Aegis Group Optimistic On Recovery
Shares in Aegis, Europe’s largest advertising media buyer, were up almost 10% in early trading after the company said it expected full-year results would be “significantly better” than in 2001.
The group said that there were clear signs of improvement in US broadcast media while the European and Asia Pacific markets were performing in line with expectations. This upbeat prognosis differs markedly from the grim outlook offered by WPP last week (see WPP Sees Muted Revenue Growth In Third Quarter).
In a separate development, Aegis said that it would be appealing against a US court ruling on a breach of contract. On Friday, Media Independent Services was awarded $6.8 million after alleging that Aegis had breached a non-competition agreement between the two companies when it pitched for the New Line Cinema account in February 2001.
