LDC acquires a significant stake in price comparison service USWITCH.COM

August 10, 2013 — Fusion DigiNet

ldc_logoLDC has backed the MBO of uSwitch.com, one of the most recognised brands and established businesses in the UK price comparison market.

LDC has acquired a significant stake in the business with the vendors Forward Internet Group retaining a substantial minority holding. Both investors will align with the existing management team who will also have a minority holding in the business. LDC’s focus will be on supporting the company’s strong management team to deliver on its clear vision and compelling growth strategy.

Founded in 2000, uSwitch.com is a UK-based free, impartial price comparison and switching service. It allows consumers to compare prices for a range of energy, communications and financial services.
Since its acquisition by FIG in 2009, uSwitch.com has significantly accelerated its growth. uSwitch employs 135 permanent staff and last year was ranked the top website by Hitwise, the leading global online competitive intelligence service, in the ‘Business and Finance – Utilities’ category, having been runner up for the previous three years.
The company has grown both organically and through acquisition, with its recent purchase of Top10.com, a popular broadband and mobile phone comparison business.

FIG is a privately held investment company that creates, acquires and invests in web and consumer businesses and has a portfolio of over 25 companies.

Daniel Sasaki, Managing Director of LDC London commented, “Our role is to back British growth companies and we are delighted to help foster the expansion and enhance the performance of uSwitch.com, which has established itself as one of the most well-regarded businesses and strongest brands in the price comparison market. It plays a key role as a consumer champion, giving people the tools to secure the best deals on all their essential utility, internet and financial services products and also contributes to making these areas of the UK economy more efficient, which will help to drive the country’s economic recovery.”

UK, London

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MTG acquires leading Bulgarian online business

August 6, 2013 — Fusion DigiNet

MTGModern Times Group MTG AB, the international entertainment broadcasting group, has signed an agreement to acquire 70% of the merged assets of Darik News and Net Info in Bulgaria from Darik Radio, the Bulgarian commercial radio operator, for an undisclosed cash consideration on a cash and debt free basis. The combined Operations have a broad range of services across 33 advertising funded sites, and comprise the market leading digital conglomerate in Bulgaria in terms of monthly online reach. MTG has the option to acquire the remaining 30% of the Company from Darik Radio within a five year period.

Darik News operates a wide range of websites including news site dariknews.bg; sports news site gong.bg; and weather site vremeto.bg. Net Info operates the email platform abv.bg with approximately 3.5 million users; video clip site vbox7.com; sports news site sportni.bg; weather site sinoptik.bg; and entertainment news site edna.bg. The combined Darik News and Net Info websites generated over 750 million monthly page views during the second quarter of 2013, and had almost 3 million individual monthly users. The combined company generated pro forma total revenues of EUR 4.2 million (approximately SEK 36 million) and was profitable for the full year 2012.darik20godini

The transaction is subject to regulatory approval and certain other terms and conditions. The Group would consolidate the assets within its Bulgarian free-TV operations, which are part of the Group’s Free-TV Emerging Markets business, upon completion of the transaction.

The acquisition complements MTG’s current Bulgarian operations, which consist of five linear TV channels, the Nova Play advertising funded video on demand website and the Nova News and Nova Sports news sites. The Operations are expected to generate both operational and financial synergies for the Group. The acquisition will also enable MTG to offer new and innovative entertainment solutions to Bulgarian customers, across multiple platforms. The Group’s Bulgarian media house is the second largest in Bulgaria, and had a combined commercial audience share of 32.5% in the 18-49 target audience in the second quarter.

The acquisition is part of MTG’s digital MTGx strategy, which aims to accelerate digital expansion and innovation. It does not only enable MTG to accelerate the growth of its broadcasting and online entertainment businesses in Bulgaria, but also provides a broad platform for continued digital expansion in the region.

