11th Jul 2019 12:02
(Alliance News) - Media and consultancy company Centaur Media PLC said Thursday it has completed its divestment programme, raising GBP21.8 million through the sale of four of its businesses.
Centaur first started the process in October following a strategic review, concluding that it would sell of some of its businesses in order to simplify its operations and create value.
The group has disposed of its brands in engineering, financial services, human resources and travel & meetings for GBP21.8 million in total. As a result, Centaur said its group structure has been simplified, and allow it to achieve significant cost efficiencies.
Looking ahead, Centaur said it will be able to reduce overheads by at least GBP5 million on an annual basis which will see improved operating margins in 2020 and onwards.
Centaur's continuing businesses will consist of Xeim, which operates the group's marketing brands, and the Lawyer, the business information brand for the legal services industry.
The group said that although it had received a number of offers for the Lawyer, retaining the business was believed by Centaur to be a more attractive option.
"The board is delighted with Centaur's transformation in recent months. The disposal programme has created a more focused group that is better placed to deliver value to shareholders. I would like to thank the management team for their hard work to secure this success, and to recognise the important contribution made by Neil Johnson, my predecessor as chairman, for the support and leadership he provided throughout the process," said Chair Colin Jones.
Centaur Media will release its interim results on September 25.
Shares in Centaur Media were untraded on Thursday, last quoted at 47.00 pence.
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