LONDON (ShareCast) - (Sharecast News) - Centaur Media said revenue fell in the first quarter as the business information and training company sold off smaller businesses.
In a trading update before its AGM, Centaur said first-quarter trading in the year to the end of December 2019 was in line with board expectations as revenue fell 4% and profit was little changed from a year earlier.

Centaur is selling some of its brands to concentrate on its Xeim business, which focuses on the marketing industry. The loss-making company sold four businesses for £21.75m in the second quarter and is in talks to sell The Lawyer, one of its main trade publications. The sales are leaving management more time to work on improving margins and building recurring business for Xeim, Centaur said.

Chairman Neil Johnson said: "The board is pleased with the strategic progress and scale of the transformation that the team has achieved in recent months.

"The successful sale of four non-core businesses, at speed and in a challenging macro environment, has created a more focused group that is better placed to deliver value to shareholders. Our immediate priority is now all about Xeim and driving a higher margin."

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