Centaur Media plc – half year results for the six months ended 31 December 2012

February 22, 2013 — Fusion DigiNet

centaurCentaur Media plc, the business information, events and marketing services group, has published its half year results for the six months ended 31 December 2012.

Highlights below

Full report here

Highlights

  • Digital and events revenues now account for 39% and 29% of reported revenue respectively (H1 2012: 32% and 22% respectively)
  • Print revenue contribution reduced to 31% (H1 2012: 45%) of reported revenues
  • Reported revenue up 14% to £30.4 million
  • Deferred revenues up 30% to £15.1million
  • Adjusted EBITDA up 81% to £2.9 million
  • Adjusted EBITDA margins increased to 10%
  • Interim dividend up 10% to 0.825p

Fusion sold  Econsultancy.com Limited to Centaur in July last year. According to the announcement, the business is performing well.

UK, London

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Informa plc – Full year results for the Year Ended 31 December 2012

February 22, 2013 — Fusion DigiNet

informa2Informa plc have announced full year results for the Year Ended 31 December 2012.

Key highlights below

Full report here

Highlights

  • Academic publishing unit saw a 2.4 per cent increase in revenues
  • Sales dropped 4.4 per cent at the business information unit
  • Sales dropped 3% at the events and training unit
  • Total revenues £1232.5 million, a drop of 3.4%
  • Emerging market growth – now 18% of Group revenue (2011: 14%)
  • Core revenue stream – 67% of publishing revenues from subscriptions
  • Digital revenue strew – 74% of publishing revenues fully digitised
  • Diluted EPS 15p, a drop of 20%
  • Adjusted diluted EPS 40.7p, up 7.7%
  • Full year dividend 18.5p, up 10.1%
  • Profit before tax £67 million, a drop of 24.4%
  • Adjusted operating profit of £349.7 million, up 4.0%
  • Adjusted operating margin of 28.4%
  • Adjusted profit before tax of £317.4 million, up 7.3%
  • Statutory profit after tax of £90.7 million
  • Operating cash flow £329 million, up 5.7%
  • Balance sheet  – net debt/EBITDA ratio of 2.1 times

Peter Rigby, Chief Executive, said:

“Informa has performed strongly once again in 2012, delivering earnings ahead of market expectations and strong cashflow, despite what have remained very challenging market conditions. This is testament to the resilience of our businesses, underpinned by strong brands, leading market positions, digital excellence and a growing presence in emerging markets. Our performance has enabled us to keep investing in our business, while maintaining our progressive dividend policy, with 10.1% growth in the total payout in 2012, underlining our commitment to delivering attractive returns to our shareholders.

Commenting on acquisitions and disposals, Peter Rigby said:

We were very proactive in managing our portfolio in 2012. This was evident through the acquisitions of Zephyr, which bolstered our digital subscription base, and MMPI, which expanded our portfolio of large exhibitions, as well as the disposals of Robbins Gioia and some small European local language Conference businesses. Internally, our focus on operating excellence also led us to proactively exit a number of lower quality publishing products and events, cutting out over £25m of revenue. This has impacted top-line growth trends but leaves the group in a stronger position going forward, with a higher underlying quality of earnings.

UK, London

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SIIA acquires the Specialist Media Show

February 22, 2013 — Fusion DigiNet

SIIAThe Software & Information Industry Association (SIIA) the trade association for the software and digital content industries, based in Washington DC, has bought the Specialist Media Show, a UK-based organiser of live and online events and resources for consumer and B2B publishers.

The Specialist Media Show has showcased digital media innovation at events for niche publishers since 2010. The next event, the specialistmediashowSpecialist Media Conference, will take place 24 April 2013 at the British Library. SIIA’s acquisition will take effect after the event.

“Digital media innovation is at the heart of publishing and content strategy, and it’s happening on a global scale,” said SIIA President Ken Wasch. “Companies from New York to London are seeing many of the same opportunities and challenges with their digital strategies. The Specialist Media Show will help us strengthen the collective power of our communities to serve the information industry.”

USA, Washington DC & UK, Lincolnshire

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Independent News and Media to sell INM South Africa for R2billion

February 20, 2013 — Fusion DigiNet

inm Independent News and Media has announced that it has agreed detailed heads of terms with Sekunjalo Independent Media Consortium for the sale of INM South Africa for R2billion (c. €170 million)

The Sekunjalo consortium of investors is led by Iqbal Survé, a SA philanthropist and former doctor to ex-president Nelson Mandela. Commenting on the agreement, Survé said “I am delighted that I have the opportunity to bring these newspapers, this national asset, back to South Africa. I am bringing Independent back home.”