Jørgen Madsen Lindemann, President and CEO of MTG, commented: “The acquisition of the Darik News and Net Info operations is a key milestone in the development of our Bulgarian presence. It significantly expands our overall customer proposition in Bulgaria, and will enable us to leverage our content in new and innovative ways across a number of popular platforms, to reach more people than ever before with the entertainment of their choice. We will also be able to extend our advertising proposition and reach, and to offer advertisers more extensive and finely tuned products than ever before.”

Sweden, Stockholm & Bulgaria, Sofia

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Jeffrey P. Bezos to Purchase The Washington Post

August 6, 2013 — Fusion DigiNet

twpc_logoThe Washington Post Company has signed a contract to sell its newspaper publishing businesses, including The Washington Post newspaper, to Jeffrey P. Bezos.

The purchaser is an entity that belongs to Mr. Bezos in his individual capacity and is not Amazon.com, Inc. The purchase price is $250 million, subject to normal working capital adjustments, payable at closing later this year.

“Everyone at the Post Company and everyone in our family has always been proud of The Washington Post — of the newspaper we publish and of the people who write and produce it,” said Donald E. Graham, Chairman and CEO of The Washington Post Company. “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders). Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post.”

“I understand the critical role the Post plays in Washington, DC and our nation, and the Post’s values will not change,” said Mr. Bezos. “Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future.”

Mr. Bezos has asked Katharine Weymouth, CEO and Publisher of The Washington Post; Stephen P. Hills, President and General Manager; Martin Baron, Executive Editor; and Fred Hiatt, Editor of the Editorial Page to continue in those roles.

“With Mr. Bezos as our owner, this is the beginning of an exciting new era,” said Ms. Weymouth. “I am honored to continue as CEO and Publisher. I have asked the entire senior management team at all of the businesses being sold to continue in their roles as well.”

The transaction covers The Washington Post and other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.

Slate magazine, TheRoot.com and Foreign Policy are not part of the transaction and will remain with The Washington Post Company, as will the WaPo Labs and SocialCode businesses, the Company’s interest in Classified Ventures and certain real estate assets, including the headquarters building in downtown Washington, DC. The Washington Post Company, which also owns Kaplan, Post–Newsweek Stations and Cable ONE, will be changing its name in connection with the transaction; no new name has yet been announced.

USA, Washington DC

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Trinity Mirror first half results to June 2013

August 5, 2013 — Fusion DigiNet

Trinity Mirror has announced its half-yearly financial report for the 26 weeks ended 30 June 2013

Highlights

  • Revenue falls £30.8 million to £332 million (2012: £362.8million)
  • Profit before tax up 2.5% to £49.3 million
  • EPS growth of 5.5% to 15.4 pence – Driven by increased profit before tax and reduced tax rate.
  • Strong cash flows drive further reduction in net debt of £36.7 million
  • Net debt reduced to £120.3 million and on track to repay £54.5 million of maturing debt in October 2013 without the need to draw on the Group’s bank facility.
  • Strong growth in digital audience and digital display advertising
  • Average monthly unique users grew by 36.9% and average monthly page views grew by 48.6% year on year across all publishing operations with digital display revenue growing by 15.1%.

Click on the results table below to enlarge the image

Trinity Mirror 6 mths to Jun13

Commenting on the results, Simon Fox, Chief Executive, Trinity Mirror plc, said, “I am pleased with the progress we have made in the first half. The Group is producing some outstanding journalism and in a challenging market is outperforming its peers on a number of measures in both print and online. Whilst still at an early stage, our transformation plan has got off to an encouraging start and this provides me with confidence in the performance for the year.”

UK, London

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UBM report a decline in profits for the first six months

August 5, 2013 — Fusion DigiNet

UBM have reported a decline in profits for the first six months to 30th June 2013, largely reflecting a tough first quarter, lower biennial contribution and continuing investments in their events portfolio.

