THE PUBLISHER of business magazines Marketing Week and The Lawyer saw its losses more than treble in the six months to the end of last year, owing to restructuring costs.
Centaur Media, which also owns market researchers Econsultancy, said exceptional costs associated with recent sales and acquisitions had dragged the company down to a loss of £5m.
Chief executive Geoff Wilmot has attempted to refocus the business on events and digital publishing as print magazine advertising falls.
The turnaround resulted in rising profits last year, and the company announced a 14 per cent rise in half-year revenues yesterday to £30.4m.
Digital revenues now account for 39 per cent of total revenues, compared to 32 per cent last year, with print’s contribution falling from 45 per cent to 31 per cent.
Wilmot said that, as usual, Centaur will see better trading in the next six months – the second half of its financial year.
“We are maintaining momentum in improving the quality of our portfolio and remain focused on increasing margins,” he said.
The performance failed to impress investors however, as analyst downgrades sent shares falling by 9.4 per cent.