The agreement will require the approval of INM shareholders and the competition commission in South Africa

Ireland, Dublin & South Africa, Cape Town

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Merger update: US Department of Justice clears Penguin Random House combination

February 18, 2013 — Fusion DigiNet

Previous reporting

random-house-penguinPearson and Bertelsmann have been notified by the US Department of Justice that it has closed its investigation into the proposed merger of Penguin and Random House, without conditions.

The two companies announced their agreement to combine Penguin and Random House in October 2012. The proposed merger is currently under review by the European Commission, the Canadian Competition Bureau and various other antitrust authorities around the world. Pearson and Bertelsmann continue to expect the transaction to close in the second half of 2013, after all necessary approvals have been received.

Following completion, Bertelsmann will own 53% and Pearson 47% of Penguin Random House. It will encompass all of Random House and Penguin Group’s publishing units in the U.S., Canada, the U.K., Australia, New Zealand, India and South Africa, as well as Penguin’s operations in China and Random House’s publishers in Spain and Latin America.

UK, London & Germany, Gütersloh & USA, New York, NY

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lynda.com acquires Austrian online learning company video2brain

February 18, 2013 — Fusion DigiNet

lyndalynda.com, an online learning company, has acquired video2brain, GmbH, a European-based online video training company that specialises in German-, French-, Spanish- and English-language courses.

“This acquisition is an investment in our future as we see a huge growth opportunity in new and emerging markets that demand multi-lingual educational content,” said Eric Robison, lynda.com president and CEO.

USA, Carpinteria, CA & Austria, Graz

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A Fusion Deal: Law Business Research sold to Bowmark Capital

February 11, 2013 — Fusion DigiNet

lbrFusion Corporate Partners are pleased to announce the sale of specialist legal publisher Law Business Research to Bowmark Capital, the mid-market private equity firm. Bowmark Capital invested alongside the company’s founders, Richard Davey, Callum Campbell and Sebastian O’Meara. The terms of the deal were not disclosed. The Fusion team was led by Paul Slight.

Established in 1996, Law Business Research (“LBR”) publishes research, data and analysis on international business law and legal markets.  The company produces leading publications in fields such as international anti-trust law, arbitration law and Latin American law, and prides itself on creating essential and unique information for its subscribers in over 100 jurisdictions.

LBR today employs over 100 people in the UK, US and Brazil.  Its portfolio of products spans news publications, know-how guides, legal rankings and events, and includes titles such as “Global Competition Review”, “Global Arbitration Review”, “Getting The Deal Through” and “Latin Lawyer”.  The company serves all the world’s leading law firms and counts a large number of major corporations and regulators among its clients.

The international legal market has grown significantly in recent years, driven by globalisation and the growth in cross-border trade, and this has fuelled the demand for increasingly sophisticated and timely information from the legal profession.  With the backing of private equity, LBR is now seeking to further capitalise on this growth, by expanding both its sector and geographic coverage.

Richard Davey, LBR’s managing director, commented:  “We have ambitious plans to continue developing our business, and to further extend the depth and breadth of our services – while continuing to provide the highest quality content to our subscribers worldwide.  In Bowmark, we have found a supportive and experienced financial partner to help us achieve these goals.”

Bowmark partner, Julian Masters, said:  “LBR is a unique business in a growing market, with an outstanding reputation based on the quality of its content.  We are delighted to be backing Richard Davey and his team in the next stage of the company’s growth.”

UK, London

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A Fusion Deal: Wilmington Group acquires NHiS

February 11, 2013 — Fusion DigiNet

nhis_logo_greyFusion Corporate Partners are pleased to announce the acquisition of NHiS Limited by Wilmington Group plc. Fusion acted exclusively for the shareholders of NHiS Limited. The Fusion team responsible for the transaction were led by Mark Eisenstadt.

Wilmington Group will pay an initial cash consideration of £5.6m and a further deferred consideration of up to £3.75m subject to the Business achieving targets for the growth in underlying profit. 

The deferred consideration will be satisfied by issuing of up to 1.5m new Wilmington Group plc shares in October 2016 dependent interwilmington-logo alia upon NHiS’s audited future earnings for the years ended 30th June 2015 and 30th June 2016. The Business was acquired with cash of £0.6m and the initial consideration will be financed out of the Group’s existing £65m debt facility.

The existing executive management team led by Nick Merryfield, the founding Managing Director, and Paul Midgley will remain with the business and they, along with five other individuals, comprise the vendors of the Business.

