Bonhill Group PLC Trading Update (2357T)
13 November 2019 - 6:01PM
UK Regulatory
TIDMBONH
RNS Number : 2357T
Bonhill Group PLC
13 November 2019
13 November 2019
Bonhill Group plc
("Bonhill", the "Company" or the "Group")
Trading Update
In its interim results announcement on 18 September 2019,
Bonhill Group plc (AIM: BONH), a leading B2B media business
specialising in three key areas: Business Insight, Events and Data
& Analytics, announced that Last Word Media had experienced
some challenging conditions in the UK and Hong Kong, but more
normalised trading patterns had returned at Investment News
following a weak couple of months in the first half. The Company
announces today that the challenging conditions experienced by Last
Word Media in the UK and Hong Kong have continued and, although
Investment News' performance has improved in the second half, the
Group's results for the year ending 31 December 2019 will not reach
the levels previously anticipated. Although, on a proforma basis,
the Group's revenues will be flat year-on-year, as a result of the
significant investment being made to transform its offering, the
Board now expects EBITDA for the year to 31 December 2019 to be
approximately GBP2.5m, being materially below market
expectations.
Last Word Media
The Company announced in its interim results that Last Word
Media was operating in a difficult macro-economic and turbulent
trading environment which is still the case. As a result, a cost
reduction exercise has been undertaken which will realise
approximately GBP1.0m of the overall GBP1.5m Group cost savings
identified for 2020. Three members of Last Word's senior management
team have been replaced and day-to-day leadership has been passed
to Simon Stilwell, the Company's Chief Executive. This change has
already accelerated collaboration with InvestmentNews and improved
internal processes and communication.
InvestmentNews
The business has undergone a great deal of change since the
arrival of Christine Shaw, its new CEO, in August 2019, including
the appointment of a new Chief Revenue Officer, Chief Content
Officer and largely a new sales team. While the business has grown
half-on-half in 2019 and more normalised trading patterns have
returned, it will fall short of its target for the year with the
shortfall being mainly in traditional media.
The Group continues to develop its offering and is on track to
complete its technology investment by the end of this year. This
will give the Group the platform to provide a much better service
to its core markets and, coupled with the key changes in personnel
across the Group, gives the Board confidence going into 2020.
Simon Stilwell, Bonhill's Chief Executive, commented:
"The business has had a difficult 2019, which has continued into
the final quarter. However the new technology platform and the
calibre of the people we have recruited combined with the
underlying work in improving our offering puts the Group in a
stronger position. This is underpinned by the GBP1.5m of cost
savings already identified and the ongoing savings associated with
faster integration give us confidence of a better return in
2020."
For further enquiries please contact:
Bonhill Group plc +44 (0)20 7250 7035
Simon Stilwell, Chief Executive
David Brown, Group Finance Director
Shore Capital (Nominated Adviser and Joint Broker) +44 (0)20 7408 4050
Tom Griffiths/David Coaten (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Canaccord Genuity Limited (Joint Broker) +44 (0)20 7523 8000
Bobbie Hilliam
Adam James
Georgina McCooke
About Bonhill Group plc
Bonhill Group plc is a leading, AIM-quoted, B2B media company
providing Business Insight, Events and Data & Analytics
propositions to Financial Services, Diversity and Technology
business communities in 25 countries. Bonhill operates fifteen
information websites, publishes four regular print titles, hosts
120 events per annum, offers a portfolio of data & analytics
propositions and provides a range of content marketing
solutions.
The business creates content, sales and marketing opportunities,
networking events and transactional opportunities for its audiences
of entrepreneurs, business owners and managers, CTOs &
technology leaders, asset & wealth managers, and professional
women, in addition to its sponsors, advertising clients and
customers. Flagship brands include: InvestmentNews, Portfolio
Adviser, Fund Selector Asia, What Investment, SmallBusiness.co.uk,
GrowthBusiness.co.uk, Information Age, Women in... events series,
and DiversityQ.
For more information visit www.bonhillplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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