30th Nov 2006 11:46
Centaur Media PLC30 November 2006 Closure of Finance Week 30th November 2006: Centaur Media plc ("Centaur") announces today that,following a strategic review of the publication, it will close Finance Week, thenews and jobs website aimed at corporate accountants. Finance Week's business model was based principally on generating revenue fromrecruitment advertising. It therefore converted from a magazine to a web-onlyformat in February 2006 so as to cost-effectively extend its reach to includethe whole finance team in companies. Despite extensive promotion, however,audience numbers have been slow to build. Geoff Wilmot, Chief Executive of Centaur, said: "In order to achieve the levelsof audience traffic we needed to deliver good response to our advertisers, werecognised that we would have to increase substantially our investment inpromotional spend and in additional content. In view of other identified opportunities to which Centaur can apply itsresources, we have concluded that the expected return from this initiative doesnot justify the continued investment necessary. We have therefore decided tocease publication of Finance Week with immediate effect." The closure of Finance Week will directly affect seven staff, who will now entera consultation period. Enquiries: Centaur Media plc Geoff Wilmot, CEO Tel: 020 7970 4000 Graham Sherren, Chairman Gavin Anderson & Company Richard Constant Tel: 020 7554 1400 Robert Speed Janine Brewis This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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