According to Centaur Media, the highlights include:
- Encouraging start to 2020 prior to onset of COVID-19
- Reported revenues fell by 27% to £17.7m due to the impact of COVID-19 (decline of 18% on an underlying basis)
- Group adjusted EBITDA decreased from £1.2m in HY 2019 to £1.0m
- Lost margin from revenue fall substantially mitigated by savings from 2019 and further tightened cost control
- Goodwill impairment of £11.0m relating to MarketMakers
- Cash of £8.4m at 30 June 2020
- Bank facility renegotiated to provide up to £10m of borrowings with waived covenant tests to 30 September 2021
Swag Mukerji, Chief Executive Officer of Centaur, commented: “We had a good start to the year and were on track with our MAP22 plans. Following the onset of the pandemic, we took swift action to restructure the business, reduce our cost base and obtain bank covenant waivers so that we remain financially strong. In the context of market conditions and the ongoing uncertainty, we continue to be encouraged by the performance of a number of our key brands where we adapted our offering as we went into lockdown. The profit margin shortfall arising from the revenue reduction was substantially mitigated by the flow through of 2019 cost reductions as well as further cost savings we have implemented this year. With that in mind, we are confident that Centaur will emerge from 2020 a more resilient business well-positioned to take advantage of future opportunities. I would like to thank our customers and our employees for the tremendous energy and flexibility they have shown in these difficult times.”
