Unscheduled trading update: Centaur today note that macro challenges continue to drive pressures on marketing budgets at the blue-chip clients of Xeim – and hence that these challenges have materially impacted revenue and profit in H224. This impact has been particularly seen in Econsultancy, & Oystercatchers. More positively for the longer-term, management note strategic areas of focus such as The Lawyer and Marketing Week MiniMBA are expected to see an improving trajectory in H2, and that investment around the ‘BIG27’ program to support these areas continues. On guidance, management note the high operational gearing from the revenue shortfall - FY revenue is now expected to be ‘at least £34m’, with an EBITDA margin of 15% - and they recognise the likely impact on revenue / profit expectations in FY25, given no anticipation of trading conditions improving near-term. Questions for the future: A net cash position of £9.5m at Sept 30, alongside ongoing cash generation, provides support to navigate this period of uncertainty. At the same time, Centaur has announced the appointment of Martin Rowland as the new chair, taking over from Colin Jones on Oct 28 – Martin is currently executive director for transformation at Carr’s Group PLC (with Centaur noting the shareholdings of Harwood Capital in each firm). Risks, but fundamental value: We cut revenues by 4-6% and EBITDA by 28% in FY25E, with EPS falling c.40% that year - this drives our target price cut to 40p. Based on yesterday’s close, Centaur now trades at c.7x FY25E EBITDA, which we continue to believe still fundamentally undervalues the longer-term growth prospects of the underlying businesses. We do however recognise that confidence in stabilising earnings revisions may be needed for a re-rating to more meaningfully come through.