Maiden Losses Increase In Difficult 2002

Releasing the results, Maiden’s chief executive, Ron Zeghibe, said that figures were in line with expectations and that they reflect the continued difficulties experienced by the media industry in 2002. “Despite this, the outdoor medium is continuing to outperform its rivals and Maiden is maintaining its strong position within the sector,” he added.

Group sales increased by 2.3% to £82.1 million in the year, but earnings dropped from £14.0 million in 2001 to £13.0 million this time.

The advertising market During 2002, total display advertising grew by only 0.4%, although this was an improvement on the 6.9% decline recorded the previous year, says Maiden.

The worst hit sectors in terms of display adspend were national newspapers (down 6.1%) and magazines (down 5.4%). The strongest sectors were TV (up 4.3%) and regional newspapers (up 2.0%).

Outdoor revenues grew by 1.9%, increasing the sector’s overall share of the display advertising market and continuing a consistent trend over the past decade, says Maiden.

Current trading and outlook This year has started strongly, with sales for Q1 up 24% on the same period in 2002, although the remainder of the year is harder than usual to predict, according to Zeghibe.

“Early signs in 2003 are encouraging with a record performance in group sales in the first quarter. However, given the uncertainty in the global economic and political environments, we remain cautious about prospects for the rest of the year,” he said.

Shares in Maiden Group were down by 6.0% at 195p by midday today.