Centaur has delivered a better than expected profit result on lower than forecast revenues. Organic growth was 3% at the group level with the Financial Services portfolio the only negative at -1%, but still better than we expected (£6.8m revenue vs N1Se £6.5m). Marketing showed the biggest variance from our expectations (£13.0m revenue vs N1Se £13.9m) and this is related to the smaller events (larger events and data/content are good). The Company is addressing this. Guidance on phasing issues implies that CAU can still achieve our revenue estimate for the year which in turn suggests that there is some upside potential. The outlook statement confirms event bookings are strong with The Festival of Marketing running on track. It also indicates advertising revenues are stable and there is good momentum in digital paid-for content revenues. Subject to the analyst meeting we expect to roll forward our TP to an FY16 basis. This implies c100p vs 90p currently and maintaining our Buy rating.
