CENTAUR Media, the specialist magazine publisher behind titles such as The Lawyer and Marketing Week, yesterday reported a 10 per cent drop in pre-tax profit for the full-year to 30 June.
The publisher said it had been hurt by a fall in advertising revenue but added that it had returned to growth in the second half of the year and expected the recovery to continue into next year. For the full-year, the company reported adjusted pre-tax profit of £4m, compared with £4.4m the year before.
Revenue for the year also fell 10 per cent to £59.9m. However, in the fourth quarter revenue rose 14 per cent, the company said.
Centaur’s revenue comes from advertising (£29.4m), events (£17.3m) and paid-for content (£12.5m) with £0.7m coming from other sources.
The publisher also admitted it had axed one in five staff in the last two years admitting the last eighteen months had been “particularly difficult.”
Geoff Wilmot, chief executive of Centaur 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.”
Centaur’s share price closed one per cent lower on the news to 47.5p.