Highlights

  • Revenues from continuing operations of £391.1m (H1 2012: £397.2m)
  • Adjusted operating profit from continuing operations of £80.7m (H1 2012: £88.7m) – decline largely reflecting tough Q1, lower biennial contribution and continuing investments in the events portfolio
  • Continuing operating cash flow generation increased to £98.8m (H1 2012: £95.9m), with cash conversion of 110.9%
  • Continuing fully diluted adjusted EPS of 21.6p (H1 2012: 22.7p)
  • Events Q2 organic revenue growth of 6.5% – PR Newswire Q2 organic revenue growth of 3.9%
  • Forward bookings for Top 20 shows up 11.7%
  • Emerging Markets revenues up 10.4% to £89.5m with operating profit of £19.6m
  • Restructuring of Marketing Services progressing – £9.6m of exceptional reorganisation and restructuring cost – expect restructuring to be substantially complete by the end of the year – £16.2m of revenues under Strategic Review
  • Receipt of £99.7m of cash proceeds upon completion of Delta disposal, applied to reduce debt

David Levin, UBM’s Chief Executive Officer, commented:

“As highlighted at the IMS in April, challenging market conditions, particularly in the UK construction sector, meant we had a tough first quarter. A good second quarter substantially offset the Q1 performance, thanks in large part to healthy growth at our shows in China. With continued strong forward booking trends for our H2 Emerging Markets events we feel confident about the second half.

“During the first half we completed the Delta disposal and accelerated the restructuring of Marketing Services. We are aligning Marketing Services more closely with our events and focusing it on more profitable, community-based business models which take advantage of our strengths in high quality content and audience reach. We’re already seeing improved profitability, albeit on lower revenues. We expect this restructuring programme to be substantially complete by the end of the year.

“These steps underline our determination to focus UBM’s business on delivering faster growth and higher quality of earnings, as evidenced by our strong cash flow performance in the first half. We look forward, with confidence, to the second half of the year and beyond as UBM continues to develop as an events-led marketing services and communications business. ”

UBM 6 mths to Jun13

UK, London

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Mecom Group – first half results – revenues down 11%

July 31, 2013 — Fusion DigiNet

mecomMecom Group, the consumer publishing companies, has announced its results for the half year to 30th June 2013.

Highlights

  • Circulation revenue down 3% to €199 million; now comprises 48% of total revenue
  • Advertising revenue down 20% to €154 million
  • Costs €46 million (11%) lower than in H1 2012; 230 fewer FTEs than at 2012 year-end
  • Adjusted EBITDA down €5.6 million to €31.7 million
  • Total Group adjusted earnings per share of 7.3 euro cents (2012: 17.3 euro cents, the year-on-year reduction including the effect of the Edda Media disposal in 2012)
  • €52 million of completed and agreed disposals in the first half, at a multiple of 5.7 times EBITDA
  • Net debt of €95.5 million (2012 year-end: €129.5 million); leverage 1.2 times last twelve months EBITDA
  • No 2013 dividend – review of future policy after completion of further restructuring, the Strategic Review and refinancing
  • Consultation on a further restructuring programme in the Netherlands currently underway
  • Group 2013 EBITDA now expected to be at upper end of previously announced €50 million to €60 million guidance range

Click on the financial results table below for a larger view

Mecom HY 2013

Click here for table notes and full announcement

Stephen Davidson, Group Chief Executive, said, “These first half results re-emphasise the very tough trading environment in the Netherlands, which we expect to continue for at least the remainder of the year.  The full impact has been mitigated by the €46 million of cost reductions achieved in the period.  We are now evaluating further ways of aligning our cost base with these new market conditions, as well as executing the ongoing Strategic Review.”

Norway, Oslo & UK, London

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Tarsus Group – record first half

July 31, 2013 — Fusion DigiNet

TarsusTarsus Group plc, the international business-to-business media group, has announced records results for the six months ended 30 June 2013.

