Centaur Media has delivered a resilient revenue and strong profit performance in FY23. Group revenues declined 3% yoy, but higher quality revenue streams increased 3% yoy and now account for 80% of group revenues. FY23 was the final year of Centaur’s MAP23 and FY23 adj EBITDA increased 20% yoy to £9.7m while margins improved 5pp to 26%. Margin expansion has been a multi-year theme with adj EBITDA margins more than doubling over MAP23 from 11.7% in FY20 to 25.9% in FY23. Centaur Media’s management have proven themselves throughout MAP23 and we await the next growth strategy, set to be unveiled at a CMD in late April. We stay at a Buy and note Centaur’s 5x FY24 EV/EBITDA multiple for a business with c.80% high quality revenue (i.e. visible and repeating) and delivering a 26% EBITDA margin.