Business publishing group Centaur reported revenue down 10 per cent year on year this morning to £59.9m for the full year.
But it revealed that it had returned to revenue growth in the last six months.
Pre-tax profit for the publisher of B2B brands including Marketing Week and The Lawyer increased to £2.6m for the year to the end of June (compared with £1.7m a year ago).
In a sign that the media economic recovery is gathering pace, Centaur reported 14 per cent revenue growth year on year in the final quarter.
The increase in profits was partly fuelled by cost-cutting. Centaur revealed that it has axed one in five staff over the last two years. The number of editorial staff employed by the group has dropped from 171 to 152 over the last year.
Centaur’s revenue comes from advertising (£29.4m), events (£17.3m) and paid-for content (£12.5m) with £0.7m coming from other sources.
Chief executive Geoff Wilmot said: ‘I am pleased to report that Centaur revenues returned to growth in the second half and that recovery is continuing into the new financial year.”