Operational Highlights
Transformation to a multi-platform, customer focused business targeting core markets that are individually led, is well underway
Strategic disposal of Perfect Information completed
Econsultancy earn-out settlement addressed; integration across Marketing portfolio now accelerating
Commercial outlook strengthening as a result of actions to date
Trading outlook: 2014 expectations confirmed and prospects for 2015 encouraging with strong focus on digital paid-for content, live events and development of new revenue streams
Financial highlights
Reported revenues for the six months to 30 June 2014 as expected at £40.8m (2013: £41.6m)
o Underlying digital paid-for content revenues up 30% to £5.3m; rate of growth accelerating
o Underlying deferred revenues up 23% to £14.7m
o Dependency on print advertising revenues continues to reduce
Adjusted EBITDA of £9.0m (2013: £10.0m) with EBITDA margins at 22% (2013: 24%)
Interim dividend increased by 8% to 1.7p (2013: 1.575 p)
Net debt at 30 June 2014 of £10.2m (31 December 2013: £27m)
Procurement and efficiency initiatives expected to deliver £1m of annualised savings in 2014
