Bonhill Group Plc (AIM: BONH), a leading B2B media business specialising in three key areas: Business Information, Events and Data & Analytics, provides the following pre-close update for the six months ended 30 June 2021 ("H1" or the "period").
The Company is pleased to announce that trading in the period is in line with market expectations for the year ending 31 December 2021.
The Company provides the following update:
• As announced at its Annual General Meeting on 27 May 2021, H1 revenue is expected to be slightly lower than for the comparable period in 2020. This is because continued COVID-19 restrictions have resulted in no live events being held to date in 2021 (Q1 2020: 16). Despite these challenges, Q2 2021 like-for-like revenues are expected to be 9 per cent. ahead of the comparable period in 2020.
• EBITDA for the period is also 24 per cent. higher than H1 2020.
• H1 loss before taxation is expected to be significantly reduced compared to H1 2020, reflecting the substantial cost saving initiatives taken in 2020. There are also no adjusting items or goodwill impairment in the period.
• 59 virtual events have been successfully held in the period. A small number of live events are planned for H2 2021 in the UK and US, reflecting the easing of restrictions and strong sponsor and delegate support.
The Company expects to release its unaudited interim results for the period on 14th September 2021, when a further update will be provided on current trading and prospects.
Simon Stilwell, Chief Executive of Bonhill, commented:
"We have made encouraging progress so far in 2021 with performance improving in the second quarter, despite the absence of live events as a result of the ongoing restrictions due to COVID-19. We continue to see the benefits of the restructuring of the business undertaken in 2020 which has had a direct impact on our performance. Our timely shift to virtual events has served us well in the first half of the year and we expect a return to some live events in H2 2021 as restrictions ease. We are on track to end the year in line with market expectations as market conditions continue to improve."