Shares in Bonhill Group PLC (LON:BONH) jumped in early trading Friday after the B2B media group upgraded its forecasts.
In a trading update for the nine months to December 31, Bonhill said it expected results to be “ahead of market expectations” after forecasting record revenues for its InvestmentNews business of around US$19mln for the 2018 calendar year, an increase of 14%.
Since its acquisition in August, Bonhill said InvestmentNews was expected to have generated £6mln in revenues. All the firm’s business units reported higher revenues in the period, with the total for the company up 10% in the final quarter.
The group’s UK based events business generated sales of £500,000 from three new events launched in the final quarter; "Women in IT" in Ireland and San Francisco, and "Women in Finance" in Ireland. For the nine months, the segment had doubled its sales year-on-year.
The group’s flagship event, Women in IT London, is to be held on January 30 with sales at 35% and ahead of those for last year’s event.
UK media sales had seen “improved momentum” in the final quarter, Bonhill said, with sales expected to be in line with the year-ago period.
Simon Stilwell, chief executive of Bonhill, said: "I am delighted with how well InvestmentNews has been integrated into the Group and it is performing well. There are clearly major opportunities to develop the brand further which we will do in the years ahead. We are continuing to invest across the business, particularly in high calibre team members to drive the business ahead and look forward to another year of growth and development with confidence."
Shares were up 5.7% at 92.5p.