Centaur Media year-end trading statement

July 17, 2012 — Fusion DigiNet

Centaur Media plc, the business information and events group, has issued a trading statement for the year ended 30 June 2012.

The Group expects to report profits in line with the Board’s expectations with underlying revenues 2% ahead of the prior year and EBITDA margins increased from 14% to 18%.

Trading in the last two months of the year has been in line with expectations. Digital revenues continue to show strong underlying growth rates and now account for 30% of overall revenues compared with 26% last year.  Events revenues also continue to show good underlying growth rates, with Marketing Week Live reporting revenues 23% ahead of last year.

Cash flow in the final two months of the year has been strong with net debt at 30 June lower than anticipated at £7.2m, and with leverage at approximately 0.6 times EBITDA.

Deferred revenues of approximately £11m are 20% ahead of the same period last year.

Geoff Wilmot, Chief Executive, commented, “FY12 has been a significant year of change for Centaur, culminating in the recently completed acquisition of Econsultancy. Our revenue mix has improved significantly, with a notable increase in the proportion of digital revenues. At the same time, we have delivered underlying revenue growth despite difficult trading conditions and have secured a significant improvement in margins. We look forward to building on this performance in FY13 and delivering the full benefits of our recent acquisitions.”

The Group expects to release its full year results on 13 September 2012.

UK, London

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Bglobal announces preliminary results for the year ended 31 March 2012

July 17, 2012 — Fusion DigiNet

Bglobal plc, the leading provider of smart metering solutions to the energy market has announced its preliminary results for the year ended 31 March 2012.

Highlights

  • Revenue of £18.41 million (2011: £28.99 million)
  • Recurring revenues increased by 29% to £9.21 million (2011: £7.14 million)
  • More than 175,000 smart meters now installed
  • DCDA revenues increased by 32% to £3.35 million (2011: £2.53 million)
  • Gross margins up to 60% (2011: 45%)
  • Adjusted EBITDA of £1.11 million (see note 1) (2011: £4.16 million) (see note 2)
  • Adjusted Operating profit £0.67 million (see note 3) (2011: £3.88 million) (see note 4)
  • Adjusted Profit before taxation of £0.62 million3 (2011: £3.81 million4)
  • Adjusted Profit after taxation of £1.18 million3 (2011: £3.10 million4)
  • Earnings per share 1.11p (2011: loss per share 1.51p)
  • Net cash generated from operations £1.87 million (2011: £2.32 million)

Notes

1 Before crediting £1.46 million contingent consideration adjustment and £0.04 million in relation to share based payments

2 Before charging £2.91 million contingent consideration adjustment, £0.19 million acquisition costs and £0.14 million in relation to share based payments

3 Before crediting £1.46 million contingent consideration adjustment, £0.04 million in relation to share based payments and before charging amortisation of acquired intangibles of £1.53 million

4 Before charging £2.91 million contingent consideration adjustment, £0.19 million acquisition costs, £0.14 million in relation to share based payments and amortisation of acquired intangibles of £1.28 million

Tim Jackson-Smith, Group Chief Executive of Bglobal, commented: “In the last 12 months the Group has focused on developing its Smart Meter Services Platform, including the ability to offer a SMETS compliant dual fuel metering system, and extending its reach into energy services. We have made great progress on both of these fronts and these initiatives have demonstrated the strengths that each part of our business has and how they set us apart from our competition.  The Group has maintained its market leading position in bringing new entrants into the UK energy market, having introduced three companies since the beginning of 2012. The Board is confident that the Group has the resources and ability to play a leading role in the foundation stage of the mass rollout of smart meters and, through the delivery of smart data, to work with our customers to help them use less and pay less for their energy.”

UK, Darwen, Lancashire

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JWT acquires majority stake in digital agency, Activeark Oy in Finland

July 17, 2012 — Fusion DigiNet

WPP’s wholly-owned advertising agency network JWT, has acquired a majority equity stake in Activeark Oy, a full service digital agency in Finland.

Activeark, founded in 2003, is based in Helsinki with operations in the UK and India. The agency employs more than 80 people. JWT Finland and Activeark will combine their businesses and partner in Finland in order to provide a comprehensive offering for both local and international clients.

Activeark’s audited gross revenues for the year ended 31 December 2011 were approximately EUR8.1 million with gross assets as at the same date of approximately EUR3.4 million.

UK, London & Finland, Helsinki

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Aegis Group acquires W Garden

July 17, 2012 — Fusion DigiNet

Aegis Group, the media and digital communications group, has acquired six subsidiary companies owned by W Garden, Verbal Clint, Allin and others (collectively referred to as “W Garden”). In aggregate, the entities had gross assets of €5.0m as at 31 December 2011.