Douglas Emslie, Group Managing Director, said, “Tarsus has delivered record results for the first six months of the year with good like-for-like revenue growth. We are focused on delivering our “Quickening the Pace” strategy and we have got off to a fast start. We continue to add value to our portfolio of market leading events by replicating these brands both domestically and internationally. The pace of brand replications has quickened during the period.

We have good visibility for the full year, especially from our two largest events – the Dubai Airshow and Labelexpo Europe – and we are confident of a positive full year outcome”.

Highlights

  • Record results for first half of year
  • Like-for-like revenue up 8% on 2012 as adjusted for biennials and acquisitions
  • Strong underlying revenue growth driving profitability
  • Adjusted profit and EPS up significantly
  • Operating cash inflow of £8.9m in period
  • Interim dividend up 5% to 2.3p (2012: 2.2p)
  • Very strong performance from Emerging Markets with 13% like-for-like revenue growth
    • Turkey like-for-like revenues +13%
    • China like-for-like revenues +20%
    • Dubai like-for-like revenues +6%
  • Acquisition of 51% of PT Infrastructure Asia completed, providing an important base in Indonesia

Click on the financial highlights table for a larger view

Tarsus HY 2013

Outlook

  • Forward bookings currently 12% ahead of 2012
  • Labelexpo Europe and the Dubai Airshow both tracking well ahead of previous events

UK, London & Indonesia, Jakarta

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FUNKE MEDIENGRUPPE acquires regional newspapers and parts of the magazine portfolio from Axel Springer / Establishment of joint ventures for advertising ma

July 30, 2013 — Fusion DigiNet

funkeFUNKE MEDIENGRUPPE is to acquire Axel Springer AG’s regional newspapers as well as its TV program guides and women’s magazines. In the fiscal year 2012 Axel Springer’s regional newspapers, TV program guides and women’s magazines businesses made €94.8 million in EBITDA and €512.4 million in revenues. The purchase price is  €920 million.

The two companies have also agreed to establish joint ventures for the marketing and distribution of print and digital media. In both joint venture companies, Axel Springer will have the majority interest.

Thomas Ziegler, Managing Director of FUNKE MEDIENGRUPPE: “We have to join forces – because the media market presents challenging tasks: Therefore, we are looking forward to work closely with Axel Springer AG in marketing and distribution within the framework of the joint ventures and we appreciate that selected print titles of Axel Springer will join our activities. New opportunities are emerging for our business: This applies to the print as well as to the online segment. Hereby, we gain an enormous potential for new developments, for example for the intelligent connection of both fields. Together with the colleagues which will join us, we will build a national media company. FUNKE MEDIENGRUPPE will stand for print media and online media, successful regional newspapers and successful magazines, journalistic quality and economic success.”

Mathias Döpfner, Chief Executive Officer Axel Springer AG: “The decision to divest some of our brands with the longest tradition in our company was not easy. However, we are sure that the grouping under the FUNKE MEDIENGRUPPE, which aims at focusing on regional print- and online-journalism and on magazines, provides the best long-term perspective for the brands and for the staff. The different strategies of both companies complement each other perfectly. Axel Springer AG will continue to follow the strategic direction to become the leading digital media group with a clear focus on the BILD- and WELT-groups, in which we will invest and further develop journalistically and which will remain the core business of Axel Springer in the very long term.”

The transaction is subject to approval under merger control and antitrust law, which is not expected to be obtained before the end of 2013.

Germany, Essen, North Rhine-Westphalia and Berlin

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Informa plc – Half year results

July 30, 2013 — Fusion DigiNet
informa2Informa plc has announced half year results for the six months ended 30 June 2013.

