Top Right Group Half-Year Results
30 June 2012
Shareholder confidence signals
- APAX Partners and Guardian Media Group support £36m investment
in IT, property, customer relationship management and product
Strong Group performance year on year to
- 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
- 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
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
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
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 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
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
t: +44 (0)7946 346 698
t: +44 (0) 7872 604 199