‘Transformational year’ for Centaur as it posts 23% pre-tax profit growth to £8m
Publisher, Centaur has announced a pre-tax profit of £8m for the last year while increasing its digital revenue to 35 percent.
The company has reported a four percent decline in revenue however to £65.6m despite the 23 percent increase in pre-tax profit, following the acquisitions of five businesses, including IPL, VBR, the Excite show, Profile and econsultancy, all of which are still being integrated into Centaur.
The company is continuing to restructure its publishing business along its ‘digital first’ strategy, with business publishing revenues down by 11 percent on 2011 at £41.8m following the closure of the publishing editions of New Media Age and Design Week, while the Conference Division across the marketing and creative communities has also been wound down.
Total restructuring costs were less than last year, at £2.3m, with redundancy costs of £1.9m.
The underlying revenue from the marketing and creative community fell by six percent, with the publisher admitting that publication Market Week had been ‘impacted’, but that while its print revenues had declined, this had been offset by ‘good performances’ from the Creative Review portfolio, which has been closer integrated with Marketing Week. Econsulting will also work closely with Marketing Week following the acquisition.
Geoff Wilmot, chief executive of Centaur, said:"This has been a transformational year. Following last summer's major restructuring, the principal focus of the management team has been to continue to re-engineer the business, and to execute a series of targeted acquisitions designed to accelerate delivery of our strategic objectives.
"We have made excellent progress towards the achievement of our three-year targets and have also reported a strong set of results, delivered in difficult economic circumstances. We are seeing good momentum as we head into the new financial year."