Revenue losses reported by Centaur Media Group were due to lower rebookings for two major shows earlier in the recession.
According to a report of the company’s full-year results to 30 June 2010, total event revenues for the year reportedly decreased by 14 per cent to £17.3m which represented 29 per cent of Group revenues. The company attributes this reduction primarily to “a late-cycle effect at the two principal trade exhibitions held during the second half of the financial year where the level of rebooking at the previous year’s shows impacted on the total space sold for the 2010 show.”
The two shows referred to are the London Business Travel Show and the National Homebuilding Show.
Revenue for the year was £59.9m, down from £66.3m in the previous year. Revenue from events was £17.3m, down from 20.1m. (Adjusted EBITDA £1.8m from £2.8m)
Centaur board chairman Patrick Taylor said: “In anticipation of the rapidly developing downturn in trading conditions in 2008, our management took swift and decisive action with the result that average employee numbers have reduced by 20 per cent over the last two financial years.
“These decreases in employee numbers have been achieved largely through organisational efficiencies rather than product closures,” he added.
Profit before tax for the second half was £4.3m, up from £1.8m year-on-year.
Adjusted earnings before interest, taxes, depreciation and amortization was 6.6m.