National World
plc
("National World," the "Company" or the "Group")
Trading update for the 21
week period to 25 May 2024
National World plc issues the
following trading update for the 21 week period to 25 May 2024,
("the period") ahead of its Annual General meeting on 30 May
2024.
Highlights
|
|
May
'24
YTD
|
May
'23
YTD
|
YOY
|
|
|
£m
|
£m
|
|
|
|
|
|
|
|
Total Group
revenue
|
39.5
|
33.6
|
+18%
|
|
|
|
|
|
|
Digital
|
8.2
|
7.3
|
+11%
|
|
Circulation
|
13.5
|
12.1
|
+12%
|
|
Print advertising
|
14.0
|
11.5
|
+22%
|
|
Events
|
2.0
|
0.9
|
+120%
|
|
Other^
|
1.8
|
1.8
|
+2%
|
^ - Other revenue comprises third
party editorial funding and non-advertising related print
revenues.
Chairman, David Montgomery,
said:
"National World continues to make strong progress on three fronts - growing
revenue in the face of a general sector decline, driving organic
development with innovative product and platform launches and
finally through a targeted acquisitions strategy.
"Our transition towards full
automation of content production processes has accelerated in the
first half. There is greater focus on pivoting the workforce
towards highly monetisable specialist content across all platforms,
particularly higher yielding video, business information and
events. Consequently, we are differentiating the Company as a
leading innovator with a continually expanding reach.
"Subject to shareholder approval, we
confirm the intention to pay an increased final dividend of 0.55p
on 10 July."
Trading
Total revenue for the period has
improved by 18% year-on-year, benefiting from both
growth in print advertising and acquisitions
completed in 2023 that were not in most of the comparative period.
Total revenue was up 19% in Q1, followed by
16% growth across April and May.
Digital revenue is trending at +11%
year-on-year for the period, despite the
general audience malaise across the sector.
Print advertising revenue growth of
20% in the first quarter has continued in April and May, with signs
of improvement in certain areas of the advertising market and
helped by acquisitions.
Events revenue growth of 120%
includes Insider Media events revenue, which the Group acquired in
April 2023.
Acquisitions
Management continues to look at
potential value-creating acquisitions that
align with the Group's strategy as it repositions the business
towards its new operating model, underpinned by greater
productivity in specialist and original content.
Financial position
The Group maintains a strong
financial position with a cash balance of at least £10.0 million at
the end of May and no debt (May '23: £24.4
million).
The Board has recommended the
payment of a final dividend of 0.55p per share in respect of the
2023 financial performance. If approved the dividend will be paid
on 10 July 2024 to shareholders on the register at 7 June 2024.
Payment of the final dividend will cost the Company approximately
£1.5 million.
Outlook
The Company remains confident that
investment in and development of its products across all platforms,
together with the adoption of its new operating model and ongoing
cost initiatives, will continue to support profitability and cash
flow. Management expects performance for
the full year to be in line with the Company's
expectations.
- Ends -
For the
purposes of UK MAR the person responsible
for arranging for the release of this announcement on behalf of
National World is David Montgomery, Executive Chairman.
Enquiries:
|
National World plc
David Montgomery
|
c/o Montfort
Communications
|
|
Dowgate Capital Limited - Financial Advisers and
Brokers
David Poutney
James Serjeant
|
+44 (0)20 3903 7715
|
|
Montfort Communications
Nick Miles
Olly Scott
|
+44 (0)77 3970 1634
+44 (0)78 1234 5205
|
Forward-looking statements
This announcement may include
statements that are, or may be deemed to be, "forward-looking
statements". These forward-looking statements can be identified by
the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates",
"expects", "intends", "may", "will", or "should" or, in each case,
their negative or other variations or comparable terminology. These
forward-looking statements include matters that are not historical
facts. They appear in a number of places throughout this
announcement and include statements regarding the directors'
current intentions, beliefs or expectations concerning, among other
things, the Company's results of operations, financial condition,
liquidity, prospects, growth, strategies and the Company's markets.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Actual results and developments could differ materially from those
expressed or implied by the forward-looking statements.
Forward-looking statements may and often do differ materially from
actual results. Any forward-looking statements in this announcement
are based on certain factors and assumptions, including the
directors' current view with respect to future events and are
subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's operations,
results of operations, growth strategy and liquidity. Whilst the
directors consider these assumptions to be reasonable based upon
information currently available, they may prove to be incorrect.
Save as required by applicable law or regulation, the Company
undertakes no obligation to release publicly the results of any
revisions to any forward-looking statements in this announcement
that may occur due to any change in the directors' expectations or
to reflect events or circumstances after the date of this
announcement.