Centaur's digital switch hits shares

Business publisher Centaur's shares today slumped 13% after the group warned of a big writedown as it switches some magazines to digital-only and sells other "non-core" titles.

Centaur is scrapping the print editions of New Media Age and Design Week while other niche assets in recruitment and construction will be jettisoned. The group admitted there will be a "significant non-cash impairment charge" because of a writedown in the value of some assets. There will also be other one-off costs from likely job losses.

Centaur, whose magazines include The Lawyer and Marketing Week, said the restructuring will "accelerate digital migration and growth".

It's the latest business media group to reduce its reliance on "legacy" print titles. UBM has just sold Music Week and several other titles. Incisive Media's Accountancy Age went online-only in April.

The shares fell 7p to 46.25p.