Business publisher Centaur has reported underlying revenues up year on year despite the 'challenging trading conditions".
The publisher of titles such as The Lawyer, Money Marketing and The Engineer, issued a management statement today reporting digital revenues up 9 per cent to make up 31 per cent of the total. Total underlying revenues across the group are said to be three per cent ahead of the same period last year.
The 'weakness in print advertising revenues'was said to principally relate to the Marketing Week, Money Marketing and Fund Strategy titles.
All other print and digital titles reported 'satisfactory'revenue growth.
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Cost cutting in the first half of this year has included ten editorial jobs being cut in the financial services division.
Restructuring costs of £1.5m have been incurred in the first half of the year to deliver annual cost savings of more than £2m, the company reports.
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Chief executive Geoff Wilmot said: 'We are encouraged by the progress made towards growing digital revenues and increasing margins. We have good momentum and a strong pipeline of potential acquisitions as we approach the new financial year.
"As anticipated, we have seen some weakness in print revenues but this has been offset by good growth across our digital and events revenues. Furthermore our continued programme of improving our operational efficiencies has enabled us to grow our underlying margins.
"Despite the continuation of challenging trading conditions, the group expects to report results in line with its expectations for the current financial year."
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