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Centaur media maintains dividend after narrowing losses
B2B information, insight and events group Centaur Media maintained its dividend on Wednesday after narrowing losses in its most recent trading year thanks to declining exceptional costs and rising revenues.
Centaur narrowed pre-tax losses 92.1% to £700,000 on £65.4m of revenue, a 9.55% uptick on the year before, helped along by a drastic 65% fall in exceptional costs to £4.4m.
The company's strong operational progress was carried by its move to pure B2B business, an improved revenue mix, and an overheads savings of £1.8m achieved as a result of reducing the business' complexity.
Recurring revenue now makes up 44% of the group's total income.
Andria Vidler, Centaur's chief executive, said, "Centaur has changed significantly since I joined and 2017 was an important year in its transformation. We have successfully reshaped the portfolio, improved the long-term quality of our revenues and reduced our exposure to advertising."
"We are now a business information group with a strategy that continues to leverage our audience and increase our importance to customers. We have had a good start to 2018, and aim to maintain this momentum through further organic growth and strategic acquisitions," Vidler added.
Earnings per share fell to 3.2p from the 4.5p returned in 2016.
The board approved a 1.5p final dividend, flat on 2016's figures, taking the group's full-year payout to 3.0p per share.
As of 1440 GMT, shares had collected 1.02% to 49.50p.