Centaur Media has announced a 13 per cent increase in profit across its marketing and creative portfolio in the group’s latest financial results.
In its interim management statement, the marketing and creative portfolio which comprises magazines Marketing Week, Creative Review, Celebrity Intelligence and Fashion Monitor, tool Econsultancy, and Design Week, rose from £3m to £3.4m.
However, the firm reported revenues for the six-month period to 30 June 2014 declined by two per cent to £40.8m (2013: £41.6m).
Revenues across the financial portfolio declined by 11 per cent, while revenues across the rest of the group grew by two per cent.
Live events revenues, adjusted for the impact of event phasing and discontinued events, grew by two per cent. Reported live events revenues of £16.9m fell by three per cent.
Centaur said this reflected specific weakness across the HR portfolio and the National Home Building & Renovating Show, as well as the re-phasing of some events into the second half of 2014.
The last six months have seen Centaur undergo a radical change in operations with more of a focus on its audience, and a renewed emphasis on leveraging and integrating skills and assets across the business – including the alignment of marketing, research, digital product development, commercial and live event teams.
According to Centaur, the firm’s new strategy is anchored in a clear focus on core markets – Marketing, Financial, Home Interest and the four portfolios aggregated into Professional, with each having its own leadership team.
This new market-led structure allows Centaur to provide its customers with multi-platform, integrated content for their audiences, with a growing focus on insight, live events and digital paid-for content, whilst also revitalising the print brands, said the statement.
“As the interim financial results show, the outlook across the marketing and creative portfolio is positive and encouraging,” said Andria Vidler, group CEO of Centaur Media (pictured).
“The recently introduced portfolio structure provides a solid foundation from which to flourish, supported by a strong leadership team.”
Centaur’s portfolio has also undergone a new leadership structure. The new marketing and creative portfolio is headed up by Katharine Plunkett who was recently appointed managing director.
Plunkett, who was behind the acquisition and integration of the Profile Group in 2012, will be responsible for the day-to-day running of the division.
The group has also appointed Econsultancy founder Ashley Friedlein as president of the portfolio. In this new non-executive role, he will be responsible for the overall vision of the portfolio and key product development.
Meanwhile, Patrick Taylor, the group’s chairman, said that he will retire by Centaur’s next AGM, once a suitable replacement has been found. He joined the board in 2004 as a non-executive director and took over as chairman in 2009.
“The era of the single-format content business at Centaur is over. Our customers want flexible content that works seamlessly across multiple platforms – from print to digital to live events. We are evolving Centaur Media into a business that can deliver exactly that – opening up new opportunities and growing existing revenue streams, introducing new products and services, as well as getting the very best out of our people,” said Vidler.
”We have made the significant and necessary changes to the business in the last six months to deliver this transformation. There is more work to do, but we are already seeing the benefits of the new strategy both in operational performance and financial outlook.”
The group’s financial statement also said that this transformation underpins and is enabling Centaur to drive commercial performance in the second half of 2014 and into 2015.
For more information on Centaur Media, check out the latest issue of Exhibition News for an interview with MD of Centaur Exhibitions Andrew Evans.
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