Portugal’s Cofina acquires Media Capital from Spain’s PRISA for EUR 225M

Cofina logoPortuguese publishing group Cofina has acquired Media Capital, which operates one of Portugal’s biggest TV channels, from Spanish firm PRISA (Promotora de Informaciones SA) for EUR 255 million (GBP 225 million). The terms of the transaction were not disclosed.

PRISA logo

Media Capital is the largest group in the Portuguese media sector. Founded in 1992, it owns TVI which, via its channels TVI, TVI 24, TVI Ficção, TVI Reality, TVI Africa and TVI Internacional, reaches 10 million Portuguese speakers worldwide. The group includes MCR, the leading radio group in Portugal, operating Radio Comercial, M80, Cidade, SmoothFM and Vodafone FM, in addition to 14 digital radios.

Media Capital logoThe group also operates Media Capital Digital (IOL and TVI Player), and can boast more than 390 million visits to the group’s websites and eight million followers on social networks. Media Capital is also the owner of Plural Entertainment, one of the largest producers of audiovisual content on the Iberian peninsula (winner of two Emmy awards), as well as EMAV (a technical and recording services company) and EPC (a stage construction and rental company), both with a presence in the European market.

Cofina already owns tabloid Correio da Manha and business newspaper Jornal de Negocios, among others.

A Cofina spokesperson said, “This acquisition fits with the company’s vision for the media and appears to be the one that is best able to ensure its growth and sustainability, and is in line with the global trend towards consolidation of the media sector in the last years”.

Portugal, Lisbon & Porto  & Spain, Madrid

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Terrapinn acquires Accounting Business Expo and Accountech Live

TerrapinnGlobal events company Terrapinn the global events company has acquired Accounting Business Expo and Accountech Live, the two market leading exhibitions in Australia in the Accountancy and Finance Management field. The terms of the transaction were not disclosed.

Accounting Business Expo and Accountech Live were acquired from National Media, a leading Australian exhibitions organiser. Accounting Business Expo is an independent and vendor neutral showcase for tools, technologies and services for accounting professionals, while Accountech Live is a comprehensive showcase of tech innovation in cloud accounting and the rapidly growing add-on ecosystem.

Terrapinn’s CEO, Greg Hitchen, said, “Accounting Business Expo and Accountech.Live are world-class events in terms of scale and quality of content and bolster our global portfolio of accounting and finance expos. Terrapinn is already a world leader in this sector, with expos in the United States, Canada, Singapore, Hong Kong, Dubai and Johannesburg.”

UK, London & Australia, Bundall, QLD

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Africa.com acquires iAfrica from Primedia and MTN

Africa.comMedia holding company Africa.com has acquired Primedia and MTN-owned news portal, iAfrica.com. The terms of the agreement were not disclosed.

iAfrica was founded in the late 1990s, and continues to serve as a news source. Africa.com chairman and CEO, Teresa Clarke, will serve as executive editor of iAfrica, whose content will continue to include a wide array of coverage of local and international news, business, sport, and lifestyle content.

Clarke said, “The acquisition of iAfrica creates a next generation South African media platform with a global reach. By acquiring iAfrica, we are able to combine editorial, technology, and marketing resources, bringing the benefits of more original content and better site performance to readers of both iAfrica and Africa.com”.

Laura Joseph, Africa.com’s Managing Director, added, “We are fusing a legendary African news portal with an innovative and dynamic management team under one umbrella. With combined resources, we will continue to make each site better and better.”

South Africa, Johannesburg & Cape Town

Euromoney revenues for the fourth quarter increase by 9%

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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Centaur Media plc – full year results

centaurCentaur Media plc, the business information, events and marketing services group, has published its full year results for the year to 30 June 2013.

Financial highlights

  • Adjusted EBITDA up 10% to £12.9m (2012: £11.7m)
  • Adjusted profit before tax up 8% to £8.6m (2012: £8.0m)
  • Reported loss before tax of £37.4m (2012: profit £2.7m) includes a non-cash impairment charge of £39.2m (2012: £nil)
  • Adjusted basic EPS up 7% to 4.5p (2012: 4.2p) with a proposed full year dividend of 2.4p (up 7%)
  • Cash conversion remains strong at 112% (2012: 120%)

Operational highlights

  • Revenue mix continues to improve
    • Digital contribution increased to 35%, paid-for content 28% and events 36%
    • Advertising revenues reduced as planned to 35% of total revenues
  • Refocus around market segments driving greater focus on delivery of revenue and cost synergies

The acquisition of Econsultancy.com Limited was completed in July 2012, Centaur reported that the integration is accelerating.

Note: The Econsultancy sale was a Fusion Corporate Partners deal. Fusion represented the shareholders of Econsultancy.

centaur results 13

Click on the table to enlarge the view

 

Mark Kerswell, Interim Chief Executive, commented, “We have continued to improve our revenue and earnings profile as well as accelerate the delivery of our strategic objectives. We now have a sharper focus on markets and customers and a strong pipeline of new digital platforms and event launches. We are better placed to exploit fully the numerous opportunities across the Group. “Our digital, subscription and events businesses are growing well, whilst our print, advertising funded businesses are stable. With deferred revenues up 27%, the outlook for 2014 is positive.”

