Centaur’s strategy of focusing on the development its key operations, the Flagship 4, is underpinning group EBITDA levels against a difficult trading backdrop limiting revenue growth potential. Flagship 4 revenues grew by 6% in H1 and now represent 74% of the group, with total H123 revenues down 3% y-o-y as other areas came under greater pressure. The increased proportion of higher-quality revenues in the mix means that the adjusted EBITDA margin should at least achieve the target FY23 level of 23% set in management’s MAP23 plan. Net cash remains strong, £8.8m at end June, post the special dividends paid out in H123, giving good scope for further investment in the core growth areas of business intelligence and learning.
