Highbury House To Buy Cabal Comms, As Profits Rise 9%
UK publishing group, Highbury House Communications, is planning to buy Cabal Communications for around £10 million, it announced this morning along with year-end financial results.
Cabal, which publishes Front, The Real Homes Magazine and Procycling, was set set up in June 1998 by ex-IPC editor in chief, Sally O’Sullivan. Its Front title is ranked fifth out of sixteen in the ABC’s Consumer Magazines – Men’s Lifestyle sector and The Real Homes Magazine is ranked third out of twenty six in the Consumer Magazines – Women’s Interests: Home Interests sector, in terms of newsstand sales.
Highbury says it is in exclusive and advanced talks to acquire Cabal for an initial sum of £8.0 million, followed by a further £2.0 million in H1 2004. The second payment is subject to reduction depending on Cabal’s financial performance for the year ending 30 June 2003.
Highbury House also announced a 9% rise in its own adjusted pre-tax profits for the full year 2002, up to £9.8 million. This is the eighth consecutive year of improvement for the company. Pre-tax profits before being adjusted for amortisation and exceptionals were more or a less flat at £6.8 million (£6.9 million in 2001).
The group has also enjoyed a ‘significant’ increase in its free cash flow, from just £1.9 million in 2001 to £7.3 million by the end of last year.
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