Centaur Media PLC Centaur completes divestment programme (1567F)
July 11 2019 - 2:00AM
UK Regulatory
TIDMCAU
RNS Number : 1567F
Centaur Media PLC
11 July 2019
11th July 2019
Centaur Media Plc
("Centaur" or "the Group")
Centaur announces completion of divestment programme
Centaur Media Plc, an international provider of business
information and specialist consultancy, today announces the
completion of its divestment programme. The process began last
October after Centaur concluded a strategic review and decided to
focus on its leading brands to improve operational execution.
As previously disclosed, Centaur received a number of offers for
The Lawyer, but the Board has determined that retaining the
business is currently a more attractive option and offers greater
opportunity to create value for shareholders.
The Group has successfully completed the disposal of four
businesses, with the sale of its brands in engineering, financial
services, human resources and travel and meetings, raising an
aggregate amount of GBP21.75m in cash, before costs.
The sale of Centaur's smaller businesses has simplified the
structure of the Group and will enable the achievement of
significant cost efficiencies, thereby creating additional
shareholder value. The Board believes that it will be able to
reduce overheads by at least GBP5m on an annualised basis which
will deliver improved operating margins in 2020 and beyond. The
cost savings include a move later this year to a more suitable new
office in Waterloo, London.
Centaur's continuing business will consist of Xeim, which
operates the Group's marketing brands, and The Lawyer, the leading
business information brand for the legal services industry. Both
Xeim and The Lawyer offer scalable digital products and services in
global marketplaces that are undergoing disruption.
Xeim has been established as an international provider of
business information and specialist consultancy to the marketing
industry. Xeim's immediate priorities include capitalising on the
success of Influencer Intelligence, the digital platform that
offers valuable insights for influencer marketing, and expanding
digital learning revenues across Marketing Week and
Econsultancy.
In The Lawyer, Centaur owns the most trusted publication for the
UK legal profession and a leading provider of intelligence to the
global legal market, delivered via a scalable digital platform. The
Lawyer's strategic priorities include building subscription
revenues, deepening customer relationships and capturing adjacent
market segments. The business is poised for continued growth in an
attractive market.
We intend to provide additional detail on the disposals, cost
savings and our strategy with the announcement of our interim
results on 25(th) September 2019. The manner, timing and quantum of
the proposed return of net proceeds will be confirmed in due course
following consultation with shareholders.
Colin Jones, chairman, commented:
"The Board is delighted with Centaur's transformation in recent
months. The disposal programme has created a more focused Group
that is better placed to deliver value to shareholders. I would
like to thank the management team for their hard work to secure
this success, and to recognise the important contribution made by
Neil Johnson, my predecessor as chairman, for the support and
leadership he provided throughout the process."
Enquiries
Centaur Media Plc
Andria Vidler, Chief Executive
Officer 020 7970 4000
Swag Mukerji, Chief Financial
Officer
Teneo
Paul Durman/Rebecca Hislaire 020 7420 3144
Note to editors
Centaur
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.
Leading brands include: Econsultancy, Marketing Week, Festival
of Marketing, MarketMakers, Creative Review, Influencer
Intelligence, Fashion & Beauty Monitor, Oystercatchers and The
Lawyer.
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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