Centaur Media says: Underlying revenues, adjusted for the rationalisation of the live events portfolio in H1, increased by 4%. Excluding the impact of the H1 live events rationalisation, underlying revenues grew by 2%.
Paid-for content revenues continue to grow well and advertising revenues remain stable, though with some notable weakness in recruitment advertising. Digital revenues grew by 19%. Revenue trends across smaller live events are stabilising and the performance across the exhibitions portfolio continues to be strong, with forward bookings for 2016 events up 29%.
Across the group's core market portfolios, Home Interest and Legal continue to perform well and Financial Services has returned to growth as anticipated. The Marketing portfolio continues to see good growth in digital paid-for content, but its performance overall has been impacted by weaker small live events and recruitment advertising revenues.
The leaner operating structure continues to deliver efficiencies, and while growth in underlying revenues has not been as strong as anticipated, the Board expects to deliver full year adjusted earnings broadly in line with market expectations, with adjusted operating profit margins increasing to 15%. The ratio of net debt to EBITDA at the end of December 2015 is expected to be just above one times.
Andria Vidler, Chief Executive, commented: "The trends across our paid-for content and advertising revenues are encouraging, smaller live events are stabilising, and our digital revenues are growing well. Despite underlying revenue growth overall being weaker than anticipated in 2015, we remain confident in the outlook and opportunity across the business."
