There are small signs of recovering confidence amongst advertisers in the US, but they have yet to translate into any significant recovery in media spending, Aegis chairman Lord Sharman told the company’s AGM today.
He added that market research spending is showing a modest improvement, helping to reduce the pressure felt on Aegis’ US market research business in 2001.
European media spending remain depressed compared with the strong conditions in Q1 2001 and although stable there is, as yet, no sign of recovery, said Sharman. Latin America remains difficult and the Asia Pacific region remains strong both in media and market research.
“Overall, despite the difficult market conditions, the Group has won sufficient new business to continue modest organic revenue growth. We are also feeling the benefit of recent acquisitions. It remains unclear whether our expectation of a modest general market recovery later in the year will be realised. Nevertheless, we remain cautiously optimistic that 2002 as a whole will prove to be a satisfactory year for the Group,” Sharman concluded.
