11th Nov 2015 09:52
LONDON (Alliance News) - Content and events company Centaur Media PLC on Wednesday said its underlying revenue was higher in the first nine months but weaker than it anticipated, sending its shares lower.
Centaur said underlying revenue grew 4.0% in the first nine months, adjusting for impact of the restructuring it undertook in its live events portfolio in the first half.
Paid-for content revenue is higher, and advertising revenue growth has been stable, though there has been some weakness in recruitment advertising, it said. Digital revenue rose 19%, while revenue trends for smaller live events are stabilising.
The group's Home Interest and Legal portfolios have both performed well, and Financial Services returned to growth, but Centaur said its Marketing portfolio has been hit by weaker small live events and the lower recruitment advertising sales.
Centaur expects its adjusted earnings for the year will be broadly in line with market expectations.
"The trends across our paid-for content and advertising revenues are encouraging, smaller live events are stabilising, and our digital revenues are growing well. Despite underlying revenue growth overall being weaker than anticipated in 2015, we remain confident in the outlook and opportunity across the business," said Chief Executive Andria Vidler.
Shares in Centaur were down 6.9% to 65.50 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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