The owner of the i2i Events Group has announced £36m in re-investment off the back of its restructure into distinct events, digital information and publishing businesses.
Top Right Group claimed its restructure into three separate operating groups, i2i Events, 4C and Emap, is already paying dividends after reporting an eight per cent revenue rise to £148m in the six months to 30 June. Pre-tax profits remained on par with last year’s first half at £53m.
Overall year-on-year growth had been achieved in every month of the first half of 2012, and EBITDA remained stable despite challenging market conditions and increased investment levels, the company stated. Net debt has also been reduced from £513m in the first quarter of 2011 to £352m in Q2, 2012.
Across the restructured business, the i2i Events Group reported a 10 per cent year-on-year increase in revenue, driven by a strong performance across Spring Fair International at The NEC (pictured). This year’s exhibition attracted 3,000 exhibitors and more than 64,000 buyers.
The company also highlighted its recent Cannes Lions Festival as another strong performer after attracting 23 per cent more delegates this year.
The digital information services business, 4C Group, reported a seven per cent revenue rise for the first half of the year, while the Emap publishing business saw growth of two per cent over the same period. Aparticular highlight was its Marketing Solutions business, which grew nine percent in the first six months of this year.
“It is clear from these results that the restructure of Top Right Group into three standalone operating companies is already succeeding in enabling growth,” Top Right Group chief executive Duncan painter said. “Our strategy is clear – to build the platform on which the businesses will grow by investing in them and unlocking their potential.
“These results are a good step in the right direction.”
The group confirmed its owners APAX Partners and the Guardian Media Group are now backing its £36m investment earmarked for IT improvements, property, customer relationship management and product development.
According to various media reports, the group is planning to quit its London headquarters in favour of three separate offices for each of the division, fuelling further speculation that the divisions could be sold off.
“Top Right Group’s brands and businesses are market leaders and we are investing in the company to create value and stimulate growth,” group chairman and Apax partners Tom Hall said.
“Duncan Painter and his management team have put forward an ambitious growth programme requiring substantial investment in the business over the next four to five years and we are fully behind this.”
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