17th May 2019 11:20
LONDON (Alliance News) - Centaur Media PLC on Friday said it progresses on the sale of its non-core businesses to focus on growth opportunities available for its Xeim division.
Ahead of its annual general meeting, the media and consultancy company said it has made significant strategic progress in the year to date with the sale of four of its smaller businesses for aggregate cash proceeds of GBP21.8 million.
Negotiations for the sale of The Lawyer are continuing, Centaur Media highlighted. As previously disclosed, Centaur confirmed that it will consider the best use for the sale proceeds once the divestment process is complete.
The divestment process is enabling increased management focus on Xeim's strategy to increase profits through improved margins and build recurring revenue, Centaur explained. Xeim is the company's marketing unit.
Meanwhile, trading during the first quarter was reported in line with expectations, with revenue down 4% and profit at a similar level to the prior year.
The management action taken over the past year has improved operational execution and is driving further efficiencies across the company.
"The successful sale of four non-core businesses, at speed and in a challenging macro environment, has created a more focused group that is better placed to deliver value to shareholders," said Chair Neil Johnson.
"Our immediate priority is now all about Xeim and driving a higher margin," added Johnson.
Centaur shares were untraded on Friday, last closing at 53.00 pence each.
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