Top Right Group Half-Year Results

Top Right Group Half-Year Results

30 June 2012

H1 2011 H1 2012
Revenue £140m £148m
Growth 4% 8%
EBITDA £53m £53m






Shareholder confidence signals re-investment

  • APAX Partners and Guardian Media Group support £36m investment in IT, property, customer relationship management and product development

Strong Group performance year on year to date

  •  Overall year on year growth in every month of H1
  • EBITDA stable despite challenging market conditions and increased investment levels

Strong growth across operating companies year on year to date

  • Spring Fair and recent Cannes Lions Festival help drive i2i Events Group revenue up 10%
  • Growth across portfolio of information services drives 4C Group revenue up 7%
  • Growth in subscriber base, awards and conferences drive EMAP revenue up 2%

Duncan Painter, Chief Executive, Top Right Group, said: "It is clear from these results that the restructure of Top Right into three standalone operating companies is already succeeding in enabling growth.  Our strategy is clear - to build the platform on which the businesses will grow by investing in them and unlocking their potential. These results are a good step in the right direction."

Tom Hall, Partner Apax and Chairman Top Right Group, said: "Top Right Group's brands and businesses are market leaders and we are investing in the company to create value and stimulate growth. Duncan Painter and his management team have put forward an ambitious growth programme requiring substantial investment in the business over the next four to five years and we are fully behind this."

Andrew Miller, Chief Executive, Guardian Media Group, said: "These results underline the solid performance of the businesses over the last 6 months and endorse the strategy to invest for growth."


Operational Review      

i2i Events Group

i2i is a global business developing 'must attend' exhibitions, large scale events and festivals, through its Lions Division.

i2i delivered H1 revenue growth of 10% year on year driven by a strong performance from Spring Fair, the largest gifts and homeware show in the UK, which this year attracted over 64,000 buyers from independent and department chain stores to more than 3,000 exhibitors from 14 different industry sectors. 

On the back of expansion into new markets including Dubai, Singapore, China and Europe, the recent Cannes Lions Festival also performed strongly, attracting over 34,000 entries and 11,000 delegates, up 23% year on year.

4C Group

4C is a portfolio of global digital information subscription services that provides the most up-to-date market insight and analysis in design, infrastructure and consumer behaviour giving its customers the foresight to make better decisions and reduce their exposure to business risk.

Reported revenues were up 7% for the first half of the year on a like for like basis.

Growth across almost every brand was headlined by a stand out performance from Groundsure which grew 48% year on year in a relatively static housing market.

The division reported over 12,500 customers and 100,000 users accessing products to gain actionable insight and foresight across a client base in 87 countries with products delivered in 10 different languages. 


EMAP is a leading business to business publisher delivering quality, market-leading journalism across multiple, digitally enabled channels to business communities worldwide. The hub of industry and inside source for the Retail, Fashion Retail, Architecture, Built Environment, Media, Environment and Public Sectors, EMAP offers trusted intelligence through its first-in-class brand portfolio; senior-level awards; influential networks and innovative online products.

The company has successfully managed its transition from a one product, one revenue model, to a multi-platform business where its market leading brand deliver their content via print, web, social media and face to face events delivering revenues growth of 2% in the first half of 2012.

Subscription revenues now make up 27% of EMAP's total revenue compared to 18% in 2008, with forward bookings for the second half of 2012 up 11% on the same period last year.

EMAP's  Awards, which makes up 20% of the division's total revenue has grown 10% in the first six months, on the back of five years of solid double digit growth.

The company's 'Marketing Solutions' business which offers tailor-made packages including digital, research partnerships, lead generation, print specials and bespoke events has grown 9% in the first six months this year.

Capital Structure and Outlook

Net Debt has reduced from £513m in Q1 to £352m in Q2 2012. Top Right Group's rebranding and creation of three operating companies have been well received and is on plan.  The transform programme is on track with all office services migrated into the Cloud in three months.


For further information 

freud communications

Ruth Settle
t: +44 (0)7946 346 698

Will Brown
t: +44 (0) 7872 604 199




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Ascential PLC (formerly Top Right Group and Emap International Ltd)

Holding group encompassing i2i Events, 4C Group and Emap businesses.