Bonhill interim revenues 'slightly lower', H1 pre-tax losses narrowed

Business-to-business media firm Bonhill Group said on Friday that first-half revenues were expected to be "slightly lower" year-on-year due to a lack of live events being held throughout the period.

Bonhill stated continued Covid-19 restrictions had resulted in no live events being held in the six months ended 30 June, compared to the 16 held in the first quarter of 2020.

However, despite this, second-quarter like-for-like revenues were expected to be 9% stronger year-on-year.

Underlying earnings were expected to be 24% stronger and first-half pre-tax losses were projected to be "significantly reduced", reflecting the substantial cost saving initiatives taken in 2020.

Chief executive Simon Stilwell said: "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."

As of 1025 BST, Bonhill shares were up 3.47% at 12.68p.