W Garden is a provider of search and performance marketing solutions, consultancy and software tools, with a particular focus on search engine optimisation. The business has also developed a specialist search capability in the area of social media. Founded in 2007, W Garden’s management team has established a strong network of offices across France and has built up a high quality local client base.

The integration of W Garden with iProspect France’s existing business is expected to be completed early in the third quarter of 2012.

Thierry Jadot, CEO Aegis Media France, commented:  “We are delighted to welcome the team from W Garden to Aegis Media France. This transaction ensures that iProspect will have the most comprehensive search and performance marketing capability in our market. A strengthened iProspect business will support Aegis Media France in continuing to seize the exciting opportunities the convergent media environment brings and will help us to further consolidate our leading position in the French market.”

UK, London & France, Paris

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Ogilvy & Mather acquires majority stake in Foster, a digital agency in Brazil

July 17, 2012 — Fusion DigiNet

WPP’s wholly-owned operating company Ogilvy & Mather, the global marketing communications group, has acquired a 70% stake in Foster Informatica, Ltda, a leading digital agency in Brazil.

Founded in 1993, Foster is based in São Paulo and employs 50 people.  Clients include Monsanto, Bayer, Metro, Danone and Goodyear.

Foster’s unaudited revenues for the year ended 31 December 2011 were R$5.0 million, with gross assets at the same date of R$4.1 million.

UK, London & Brazil, San Paulo

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PHSC plc to acquire QCS International

July 17, 2012 — Fusion DigiNet

PHSC plc, the Aylesford-based provider of health, safety and environmental services to corporate and public sector clients, is to acquires QCS International Limited (QCS). The acquisition will complete on 31 July 2012.

QCS is a company incorporated in Scotland, and was established in 1987. The company specialises in quality, environmental, and health and safety management systems and assists organisations by providing practical support and training in systems such as ISO 9001, ISO 14001, OHSAS 18001 and ISO 13485.

QCS achieved adjusted operating profits of approximately £100,000 in the year to April 2011 according to unaudited management accounts that have been substantiated as part of the due diligence process. The consideration payable will be £160,000 in cash, together with the issue of 79,186 new ordinary shares in the capital of the Company at completion, £160,000 on the first anniversary and a final payment of between £40,000 and £80,000 two years after completion, subject to certain targets being achieved.

The cash and cash-equivalent net assets of QCS will be purchased £ for £ after the preparation of completion accounts. Application will be made to the London Stock Exchange for the 79,186 new ordinary shares to be admitted to trading on AIM, with admission expected to take place on 1 August 2012. Following admission of the new ordinary shares, PHSC will have a total of 10,461,159 ordinary shares in issue.

The acquisition of QCS will enable the Group to offer a number of new services. It will also help to expand the Scottish marketplace for the Group, in that QCS will be able to introduce all of the Company’s services to their existing clients.

One of the Company’s existing subsidiaries, Quality Leisure Management Limited, already has a strong client base in Scotland. While around 20 percent of QLM’s customers are in Scotland, clients are currently serviced from personnel based in England. The acquisition will enable QLM to run a satellite operation from QCS’ Scottish offices.

Rosalynne Shields, currently Commercial Director of QCS, is to become Managing Director upon completion and to remain with QCS for a minimum of two years. She will replace Mike Izon, who will resign from the board and leave the company. All other QCS personnel will stay in post, and the company will continue to operate from its leasehold premises in Cumbernauld.

UK, Aylesford & Cumberland

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Argus Media acquires DeWitt & Company

July 15, 2012 — Fusion DigiNet

Global energy and commodity price reporting agency Argus Media has acquired DeWitt & Company, a provider of market assessments and business intelligence to the petrochemical industries. Terms of the acquisition were not disclosed.

DeWitt provides valuable and unique intelligence on the global petrochemicals markets. DeWitt’s reports cover global trade and pricing for aromatics, olefins, butadiene, methanol, MTBE, hydrocarbon resins and other petrochemicals. Founded in 1973, DeWitt publishes nearly 200 price references, which are widely used for benchmark pricing and analytical purposes. DeWitt also performs bespoke consulting services and publishes multi-client studies.

Argus Media chairman and chief executive Adrian Binks said: “We are delighted to welcome DeWitt to Argus. DeWitt is a well known and respected brand within the petrochemicals sector and is a natural complement to Argus’ existing strength in crude oil, refined petroleum products and LPG. DeWitt has an excellent reputation for providing intelligent insight and detailed analysis to its impressive range of customers. We look forward to working with DeWitt to develop our combined product offering further.”

DeWitt senior vice president Edgar Acosta said: “We are very pleased to be joining Argus and benefiting from Argus’ international reach and wide product range. We will be able to offer enhanced services to our customers and we will be developing new products together to meet the needs of our combined customer base.”

