Cordiant Stifles Takeover Rumours With Strong Results

Advertising agency Cordiant Communications, which demerged from Saatchi & Saatchi just over a year ago (see Cordiant Confirms Demerger Plans), has today posted a strong set of financial results in the face of growing takeover rumours.

Pre-tax profits at the group were up by 20% to £25.9 million for the year ended 31 December 1998; earnings per share rose by 15% to 6.8p. Revenues, however, fell slightly from £307.6 million to £301.8 million.

Michael Bungey, chief executive of Cordiant, commented: “We hit the ground running in 1998 and prospects are looking strong. Our new business record has been outstanding, more than double that of 1997 and we are on track to deliver 10% margins this year. We are achieving our strategic and financial objectives.”

Cordiant Communications: 0171 262 4343