Centaur In more Trouble
Centaur Media continues to stagger from one piece of bad news to the next. For the first time since it floated, the Board has issued a profit warning as recruitment revenues slump by 2/3rds. The thing about recruitment is that every pound of revenue fall is almost a pound of profit fall.
Although costs have been cut and some titles closed, more radical thinking is required and urgently if this business is to be saved from the triple whammy of paridigm shift, recession and management inaction.
The share price is down to 23p (down 1op this morning) valuing the business at around £33m
- more than £100m less than it was worth when it floated. Management and the City have been surprised by the deterioration in trading. Pity they didn't ask any of us eh?