Centaur Media 'encouraged' as digital revenue grows
Publisher of Design Week and New Media Age, Centaur Media, has revealed an adjusted pre-tax profit increase of 63% and a growth in revenue of 14% for the first half of the year.
The company, which earlier this year closed several magazines and also transferred some of its most popular titles to website-only formats, has announced revenue growth to £68.3m to 30 June, and an adjusted pre-tax profit increase to £6.5m.
Meanwhile, digital revenue made over one quarter of the business’ revenue (26%) leading to an increase in digital advertising revenue of 19% as it created three divisions, Business Publishing, Business Information and Exhibitions after a major restructure.
Geoff Wilmot, CEO said: "This is an encouraging set of results with adjusted profits, earnings and cash generation all significantly improved. The 18% increase in the dividend is both a recognition of these results and a signal of our confidence that we now have in place a stronger platform for growth.
"We have restructured our business into three distinct operating units: business publishing, business information and exhibitions. We have made a number of senior management appointments. We have made small, but important bolt-on acquisitions as well as disposals, as we optimise our portfolio.
"Centaur has acquired momentum and is well placed as a preferred provider of business information and services to our professional and commercial markets of choice."