets recover.
Enquiries:
| Centaur Media plc | Geoff Wilmot Mike Lally | Tel: 020 7970 4000 |
| Kreab Gavin Anderson | Robert Speed Janine Brewis Anthony Hughes | Tel: 020 7554 1400 |