Stronger exhibition sales over the past year has led Centaur to report a six per cent rise in the division’s underlying revenue for the 10 months to 30 April 2012.
According to its latest interim management statement, exhibitions booked in for the last two months of the financial year including Marketing Week Live, have also seen a 20 per cent rise in forward bookings compared with the same time last year.
In addition, the group claimed forward bookings for events in the next financial year are 32 per cent ahead year-on-year, with a strong pipeline of new event launches in place. Among these are the new Meetings Show UK, which debuts at Olympia next July.
Overall, Centaur reported a three per cent dip in print revenues and a nine per cent increase in digital, which now represents 31 per cent of the group’s total revenues. Operating cash flow in the 10 months to 30 April 2012 was £1m ahead year-on-year, while deferred revenues were 12 per cent above the same period last year.
“As anticipated, we have seen some weakness in print revenues but this has been offset by good growth across our digital and events revenues,” chief executive Geoff Wilmot said. “Furthermore, our continued programme of improving our operational efficiencies has enabled us to grow our underlying margins.”
Centaur has flagged acquisitions, earn-out payments and £1.5m in restructuring charges will impact net debt, but said initiatives undertaken since 1 January are expected to deliver more than £2m of annualised cost savings.
“Despite the continuation of challenging trading conditions, the group expects to report results in line with its expectations for the current financial year,” Wilmot added.
Centaur reported a 16 per cent increase in underlying revenue rise across its exhibitions portfolio to £6m for the six months to 31 December 2011.
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