Centaur Media PLC COVID-19 update (1365J)
April 08 2020 - 2:00AM
UK Regulatory
TIDMCAU
RNS Number : 1365J
Centaur Media PLC
08 April 2020
Centaur Media plc
Incorporated in England and Wales
Registration number: 04948078
LEI: 2138005WK87G7DQRQI62
ISIN: GB0034291418
8 April 2020
Centaur Media Plc
(the "Company" or the "Group")
COVID-19
Business update, deferral of AGM and dividend payment
Centaur Media Plc, an international provider of business
information and specialist consultancy, provides the following
update on the measures it has taken in response to the COVID-19
pandemic.
The primary concern of the Board during this difficult time
remains the health and safety of our employees, our customers and
our stakeholders. We remain focused on ensuring the financial
stability of the business during this period of uncertainty and
have undertaken a number of actions to mitigate the financial
impact on the Group.
Financial position
Following the completion of its transformation programme in
2019, Centaur has a strong balance sheet with a net cash position
of GBP6.7m as at 3 April 2020 and an undrawn banking facility of
GBP25m, provided by Lloyds Bank plc and National Westminster Bank
plc, subject to certain conventional covenants.
While the final impact of the COVID-19 pandemic on Centaur's
business remains uncertain, the Board has implemented a series of
measures to conserve cash. These include freezing a substantial
proportion of marketing costs, halting recruitment, temporarily
furloughing employees in line with changes in customer activity,
and deferring non-essential capital expenditure. Senior management
has also taken the decision to waive their annual pay rises at 1
April.
Centaur has also taken several measures to ensure our products
and services continue to support our customers, many of whom are
working from home. We have moved many of our face-to-face training
sessions online. In addition, several customers who were due to
receive face-to-face marketing training have been converted to the
April intake of the Mini-MBA. We have also launched a series of
webinars on how COVID-19 is impacting marketing, which we expect to
assist in generating new business leads. To minimise the impact of
COVID-19 on our events business, we have moved two of The Lawyer
events from Q2 to Q4. We are currently planning for The Festival of
Marketing to go ahead in October, if appropriate to do so. We
continue to review and assess our contingency plans.
Centaur's subscription revenues remain resilient and our digital
capabilities allow us to continue to offer many of our services
across the globe during the COVID-19 pandemic. We are monitoring
the situation closely and remain flexible in adapting to the
changing conditions.
AGM
In light of public health advice and the UK Government's
directive limiting gatherings of more than two people, the Board
has taken the decision to defer the Company's AGM until 30 June
2020. Further details of the AGM will be communicated via RNS and
through the Notice of AGM which will be sent to shareholders along
with the Annual Report in due course.
Dividend
At Centaur's preliminary results on 18 March 2020, the Board
recommended a final dividend of 0.5p per share to be paid on 29 May
2020. Since the payment of the dividend is subject to shareholder
approval at the AGM, the deferral of the AGM will necessitate a
delay in the payment of the dividend. The Board continues to review
its cash position on a regular basis and will determine the timing
of the dividend payment accordingly.
Guidance
Despite the Group's strong financial position, given the
unprecedented uncertainly around the impact of COVID-19, it is not
possible to assess with certainty the impact this will have on the
Group's financial performance for the year. As such, the Company is
withdrawing its previous guidance for the year ending 31 December
2020.
-Ends-
Enquiries:
Centaur Media Plc
Swag Mukerji, Chief Executive 020 7970 4000
Simon Longfield, Chief Financial
Officer
Teneo
Paul Durman/Rebecca Hislaire 07793 522824 / 07876 879856
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.
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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