Centaur Media’s CEO Geoff Wilmot steps down in board reshuffle after reporting print revenue fall

Digital revenues rose four per cent compared to one percent in the first half, but print revenues fell by 14 per cent, in line with the first half.

The publishing house, which owns titles including Creative Review, Marketing Week and the Lawyer, has released an interim statement forecasting “modest” profit growth for the current financial year to 30 June, “relative to the adjusted profit tax of £8m reported last year”, which it said is below market expectations.

Weak print advertising revenues have been cited as one of the “most evident” contributing factors to the results across the financial titles. Recruitment revenues also failed to show a return to growth as was anticipated when the Group published its half year results in February 2013, according to the statement.

Meanwhile Econsultancy’s overseas operations have “incurred losses” as a result of deferral of corporate training contracts into the next financial year, read the statement.

Centaur Media chairman Patrick Taylor said: "Although disappointed by the weak performance in our print, recruitment and overseas revenues we are continuing to make good progress in diversifying our revenue mix towards higher growth digital and events.

"Looking ahead, our investment in existing and new products has given us a strong pipeline of new digital platforms and event launches. With print revenues expected to stabilise, digital and events revenues growing well, and deferred revenues of £19m, 32 per cent ahead of the same period last year, we believe that the outlook for the 2014 financial year remains positive."

Mark Kerswell will take over as interim CEO, while Centaur has started looking to appoint a replacement for Tim Potter.