Nick Merryfield, talking about the process said, “I must thank Fusion for orchestrating the sale process professionally and with great skill. As a leading provider of business intelligence, data analysis, workflow tools and other services to pharmaceutical companies in the UK we wanted to work with an M&A house that understood our business and the marketplace. Mark was our point man and was key in engineering a successful outcome.”

 

NHiS has been in operation since 2007 and is a leading provider of business intelligence, data analysis, workflow tools and other services to pharmaceutical companies in the UK. Around 40% of its revenue is derived from subscriptions and the business has enjoyed high overall renewal rates as defined by customer spend in excess of 90%. Over 75% of NHiS revenue is delivered digitally.

The Business will form part of the Wilmington Healthcare Division and will work closely with the highly complementary Binley’s Healthcare Information business.

NHiS’s last annual results to March 2012, showed revenue of £1.8m, up 45% from the prior year and profits before tax and nonrecurring costs of £0.8m. The Business has seen a strong start to the year and turnover for the first nine months increased by 20%. Deferred income as 31st December 2012 was up 50% on 31st December 2011. Gross Assets at 31st March 2012 were £1.6m. 

Charlie Brady, Chief Executive of Wilmington Group, said;

“NHiS is an innovative business that has built up a major business intelligence and technology capability in a complementary area where our own Binleys Healthcare Information continues to see good growth potential. The Business will benefit from being part of a larger group with the infrastructure and resources of Binleys. We are particularly pleased that the existing highly experienced management team are joining the Wilmington Group and look forward to working with them as they continue to develop NHiS”. 

UK, London & Nottingham

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Vitesse Media plc – trading update

February 7, 2013 — Fusion DigiNet

vitessemedia

Vitesse Media Plc, the AIM-quoted media business, has issued a trading update ahead of the announcement of its full year audited results to 31 January 2013.

 

The announcement is as follows:

The Company’s performance in the second half of the year improved, with the trading loss in the second half reducing considerably, both against the first half of the financial year and the corresponding period of the previous financial year.

Turning points have been reached in some of our key product titles. GrowthBusiness.co.uk, which was re-launched early in 2012, delivered like-for-like revenue increases in the final quarter of 13 per cent., compared to the same period the previous year.  WhatInvestment.co.uk, which was re-launched just before Christmas 2012, saw traffic increase 40 per cent. in January 2013 compared to January 2012, assisted by the improving stock market conditions.  In the Events division, our technology venture capital event, Investor All Stars, saw attendances reach a ten-year high.  This week we expect to complete the final stages of our investment programme, with the re-launch of the SmallBusiness.co.uk and Information-Age.com web sites.

During the last two years, our databases have been reconfigured into Sales Force, all four of our major web sites have been completely overhauled, all our titles have been digitised and there has been an investment in social media to extend our marketing capabilities.  Niki Baker was appointed CEO in September 2012 and the business was reorganised into four teams: SME Business, Technology, Investment and Events.  This has led to a greater focus on driving results.

Bookings for the first quarter of the financial year 2013/4 have stabilised and the plans to launch two new digital subscription products and two new events during the first half are at an advanced stage.

Despite the difficult trading conditions, the directors believe that the changes implemented over the past two years mean that the company is now fully positioned to develop as a growing digital, events and research business and view the outlook as encouraging.

UK, London

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Liberty Global confirms acquisition of Virgin Media – Deal Terms

February 6, 2013 — Fusion DigiNet

Liberty Global have confirmed that they are to acquire Virgin Media in a cash & stock merger.

Deal Terms

  • Virgin Media 2012 results (unaudited)Virgin Media
  • Revenue $6.6 billion
  • OCF $2.7 billion
  • OCF margin 41%

Virgin Media shareholders will receive for each share:

  • $17.50 in cash
  • 0.2582 shares of Liberty Global Series A common stockLiberty-Global-logo
  • 0.1928 shares of Liberty Global Series C common stock

Valuation

  • $47.87 per Virgin Media share
  • 24% premium to closing price
  • Implied Virgin Media equity value of $16.0 billion & enterprise value of $23.3 billion
  • Represents 8.8x 2012 OCF multiple
  • Represents 7.0x 2013E OCF multiple, after adjusting for synergies & taxes
  • Accretive to Free Cash Flow

Ownership

  • Liberty Global shareholders expected to own 64%
  • Virgin Media shareholders expected to own 36%

Path to completion

The transaction is subject to majority LGI & Virgin Media shareholder votes, regulatory approvals & customary closing conditions. The deal is expected to close in Q2 2013.

For full details see the Virgin Media Investor Call Presentation here.

USa, Englewood, CO & UK, London

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