UK, London

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Communisis acquires content marketing agency Editions Publishing

communisisCustomer communication services, Communisis plc,  has acquired Editions Publishing Limited, a UK content marketing  agency in the financial services sector.

The Acquisition is at an enterprise value (on a cash free, debt free basis) of £5.87m, including Editions Publishing Limited’s net assets at completion, estimated at £0.2m. The consideration payable by Communisis totals approximately £7.1m, including acquired cash of about £1.2m. The consideration will be satisfied in cash of approximately £5.4m and through the issue of 3,003,533 new ordinary shares of 25p each in the share capital of Communisis (the “Consideration Shares”) to the value of £1.7m, based on the averagemiddle market closing price over the 5 business days prior to 3 September 2013, of 56.6 pence per ordinary share.

The Consideration Shares will rank equally in all respects with Communisis’ existing ordinary shares. 574,204 and 2,429,329 Consideration Shares are subject to an absolute lock-in for one and two years respectively after the Acquisition. After the second anniversary of the Acquisition the 2,429,329 Consideration Shares will only be tradable on an orderly market basis through the Group’s brokers.

Editions Publishing Limited, trading as Editions Financial (“EF”), has delivered in excess of 2,000 projects for more than 33 financial brands over 14 years. EF is based in Edinburgh and has a 31-strong team of specialist writers, designers, digital experts, content strategists, broadcasters and marketing specialists.

EF works directly with major financial brands to develop their content strategies (including benchmarking, proposition development and campaign planning). It then implements the strategy by providing a co-ordinated content marketing delivery service in all key channels including copywriting, video production, digital content, print and digital magazines, ezines, social media, event content and front line sales collateral.

The Acquisition is projected to be earnings enhancing in its first full year of ownership by the Group. For the year ended 31 August 2012, EF recorded profit before tax of £0.5m on turnover of £2.6m with gross assets of £1.3m at the year end. Turnover and profit increased during the year ended 31 August 2013 and continued organic growth is expected in 2014 and beyond, supplemented by synergy opportunities within the enlarged Group.

Andy Blundell, Communisis Chief Executive, said, “As the UK’s leading content marketing agency within the financial services sector, Editions Financial is a clear strategic fit with the Group’s aspiration to broaden and deepen its service offering. The acquisition also strengthens our already strong position in the financial services sector. We are delighted that the owners have decided to join Communisis and that they are equally committed both to the continuing development of the Editions Financial business and to the growth and expansion of the Group.”

Caspian Woods, Founder and Chairman of EF, commented, “Joining Communisis is an excellent opportunity for us to accelerate the growth of our business, to provide a broader range of services to our clients and to offer a richer experience to our staff, with the backing and resources of a larger group. As more brands adopt content marketing, the most important aspect will be its relevance to the reader. Communisis’ unparalleled capabilities in data-driven personalised communications coupled with compelling content will make for a powerful proposition. Developing it will be an exciting challenge for us and the Editions Financial team.”

Application will be made to the UK Listing Authority for the Consideration Shares to be admitted to the Official List maintained by the UK Listing Authority and to the London Stock Exchange for the Consideration Shares to be admitted to trading on its Main Market for listed securities. It is expected that admission of the Consideration Shares will become effective, and that dealings in the Consideration Shares will commence, at 8.00 a.m. on 11 September 2013.

Following admission of the Consideration Shares, the Company’s issued share capital will consist of 194,405,651 ordinary shares of 25p each with voting rights. The Company does not hold any ordinary shares in treasury.

UK, Leeds & Edinburgh

Future plc – interim results for the half-year ended 31 March 2013

Future plc, the  specialist media group and  digital publisher,has announced  unaudited interim results for the half-year ended 31 March 2013.

Financial Highlights

Future results 2013 v2

Click on the table for a larger image.

Summary

  • Group revenues down 1%, EBITDAE down 23%, impacted by cyclical decline in Games market
  • Group digital revenues up 33% year-on-year and now represent 25% of Group revenues
  • US operations on track to return to EBITDAE profitability in FY13
  • New credit facility for four years to February 2017
  • Sale of UK Rock titles in April for £10.2m strengthens the balance sheet to support continued investment in the transition to a predominantly digital business

Digital highlights

  • Unique users up 46% year-on-year to 51.4 million a month
  • Page views up 38% year-on-year to 299 million a month
  • Digital advertising now represents 57% of total advertising, up from 47% a year ago
  • Over five million digital editions sold across all platforms
  • Over 300,000 subscribers to digital editions, up over 75% since March 2012
  • FutureFolio signed up to power 80 digital magazines for third parties

Mark Wood, Chief Executive, said, “We experienced some difficult trading conditions in the first half, above all in the Games market, which has been in a trough ahead of new console releases from Microsoft and Sony. However, the first half figures mask tremendous progress towards a predominantly digital business, reflected in a 33% growth in digital revenues. “Our refocusing of the US business is on track to meet our commitment to return the US to EBITDAE profitability this year.

“Despite continued challenging conditions, and the impact of the Games cycle, we are seeing increased momentum on commercial revenues, contributions from new initiatives and bottom line improvements from cost efficiencies. These all point to a strong performance in the second half of the year, much as we saw in FY12, and we believe we are on track to achieve results broadly in line with our expectations.”

UK, London

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