Trade magazine publisher Centaur Media has reported an 86% year on year fall in pre-tax profits for the six months to the end of December.
Centaur posted an adjusted pre-tax profit of £700,000 in the six months to 31 December. In the same period in 2007 the company made £5 million pre-tax profit.
Earnings before interest, tax, depreciation and amortisation were down 70% from £6.3 million to £1.9 million, while revenue fell 19% from £39.1 million to £31.5 million.
Ad sales decreased by 23% year on year in the six months to December, with recruitment advertising down 30%. Event revenues fell 12% and conference revenues declined 36%.
Geoff Wilmot, Centaur Media chief executive, said: “These results reflect the extreme challenges faced by our markets during the period.
“We have responded with a progressive and radical programme of cost reductions. This will contribute towards cost savings of approximately £10 million in the current financial year and a further £2 million next year. Meanwhile, we have seen no material change in our market-leading positions during the period and we remain confident of the group’s prospects when markets recover.”
