Events and information services firm Centaur Media (CAU) ticked up 0.5% to 34.68p as it resumed its dividend after reporting narrowed annual losses.
The story of 2020 was one of lower operating expenses offsetting a fall in revenue. For the year ended 31 December 2020, pre-tax losses narrowed to £2.6 million from £8.1 million year-on-year while revenue fell 18% to £32.4 million.
The company recorded an £11 million writedown relating to the closure of its MarketMakers telemarketing business. Operating expenses fell to £34.7 million from £49 million.
Centaur proposed a final dividend of 0.5p per share for the 2020 financial year.
In January the company outlined its MAP23 strategy - outlining how it plans to reshape the business out to 2023, including an increase in levels of subscription income. In recent years the company has narrowed its focus to providing market intelligence, training and consultancy services to the marketing and legal sectors.
IN-LINE TRADING TO START 2021
'Trading for the first two months of 2021 is in line with the board's expectations and cash at the end of February 2021 was £8.2m,' the company said.
Analyst at consultancy Megabuyte, Cameron Naylor noted: ‘Despite the pandemic’s impacts on the events and advertising brands of the business, Centaur has not only upgraded its long run expectations for revenue growth and margin expansion in recent months, but reinstated dividends for calendar 2020.
‘That said, the growth targets by fiscal 2023 remain ambitious, although a focus on more resilient and high-growth areas of the business with less exposure to physical events should help.’
