UK-based exhibition organiser Centaur Media has reported a Group revenue increase of 9% to £70.5m (US$92.9m), although revealed an underlying revenue decline of 1.6%.
The company published its latest financial results which reflect increased revenues from brands including The Lawyer and Marketing Week.
The trading statement said that five years of repositioning had “continued Centaur’s transition from being a media publisher heavily dependent on advertising and print to a more diverse and robust business, providing a range of business information and specialist consultancy services with more reliable and recurring revenue streams.”
In late 2018 the company announced it had appointed Livingstone Partners and Cavendish Corporate Finance to advise on the potential disposal of several of its event brands including the Business Travel Show, The Meetings Show and Sub Con.
At the time of signing the Annual Report, negotiations for the sale of these businesses were ongoing although the company was anticipating still agreeing a sale within the first half of this year.
In the past financial year Centaur created XEIM, “to develop business information, intelligence and consulting services, primarily in the marketing sector” which has now become the Group’s largest business.
A goodwill impairment charge of £12.8m was made in the company’s marketing segment, “relat[ing] to events to be closed and other businesses within the marketing portfolio” and £0.3m in the financial services segment “following a review of expected cash flows”, resulting in a statutory operating loss of £14.0m (loss of £0.3m in 2017).
Andria Vidler, Centaur Chief Executive, commented: “We are pleased to have made good strategic progress this year, to have increased adjusted operating profits and to have accelerated the simplification of the Group’s structure. This will create a more efficient and focused business with a higher margin.
“XEIM, the new name for the Group’s marketing businesses, enables us to offer a more integrated and coordinated service to help our clients improve their marketing performance.”
The company also announced that Neil Johnson would be standing down as chairman in June 2019 to take on a new role, succeeded by Colin Jones, who joined the board in September 2018 and was previously CFO of Euromoney Institutional Investor plc.