Centaur eyes more cuts as ad sales slide

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Shares in Centaur plunged by almost 30% to 24p, an all-time low, as the group said revenues from advertising in January were down almost 70% from a year ago.

It said there have been "few signs" of improvement in February, and unless things pick up in the next few months profits will be "significantly" below expectations. Although Centaur has reduced its headcount recently, further job losses and cost-cutting measures may well be unveiled alongside next Friday's half-year results.

Chairman Graham Sherren has sold down his stake over the years but remains one of the biggest shareholders with 7%. However, finance director Mike Lally dismissed talk that Sherren will utilise the low price to take the company private, saying: "Our responsibility is to all our shareholders."