UK, London and USA, Houston

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CRISIL acquires Coalition Development

July 10, 2012 — Fusion DigiNet

The McGraw-Hill Companies, Inc., a division of Standard & Poor’s has acquired Coalition Development, a privately-held U.K. analytics company, and its subsidiaries. Coalition provides high-end analytics to leading global investment banks and other financial services firms. Coalition will be part of CRISIL’s Global Research & Analytics business.

“This acquisition reflects our commitment to helping customers succeed in the knowledge economy and also our strategic focus on high-growth businesses,” said Harold McGraw III, Chairman, President and Chief Executive Officer of McGraw-Hill. “CRISIL is a leading provider of research and analytics services to the world’s top financial institutions and corporations. The acquisition of Coalition will expand CRISIL’s presence in the fast-growing high-end analytical space to reach more global customers and markets. CRISIL already operates in research centers located in Argentina, China, India and Poland.”

Coalition provides high-end analytics, mainly to leading global investment banks. The company was founded in 2002 and is headquartered in the U.K. Coalition deploys unique proprietary analytics and algorithms covering market size, revenue dynamics and human capital. Coalition’s analytics provide a clear, actionable picture of the markets and are used by boards, strategy teams and top management at leading investment banks.

Coalition Development Limited were advised by Osborne Clarke. Mike Turner led the transaction assisted by Thomas Colmer and Mathias Loertscher and Prashant Mara and Ranjini Ghose of OC’s India desk.  Sheppard Mullin Richter & Hampton LLP, led by Linda Giunta Michaelson, provided US assistance.

UK, London and India, Mumbai

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A Fusion Deal: Econsultancy sold to Centaur

July 10, 2012 — Fusion DigiNet

Fusion Corporate Partners are pleased to announce our latest deal, the sale of Econsultancy.com Limited to business information and events group Centaur Media plc.

Econsultancy is a leading digital and events-led information provider to the global digital marketing and e-commerce community in the UK, with a growing presence in the USA, Middle East, Asia and Australia. Econsultancy’s revenues stem from subscriptions, events, training, professional qualifications and media. The company has approximately 110,000 registered users and approximately 5,000 subscribers.

Centaur are paying an initial consideration of £12m in cash, with deferred consideration of up to £38m due in 2016, based on EBITDA performance for the year ending December 2015.

Econsultancy was founded in 1999. In the financial year to 31 December 2011, Econsultancy reported revenues of £6.6m (representing an increase of 50 per cent. on the prior period) and adjusted EBITDA of £1.1m. Econsultancy’s CEO and key executives will remain with the business following the acquisition

The acquisition is a key part of the strategy to transform the Centaur Group into a predominantly digital and events-led business. The deal complements Centaur’s market-leading publications, events and digital services in the marketing, design and creative sectors.

Geoff Wilmot, Centaur Chief Executive, said, “The earnings enhancing acquisition of Econsultancy provides us with an exciting opportunity to acquire a leading information brand in a high growth sector with global potential which fits well with Centaur products including Marketing Week and New Media Age. Econsultancy is highly complementary with Centaur and gives us a prominent position in the rapidly growing digital marketing sector with the opportunity to scale internationally. We see considerable potential for collaborative growth through leveraging our existing position in marketing and the development of high value, paid-for information services.”

Paul Slight, Director at Fusion, said, “We were delighted to work with the team at Econsultancy. The company has become the leading source of independent advice and insight on digital marketing and ecommerce. It will be an excellent fit with Centaur products.”

UK, London

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OTHER FUSION DEALS:

Media and Information

Business Services
Events, Broadcast and Other deals
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dapd acquires Associated Press France

July 7, 2012 — Fusion DigiNet

German news agency group dapd media holding AG, via its French subsidiary Sipa News, has taken over the French service of the international news agency Associated Press. After Sipa Press and Diora News, this is the third company dapd has taken over in France. This takeover makes dapd the largest agency partner of Associated Press worldwide. Terms of the deal were not disclosed.

Associated Press, a leading global news agency, entered the French market at the beginning of the 20th century. The firm has existed in its present form since 1945. Associated Press’s French office produces content in English for its worldwide service and also offers a photo and video service.

“With the purchase of Associated Press French Language Service, in the future dapd will be able to offer media and companies the whole range of agency services from one source,” said Michael Cremer, leader of dapd’s Europe expansion team. The takeover is preceded by many years of cooperation between Sipa and Associated Press. Sipa has sold photographic material from the American agency since 2001 in France. Sipa retains the exclusive right of use worldwide of international Associated Press news for francophone countries.

Germany, Berlin & France, Paris

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