We frequently report on the activities of the UK-based Mark Allen Group (MAG), which has become Europe’s fastest-growing B2B media company, not least through a string of keenly-priced acquisitions. Here we go again.
The privately-owned publisher increased profit by 22% in the year ended 31 March 2021, admittedly helped a bit by government grants of £1.7m. But it was the year of pandemic. The highlight was Farmers Weekly (acquired in 2020 from RELX for £12.6m) which generated £11.3m revenue and £2.3m operating profit – and contributed most to a 39% increase in the company’s subscriptions revenue. Given the £600k part-year profit in the previous accounts, acquisition of the UK’s legendary farming brand may payback in 4 years.
Watch out for the results for the year ending 31 March 2022 which see a return of some of the company’s exhibitions, a likely 35%+ increase in revenue, and an elimination of the net debt (presumably, before the next significant deal):
Yr end 31 March | 2022* | 2021 | 2020 | 2019 |
| Revenue | £60m | £43.7m | £54.6m | £51.3m |
| EBITDA | £13.2m | £10.2m | £ 8.4m | £ 8.5m |
| Margin | 22% | 23% | 15% | 17% |
| Net debt | — | £7.9m | £13.2m | £3.6m |
The loss of exhibitions in 2021 increased the advertising share of total revenue to 50% (2020: 43%). But the clues to what comes next may be in the disclosure that a mere 29% of MAG revenue is from digital and just 11% from outside the UK.
