Outdoor advertising group, Maiden, has saw pre-tax profits for the first half of 2004 climb by a staggering 75%, reflecting the continued growth in the outdoor market.
From January to June this year, pre-tax profits reached £2.1 million, as strong advertising bookings continue, with 100% of last year’s total revenue already scheduled in.
Turnover was also up, increasing by 11%, from £41.4 million to £46 million, reflecting the group’s strong position in the outdoor advertising sector which continues to outperform the display advertising market.
The successful renewal of 77% of Maiden’s rail advertising business, led by a new 10 year contract with Network Rail, has also contributed to the group’s vast improvements.
Chief executive, Ron Zeghibe said: “The results for the first half reflect the growth in the outdoor market, an increase in its own revenues and earlier management actions to reduce costs.”
Speaking of the groups prospects, he added: “Despite conditions which remain challenging, Maiden expects to build on its first half results, improving margins and profitability for the year as a whole.”
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