Centaur Media has recorded a £30m loss before tax for the past year following a costly restructure
Business-to-business publisher Centaur Media has recorded a pre-tax loss of £30.3 million but strong underlying growth, according to its end of year results.
The report, published today, shows the company suffered the multi-million pound loss in the year ending 30 June, compared to a £2.6 million profit the previous year, after being hit by costs linked to its restructuring programme.
The reported loss before tax of £30.3m is said to include a "non-cash" impairment charge of £32.2 million, in relation to assets sold or closed, as well as exceptional charges related to the restructure, including redundancy costs of £2.5 million.
The sale or closure of some of its assets did however contribute £7 million to revenues for 2010/11.
In June the publisher announced plans to axe the print editions of Design Week and New Media Age, as part of this restructure, with both going online-only.
Following completion of the restructure the company has seen headcount reduced by around 10 per cent.
"The restructuring initiatives, while having a material impact on the reported statutory results, do not impact the underlying trading performance of the group," Centaur said in its report.
Its adjusted results show a 63 per cent rise in underlying pre-tax profits of £2.5 million, from £4 million in 2009/10 to £6.5 million in 2010/11.
Centaur also recorded a revenue increase from £59.9 million to £68.3 million, a rise of 14 per cent.
Digital now accounts for 26 per cent of Centaur's total revenues, with advertising revenues in this sector up 19 per cent, the report added.
"This is an encouraging set of results with adjusted profits, earnings and cash generation all significantly improved," CEO Geoff Wilmot said in the release.
"The 18 per cent increase in the dividend is both a recognition of these results and a signal of our confidence that we now have in place a stronger platform for growth.
"We have restructured our business into three distinct operating units: business publishing, business information and exhibitions. We have made a number of senior management appointments. We have made small, but important bolt-on acquisitions as well as disposals, as we optimise our portfolio."
Free daily newsletter
If you like our news and feature articles, you can sign up to receive our free daily (Mon-Fri) email newsletter (mobile friendly).
Related articles
- Meet the media innovator breaking down barriers between Polish and Ukrainian women
- How The Economist reached young audiences through new formats and brand marketing
- Predictions for journalism 2024: AI and audience revenue
- Newsrewired throwback: What you learned at our previous digital journalism conference
- New platform helps hyperlocal journalists get paid for their stories