Financial highlights

  • Group organic revenue growth (continuing) of 1.2% to £566.7m (H1 2012: £562.6m)
  • Adjusted operating profit (continuing) up 2.7% to £162.0m (H1 2012: £157.7m)
  • Improvement in H1 adjusted operating margin (continuing) to 28.6% (H1 2012: 28.0%)
  • Adjusted diluted EPS growth (continuing) of 5.0% to 18.9p (H1 2012: 18.0p)
  • Dividend increased – interim dividend raised 6.7% to 6.4p (H1 2012: 6.0p)
  • Corporate Training disclosed as asset held for sale and results classified as discontinued
  • Statutory loss for the period of £56.3m (H1 2012: £41.9m loss), reflecting loss from discontinued operations of £115.7m
  • Strong cash flow – cash conversion rate (continuing) of 70% (H1 2012: 74%)
  • Net debt/EBITDA ratio of 2.4 times (H1 2012: 2.3 times)

 Operational highlights

  • Events division (continuing) organic profit growth of 18.6%
  • 147 large events run in H1, delivering double-digit organic revenue growth
  • 20% of Group revenue (continuing) from emerging markets in the last 12 months (H1 2012: 18%)
  • Deferred income growth of 7% at constant currency
  • Incremental cost reduction programme implemented at PCI
  • Agreed disposal of Corporate Training businesses for up to USD 180m
  • Exit from small conference businesses in Spain and Italy
  • Appointment of Director of Open Access within Academic Information
  • Chief Executive succession plan announced

 

Peter Rigby, Chief Executive, said:

“It has been a very busy six months for Informa that has resulted in another strong financial performance and further improvement to the underlying quality of earnings. The sale of our non-core Corporate Training businesses will leave us leaner and more resilient, with a sharper focus on higher growth assets offering an attractive return on capital. This is illustrated by the positive organic growth across our continuing operations in H1, the highlight of which was almost 19% organic profit growth in Events.

The outlook for the second half is good and after adjusting for modest dilution from the Corporate Training transaction, underlying expectations for the full year are unchanged. Encouragingly, there are some tentative signs of improvement in areas that have proved particularly tough in recent years, providing grounds for cautious optimism.

Our strong performance has led to another increase in the interim dividend, up 6.7% to 6.4p and our leverage remains comfortably within our target range at the end of June, before receiving the cash proceeds for Corporate Training.

I recently announced my intention to retire as Chief Executive at the end of the year. I have been with the Group for 30 years and feel now is the right time to hand over the reins, with Informa in great shape financially, operationally and culturally. Stephen A. Carter will take over as CEO from 1st January 2014, following a thorough handover process.”

Click here for the full announcement.

UK, London

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Progressive Digital Media Group – first 6 months results

July 30, 2013 — Fusion DigiNet

progressiveBusiness information group Progressive Digital Media Group has announced its unaudited interim report for the six months ended 30 June 2013. Business Information, which includes Business Intelligence and Events and Marketing, now accounts for almost 98% of Group revenues and earnings. Business Information revenues grew by 11.3% in the first half (over the corresponding period in 2012), while Events and Marketing revenues fell. They were adversely impacted by the rephasing of a number of events from the first half of last year to the second half of this year.

Highlights

Strong first half results, a robust balance sheet and continued investment provide the foundation for further growth.

  • Group revenue increased by 10.3% to £28.6m (2012: £25.9m)
  • EBITDA increased by 33.9% to £4.8m (2012: £3.6m)
  •  Adjusted EBITDA increased by 23.5% to £5.4m (2012: £4.3m)
  • Adjusted EBITDA Margin increased to 18.8% (2012: 16.8%)
  • Reported profit before tax grew by 77.2% to £3.5m (2012: £2.0m)

 

Mike Danson, Chairman of Progressive Digital Media Group Plc, commented:

“Our first half results reflect good performances across multiple channels. We are increasingly confident that our focus on building premium Consumer and Technology Business Information services will provide the basis for continued long-term profitable growth. With this in mind, we are accelerating our investment in our sales force, product offering, content and delivery platforms in the near to medium-term.”

For the full announcement and notes on the accounts figures, click here

UK, London

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