Centaur chiefs exit as sales slump

centaur-300x295Centaur Media, the firm behind trade rags Marketing Week and The Lawyer, has parted company with bosses Geoff Wilmot and Tim Potter after revealing a slump in print ad revenues in its latest interim report.
Potter, who became managing director of business publishing over five years ago – a move which led to the exit of publishing directors Annie Swift, Roger Beckett and Howard Sharman – has, according to a statement, “decided to leave”. He has been with the company over 20 years, starting on Money Marketing magazine as a reporter.
Meanwhile Wilmot, who joined as finance chief in 1998 and has been chief executive since October 2006, has also stepped down.
The interim statement forecasts “modest” profit growth for the current financial year to 30 June, “relative to the adjusted profit tax of £8m reported last year”, which it said is below market expectations.
Weak print advertising revenues have been cited as one of the “most evident” contributing factors to the results across the financial titles. Recruitment revenues also failed to show a return to growth as was anticipated when the group published its half year results in February 2013.
In addition, the overseas operations of Econsultancy – the digital business Centaur bought last year – have “incurred losses” as a result of deferral of corporate training contracts into the next financial year, the statement said.
Mark Kerswell will take over as interim chief executive, with Wilmot staying on until the end of June to smooth the transition. Centaur said it has already started looking for replacement for Potter.
The company recently moved out of its HQ in Poland Street, London (pictured), a building it has owned since its launch in the late Seventies.

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4 Comments on "Centaur chiefs exit as sales slump"

  1. More trade media upheaval as Centaur bosses quit: http://t.co/JQHijPmASB

  2. @spoonbiscuit 2nd typo of the day “20 years, sarting on Money Marketing” after @TheDrum gave/have drama. http://t.co/p3YAv4nM3E

  3. Typo no doubt caused by editor’s excitement while writing up yet another ‘bad news’ story about this on going everyday saga of soho folk. Maybe time to retitle it Marketing Weak?

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