B2B publishing group Centaur has revealed that group revenues were down 16 per cent in the first four months of its financial year – July to October.
The publisher of titles including Marketing Week, Money Marketing, The Lawyer, Design Week, New Media Age and Mortgage Strategy said in a trading update today that “recent events in the financial sector [had] led to significant reductions in advertising expenditure throughout our served markets during this period”.
However it added: “We are confident that, during this period of economic turbulence, the fundamental strengths of the group remain unchanged and should provide a measure of resilience during any prolonged period of economic downturn as well ensuring a foundation for strong growth as our served markets recover.”
Centaur said it had improved share in its various markets over the past year and said: “Strong print brands remain central to market leadership and both online and event models continue to offer incremental growth opportunities with greater resilience during a period of reduced discretionary B2B marketing spend.”
Centaur shares were trading at 41p as of 8.30am this morning – down from 47.75p at close of trading yesterday. Centaur’s 52-week share price high was 100.75p.