The print editions of Centaur Media titles Design Week and New Media age are being scrapped as part of a wide-ranging company restructure.
The company is also to be selling off a number of smaller business titles within its portfolio including The Recruiter, The Logistics Manager and two monthly engineering titles, MWP and Process Engineering.
As part of the restructure, staff were today told that Centaur is merging its business titles into three groups: creative and marketing, which includes Marketing Week and Creative Review, legal and financial, which includes The Lawyer and Money Marketing, and Engineering and HR.
The business publishing division will continue to be headed by Tim Potter and that former EMAP Inform chief executive Simon Middleboe is arriving to lead the business information team.
The head of the company’s exhibitions and specialist consumer titles division Calum Taylor is leaving the company to start his own business.
In January Centaur announced that group revenue was up 15 per cent year-on-year, thanks in part to a rise in recruitment advertising, particularly in its legal and marketing divisions.
It also said that its strongest growth rates were achieved through web-based display advertising – led by financial product advertising, which saw revenue up more than 30 per cent. Event revenues were up by around 13 per cent year-on-year.
No one at Centaur was available for comment.
UPDATE 8.15am, 28/6/11: Centaur has released a statement claiming the restructuring will ‘result in significant cost savings and operational benefits and will provide a more robust platform for revenue growth and margin improvement”.
Chief executive Geoff Wilmot said: ‘These restructuring initiatives will substantially improve the balance of the group’s revenue profile, our rate of growth and margins.
“The strengthening of the management team and operational changes are the next step in our repositioning to take full advantage of the significant growth opportunities in digital media and events.
‘They will also reinforce our focus on building high value subscription revenues and provide a robust operational structure to support acquisitions.”