ITE Pre-close trading update for the year ending 30 September 2013

October 1, 2013 — Fusion DigiNet

ITEITE Group plc, the international exhibitions group specialising in emerging and developing markets, has issued the following update for the year ending 30 September 2013, prior to entering its close period and ahead of its preliminary results announcement on 3 December 2013.

Revenues for the fourth quarter reflect positive trading conditions in most of our overseas markets. Revenue for the full year is expected to be circa £191m (2012: £172m) in line with market expectations.

Fourth Quarter Trading

The Group ran 28 events in the fourth quarter producing revenue of circa £26m (2012: £27m). On a like-for-like basis revenues are 4% higher than last year.

The principal trading highlights in the fourth quarter were:

  • MODA, the Group’s market leading UK fashion event based at the NEC in Birmingham was 17,100sqm, which was a 9% reduction on the same event last year and reflected the ongoing difficult trading conditions in the European fashion market.
  • World Food Moscow, the Group’s leading food exhibition recorded its largest ever event with a 2% increase in space sales to 24,900sqm.

Business Development

On 26 August 2013, the Group entered into an agreement with RAMO JSC to become the anchor tenant at a new 28,000 sqm venue in Krasnodar (south-west Russia), which is due to be completed by January 2016. The Group’s business in Krasnodar is currently restricted by the size of the venue, and it is anticipated that this new facility will allow ITE’s largest events to grow and the business to expand into new industry sectors.

Financial position

The Group continues to generate strong cash flow and had net cash of circa £23.0m as at 25 September 2013 (2012: £12.0m).

Outlook

Bookings for the financial year ending 30 September 2014 are progressing in line with management expectations and reflect continued good trading conditions in most of our markets. As at 26 September 2013, the Group had booked £75m of revenue for the 2014 financial year, representing circa 39% of current market expectations for the year.

The Group continues to generate good organic growth from its portfolio of events, and retains a strong balance sheet which supports its plans to invest in and further develop its business.

UK, London

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UBM plc sells Property Week to Metropolis and UBM Channel to The Channel Company

September 27, 2013 — Fusion DigiNet

UBM

UBM has agreed to sell its Property Week print magazine and related products to Metropolis International. Property Week’s 35 staff will transfer to Metropolis International following completion. The terms of the deal were not disclosed.

metropolisUBM has also sold its North American IT channel business to a management-led investment group. The new company, called The Channel Company, will own and operate all of the businesses and products formerly owned by UBM Tech (Channel) in North America. The Comdex brand and UBM India’s CRN business are excluded from this transaction. UBM has retained a 30% minority equity interest in the business.

These disposals constitute the bulk of the operations treated as discontinued in UBM’s H1 2013 results and classified as held for sale at 30 June 2013. The combined cash proceeds from these disposals are approximately £8.5m, subject to working capital adjustments on completion.

UK, London & USA, San Francisco, CA

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WPP’s Kantar acquires Enprecis

September 26, 2013 — Fusion DigiNet

wppWPP’s wholly-owned operating company Kantar, the data investment management group, has made a follow-on investment in Enprecis Inc., a company which uses a proprietary online platform to collect and analyse data about consumer experience for the automotive industry.

Founded in 2006 and based in Seattle, Enprecis has developed, ‘Continuous Quality Insight’ (CQI), a proprietary online platform to collect and analyse customer experience data for the automotive industry. The platform connects automobile manufacturers to the views of their customers with unprecedented speed and detail, informing improvements to vehicle quality and design, and identifying opportunities to strengthen loyalty. The company’s gross assets in 2012 were US$1.6 million. Enprecis clients are most of the world’s major automotive manufacturers.

Enprecis will be aligned with the automotive practice in TNS, the global market research company that is part of Kantar. It follows the acquisition of  Chinese company, Sinotrust Market Research earlier this year.

UK, London & USA, Seattle, WA

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RPS acquires geological consultancy and training company Ichron

September 26, 2013 — Fusion DigiNet

RPSlogoRPS has acquired Ichron Limited, a UK based consultancy providing geological and training services to the international oil and gas sector, for a total consideration of £12.5 million.

Founded in 1995, Ichron has its offices and a geological sample preparation and analysis laboratory in Cheshire, UK. The company, comprising 46 permanent staff and additional part time specialist associates, works primarily on projects in Europe, Africa and the Middle East. Its specialist services include reservoir geology, biostratigraphy and chemical stratigraphy.

ichron-logo@2x.jpgIchron provides RPS with further capability in the Group’s established and growing oil and gas consultancy markets.  The services provided by Ichron are complementary with existing RPS international capabilities.

