Centaur Media enters FY’21 in excellent shape having delivered adj FCF of £3.6m and retaining a net cash position of £8.3m at the FY’20 outturn. As previously flagged, CV19 headwinds impacted events and recruitment advertising, with a16% y/y decline in sales from continuing ops to £32.4m in-line with expectations. A beneficial revenue mix shift towards premium content sales and strong cost control led to EBITDA moderating just 5% y/y, whilst cash conversion remained strong at 100%. Encouragingly ....
