Centaur Media - FY24 closes better than expected

Centaur's year-end trading update points to revenues of around £35m, which is ahead of our earlier modelling (and management guidance) of £34m. This is attributed to strong revenue performances from The Lawyer (+7%) and from the MW Mini MBA (+5%), a counter to continuing difficult trading conditions for the other brands servicing the marketing services sector within XEIM. This mix has helped boost the adjusted EBITDA margin to 16.0%, up from our forecast 14.7%. Year-end net cash was £8.9m, a tad ahead of our modelled £8.7m. The group's new executive chair has started a review of group brands and operations, and we would expect some news of his initial findings with the FY24 results in March.

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