Bonhill Group plc
("Bonhill", the "Company" or the "Group")
In its trading update dated 26 November 2021, Bonhill Group Plc (AIM: BONH), a leading B2B media business specialising in three key areas: Business Information, Events and Data & Analytics, highlighted the weaker US digital sales in 2021 compared with 2020. This weakness coming in the key fourth quarter of the Company's financial year led to a downgrade of market expectations for the year ended 31 December 2021 ("FY21") to approximately £16.5m of revenue, £0.8m of EBITDA and a year-end cash position of £1.0m.
Following the Company's year-end having been completed, the Board now expects that FY21's revenue will be £16.4m, EBITDA will be £0.2m and the year-end cash position will be £1.4m.
Since its announcement of 26 November 2021, the Company has seen further impact of COVID in the form of Omicron which resulted in unexpected, last-minute reductions in margin for its final events of the year in both the UK and US, as well as reduced bookings in the final part of the year compared to the prior year. EBITDA was further reduced by unexpected reductions in customer spending as their budgets moved to 2022, and order cancellations. The overall EBITDA movement can be broadly categorised as being £0.3m from events, £0.1m from digital and £0.2m other.
Throughout FY21, there was much focus on reducing the Group's underlying operational cost base, as shown by a reduction in total annual costs of approximately £3.9m year on year.
Since being appointed, the new management team in the US has started to make progress in changing the US digital model and this transition is expected to continue for the first six months of 2022.
The Group has seen a strong start to 2022 with bookings for the year currently being £1.0m ahead of the comparable period last year, including significant new business in US digital and strong support for its UK financial services events.
The Board expects to further update the market with the release of its full year report and accounts for FY21 on 24 March 2022.
For further enquiries please contact:
Bonhill Group plc
+44 (0)20 7250 7035
Simon Stilwell, Chief Executive
Sarah Thompson, Chief Financial Officer
Shore Capital (Nominated Adviser and Joint Broker)
+44 (0)20 7408 4080
Tom Griffiths/David Coaten (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Canaccord Genuity Limited (Joint Broker)
+44 (0)20 7523 8000
Houston (PR Adviser)
+44 (0)20 4529 0549
About Bonhill Group plc
Bonhill Group plc is a leading, AIM-quoted, B2B media company providing Business Insight, Events and Data & Analytics propositions to Financial Services and business communities in 25 countries. Bonhill operates eleven information websites, publishes three regular print titles, hosts 130 events per annum, offers a portfolio of data & analytics propositions and provides a range of content marketing solutions.
The business creates content, sales and marketing opportunities, networking events and transactional opportunities for its audiences of entrepreneurs, business owners and managers, CTOs & technology leaders, asset & wealth managers, and professional women, in addition to its sponsors, advertising clients and customers. Flagship brands include: InvestmentNews, ESG Clarity Portfolio Adviser, Fund Selector Asia, What Investment, SmallBusiness.co.uk, GrowthBusiness.co.uk, Information Age, Women in… events series, and DiversityQ.
For more information visit www.bonhillplc.com