The writing has been on the wall for business publisher and events specialist Centaur (CAU) for some time; the future is not in print advertising. To its credit, the publisher of titles such as Marketing Week and The Lawyer, has worked hard to reposition itself towards the higher-growth markets of digital, paid-for content and events. Two years ago, print revenues accounted for 43 per cent of the total; now that is only 28 per cent. "The key theme is that the revenue mix is shifting rapidly," says interim chief executive Mark Kerswell.
Statutory results were hit by a £39.2m write-down on goodwill that had been sitting on the balance sheet for some time, but strip that out and adjusted EPS rose 7 per cent to 4.5p. And Mr Kerswell says that the start of the new trading period (the company is changing its year-end to December) is encouraging as an improving UK economy lends a hand, even to the gloomy print advertising segment, noting "we have a bit more wind in our sails".
There was no news yet on the outcome of the search for a new chief executive, with the company merely saying that the process is continuing with an announcement to come in due course.
Broker Numis Securities expects EPS of 5.4p (on a June year-end basis), up from 4.5p in 2013.
CENTAUR MEDIA (CAU) | ||||
|---|---|---|---|---|
| ORD PRICE: | 45p | MARKET VALUE: | £64.3m | |
| TOUCH: | 44.75p-45p | 12-MONTH HIGH: | 60p | LOW: 31p |
| DIVIDEND YIELD: | 5.3% | PE RATIO: | na | |
| NET ASSET VALUE: | 57p* | NET DEBT: | 24% | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 66.3 | 1.7 | 0.6 | 1.50 |
| 2010 | 59.9 | 2.6 | 1.4 | 1.70 |
| 2011 | 68.3 | -30.3 | -21.2 | 2.00 |
| 2012 | 65.6 | 2.7 | 0.9 | 2.25 |
| 2013 | 72.0 | -37.4 | -27.3 | 2.40 |
| % change | +10 | - | - | +7 |
Ex-div: 6 Nov Payment: 6 Dec *Includes intangible assets of £122.7m, or 86p a share | ||||
