18th Mar 2020 13:52
(Alliance News) -Â Centaur Media PLC on Wednesday reported a narrowed annual loss and said it is postponing a decision on a special payout due to Covid-19.
Revenue for 2019 dipped to GBP48.9 million from GBP50.3 million, but the firm's pretax loss narrowed to GBP8.7 million from GBP20.5 million the year before.
This was helped by net operating expenses falling to GBP58.9 million from GBP71.4 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose to GBBP2.6 million from GBP1.4 million.
The fall in revenue was due to the exit of loss-making activities within marketing services unit Xeim.
Centaur proposed a final dividend of 0.5p per share. The firm said it was intending to propose the payment of a special dividend in May, but has decided to defer this decision until there is more visibility around the impact of Covid-19 on group cash flows.
Centair paid out an interim dividend of 1.5p alongside a special payout of 2.0p during the year. Thus, the dividend for 2019 will be 4.0p.
"The coronavirus impact affects us all and has given rise to considerable uncertainty for the foreseeable future. Centaur has made good progress since completing its disposal programme last July, reducing our central overhead costs run-rate by GBP5 million and improving the profitability of both our marketing and legal businesses, through an improved revenue mix, cross-selling and elimination of duplicate costs," said Chief Executive Swag Mukerji.
"We will endeavour to keep our MAP22 plan on track, to increase Ebitda margins to at least 20% by 2022, as we focus on profitable growth opportunities," Mukerji said. "We have a strong balance sheet, supported by a GBP25 million undrawn banking facility, and will continue to monitor our cash position closely as the current uncertainty develops."
Shares in the business information, events and marketing provider were down 36% at 19.90 pence in London on Wednesday.
By Lucy Heming;Â [email protected]
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