Centaur Media PLC AGM Statement (3367Z)
May 17 2019 - 2:00AM
UK Regulatory
TIDMCAU
RNS Number : 3367Z
Centaur Media PLC
17 May 2019
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 GBP21.75m 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
Andria Vidler, Chief Executive
Officer 020 7970 4000
Swag Mukerji, Chief Financial
Officer
Teneo 020 7420 3144
Paul Durman/Rebecca Hislaire
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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