Revenue growth has disappointed slightly (underlying revenues are up 2% for first 9 months) but efficiencies essentially protect profit expectations. In essence a combination of events reorganisation and weak Marketing sector recruitment revenues has resulted in slightly softer growth. Cost controls and continuing benefits from reorganisation support profit expectations (we expect to edge down BPT by only c£01.m). New product launches are on track and the significant changes to the back end are in place. Digital growth is strong (+19%) and forward bookings for events is up 29%. These two areas are key to Centaur delivering on its growth plans. The shares have eased, but on the basis trading is brought back on track this looks like an opportunity. The company is giving an investor presentation later today that should shed more light on how initiatives are progressing.
