Sharewatch: Aegis Boosted By Positive Results

Global advertising group, Aegis, made the day’s largest climb yesterday, rising by 6% to close at 95žp as the company unveiled strong revenues for the first six months of 2004. The group’s interim results show revenues to have grown by 15% to just under £339 million, spurred by a recovery in Europe and stronger than expected new business wins.

Pre-tax profits from January to June grew to £294.5 million as a result of the company’s global brand strategy, which has enabled each of Aegis’ businesses to be clearly differentiated and win more than their share of new business (see New Business Wins Spur On Revenues At Aegis).

Magazine publisher Highbury House also saw an increase, rising by 2% to close at 12žp. The company recently announced a reshuffle of its managing directors, with Mike Frey returning to the UK from the company’s Australian operations to run Highbury Entertainment. Mark Simpson moves from his role as managing director of Highbury Entertainment to head Highbury House Communications (see Highbury Entertainment Welcomes New Managing Director).

UBC Media was one of few media stocks to see a decline in share price yesterday, dipping by 2.13% to close at 23p. The radio group recently confirmed its intention to work with TV giant Channel 4 to create a branded national radio station from its current oneword operation (see UBC Announces Plans For Radio With Channel 4).

The FTSE 100 rose for a fifth consecutive session yesterday, due mainly to earnings news from telecoms stocks. The market gained only slightly, however, rising by just two points to close at 4,565.6. The FTSE 250 also rose, climbing by 0.3% to close at 6217.5.

The closing prices of media company shares on Tuesday were: