Cordiant Turns In Record Figures
Advertising agency Cordiant Communications has this morning turned in a strong set of financial results which show record net new business wins last year, worth £750 million. Cordiant’s results show that ad agencies are continuing to perform well whilst many media owners are suffering an ad revenue downturn.
Michael Bungey, chief executive of Cordiant, gave a very positive statement, saying: “These excellent results signal a quantum leap for Cordiant: all of our key business ratios are at record levels and our acquisition programme is fuelling our growth engines. Cordiant is now the tenth largest communications group in the world, with growth at levels comparable with the best in our sector. High performance, not size, is our focus: we could not be more enthusiastic about the potential of the group we are building.”
Cordiant has a proposed dividend of 2.1p per share and an organic revenue growth target of more than 11%.
WestLB Panmure: Buy, 350p target
Stock in Cordiant was up 5p at 289p at 11:00am today.