The four vendors of the business, together with all employees, are remaining with RPS.

In the year ended 31 December 2012, Ichron had revenues of £6.3 million and profit before tax of £2.1 million, after adjustment for non-recurring items.  Net assets at 31 December 2012 were £1.1 million. Gross assets at 31 December 2012 were £2.2 million.

RPS is acquiring the entire share capital of Ichron for a maximum total consideration of £12.5 million, all payable in cash. Consideration paid to the vendors at completion was £6.6 million. Subject to certain operational conditions being met, two further sums of £2.6 million, will be paid to the vendors on the first and second anniversaries of the transaction. Following completion and on finalisation of the closing balance sheet, a further sum, estimated at £0.7 million, will also be payable to the vendors.

Alan Hearne, Chief Executive of RPS, said, “Ichron has an excellent reputation and track record. Its skills will add to our existing capabilities in growing specialist areas and provide us with a platform for further growth.

UK, Abingdon, Oxfordshire & Northwich, Cheshire

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Former Centaur Media chief executive Geoff Wilmot to make a bid for the company

September 25, 2013 — Fusion DigiNet

centaurGeoff Wilmot, the former chief executive of Centaur Media plc has said that he is in talks with financial backers about making a bid for the business. Geoff Wilmot left Centaur in May this year. Tim Potter, MD of the Business Publishing division left at the same time.

A stock market announcement released yesterday said:

“Mr Wilmot notes the recent movement in the share price of Centaur.

Mr Wilmot, the former CEO of Centaur, confirms that he is considering an offer for Centaur and to that end has had preliminary discussions with certain prospective finance providers.

Mr Wilmot must, in accordance with Rule 2.6(a) of the Code, clarify his intentions by no later than 5.00pm on Tuesday 22nd October, by either announcing a firm intention to make an offer or that he does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

Further announcements will be made in due course.”

Centaur Media issued a statement today:

“Centaur Media plc (LSE: CAU, “Centaur”) notes the announcement yesterday by Geoffrey Wilmot that he has had preliminary discussions with prospective financial providers in relation to a potential offer for Centaur.

The Board of Centaur (the “Board”) confirms that to date no discussions have taken place between the Company and Geoffrey Wilmot concerning a potential offer.”

UK, London

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DMGT pre-close trading update

September 25, 2013 — Fusion DigiNet

DMGTDaily Mail and General Trust plc has issued a pre-close trading update.

Ahead of the year end on 30 September 2013, the statement provides an update on the Group’s progress in the current year.

It covers the eleven month period to the end of August 2013 and includes comments on September.

Summary

  • Solid Group revenue performance, up 2% underlying#
  • Good revenue growth from B2B operations, up 6% underlying#
  • Resilient revenue performance at dmg media, down 2% underlying#
  • Active portfolio management; targeted acquisitions and non-core asset disposals
  • Share buy back programme of £69 million to date
  • Net debt/EBITDA ratio expected to be less than 2.0 at year end
  • Full Year guidance unchanged and in line with market expectations

DMGT results1 2013

Click on the table for an enlarged view

The full statement can be read here.

UK, London

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Match.com increases its stake in Meetic SA from 80.8% to 87.5% and announces planned public offer for all outstanding shares

September 25, 2013 — Fusion DigiNet

Match logoOnline dating business Match, an operating segment of IAC, has increased its ownership stake in French online dating company Meetic S.A. to 87.5% by acquiring all remaining shares held by Marc Simoncini, Meetic’s founder, which represent 6.7% of the capital.

meeticThe acquisition was completed today through an off-market transaction with Jaina Capital and Jaina Ventures, two investment vehicles controlled by Mr. Simoncini at a price per share of €18.75.  The aggregate purchase price was approximately €29.5 million.  Following the acquisition, Match now owns 87.5% of the capital and 88.6% of the voting rights of Meetic.  Mr. Simoncini, who no longer owns, directly or indirectly, any Meetic shares, has resigned from Meetic’s board of directors.

Match intends to launch a voluntary simplified public tender offer for all of the outstanding shares of Meetic S.A. at a price of €18.75 per share in cash in the near term. The offer price represents a premium of approximately 51% on the closing price of Meetic shares on September 24, 2013.  It is Match’s intention to implement a squeeze-out if it holds at least 95% of the capital and voting rights upon completion of the offer. If a squeeze-out cannot be implemented, Match intends to apply with Euronext Paris for a delisting of the Meetic shares.

The public offer will be filed with the French Securities Regulator (Autorite des marches financiers) in due course.

“As the founder of Meetic, Marc has made invaluable contributions to the company,” said Greg Blatt, CEO of IAC.  “We appreciate what a great partner he has been since we first joined with Meetic in 2009, and are looking forward to our next stage of stewardship of the company.”

Meetic is in 15 European countries, and  available in 11 languages. In 2012, Meetic posted sales of €164,8m and an EBITDA margin of 22.3%.  Meetic is listed in Compartment B of Euronext Paris of the NYSE Euronext (MEET.PA).

USA, New York, NY & France, Paris

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GMG rejects improved Apax offer

September 24, 2013 — Fusion DigiNet

tradermediagroupThe FT is reporting that Guardian Media Group has rejected an improved offer by Apax to purchase GMG’s 50.1% stake in Trader Media. The new offer valued Trader Media at about £1.5bn, including net debt of about £560m. Apax’s previous offer valued the business at £1.2 billion. An IPO now seems the most likely outcome.

UK, London

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Euromoney revenues for the fourth quarter increase by 9%

September 24, 2013 — Fusion DigiNet

Euromoney logoEuromoney Institutional Investor PLC, the international online information and events group, has issued a pre-close trading update ahead of the announcement of its results for the year to September 30, 2013.

Since issuing its Interim Management Statement on July 25, 2013, trading has continued in line with the board’s expectations.  The recovery in US markets, and in particular in the profitability of US financial institutions, has continued, while European markets have remained weak and emerging markets have settled down after the uncertainty earlier in the summer.

Revenues for the fourth quarter are expected to show a headline increase of 9% on the same period last year, and an underlying increase, excluding acquisitions, of 5%.  The improvement in advertising highlighted in the July IMS has continued, with advertising revenues returning to growth for the first time in two years.  Underlying subscription revenues, excluding acquisitions, increased by 4%, helped by the reversal of timing differences from the third quarter.

Total revenues for the year to September 30, 2013 are expected to show a headline increase of approximately 2% on 2012, of which half has come from acquisitions.

Exchange rate movements have not had a significant impact on headline or underlying revenues.

The group expects to announce an adjusted profit before tax* of not less than £114 million for the year to September 30, 2013 (2012: £106.8 million) including a contribution from acquisitions, after financing costs, of nearly £2 million.

At current exchange rates, group net debt at September 30, 2013 is expected to be no more than £10 million, against £38 million at March 31.  This reflects the group’s traditionally strong second half operating cash flows as well as acquisition payments of £13m in the period.

The year end results will be announced on November 14, 2013.

UK, London

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Haynes Publishing Group reports falls in revenue and profits

September 23, 2013 — Fusion DigiNet

Haynes Publishing Group P.L.C., the publisher  of automotive and motorcycle repair manuals, has reported falls in revenue and profit in its results for the year ended 31st May 2013. However, the profits were slightly ahead of market expectations.

Financial highlights

  • Revenue of £27.6 million (2012: £29.8 million)
  • EBITDA of £6.6 million (2012: £7.7 million)
  • Operating profit of £3.8 million (2012: £5.1 million)
  • Profit before tax slightly ahead of market expectations at £3.6 million (2012: £4.7 million)
  • Basic earnings per share of 16.4 pence (2012: 20.0 pence)
  • Final dividend declared of 4.0 pence per share, giving a total dividend of 7.5 pence per share (2012: 15.7 pence)
  • The largely contractual HaynesPro revenue was 13% ahead of 2012
  • Australian revenue 9% ahead of 2012
  • Operating profit to cash conversion ratio of 184% (2012: 170%)
  • Healthy balance sheet with net funds up 27% at £6.1 million (2012: £4.8 million). Net funds after the acquisition of Clymer and Intertec Manuals on 17 September 2013 were c.£2.4 million. In addition there are 1.2 million ordinary shares held in treasury

Business highlights

  • Clymer and Intertec Manuals acquired from Penton Business Media 
  • Successful completion of strategic review (post year-end), resulting in new focus on high margin titles
  • UK automotive and general publishing editorial teams to be merged
  • Embarking on the development of a new, interactive consumer website, available in multiple languages, and accessible on a variety of media devices
  • Continued development of Haynes multimedia digital platforms
  • Digital manual range extended to over 350 titles; print manual range also expanded
  • Completion of rebranding of European professional product range as ‘HaynesPro’ (formerly Vivid), with strong twelve month growth and two new products launched for professional automotive aftermarket
  • Expanded technical team in Romania to further improve digital capabilities
  • Continuing to review new acquisition opportunities

UK, Yeovil, Somerset & Overland Park, KS

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