Aegis enjoys a 20% rise in pre-tax profits

Aegis Group has reported a 20% rise in underlying pre-tax profits to £58.9 million in the first half of the year.

The company enjoyed a 7.3% year on year increase in organic revenue growth to £756.8 million in the six month period.

Aegis Media, the group’s media buying arm, reported organic revenue growth of 7.8%. Aegis is in the final stages of selling Synovate to Ipsos for £525 million.

The company is expected to earn £505 million from the deal, in which it intends to give £200 million back to shareholders.

“Our investors have approved the sale of Synovate, our market research business, representing the largest structural change in the history of Aegis Group,” said Jerry Buhlmann, chief executive of the group. “Once the sale is completed, Aegis will become a more focused group, with the opportunity to accelerate further the delivery of sustainable, profitable growth, and increased financial flexibility to make targeted acquisitions.”

The company said that it has made 11 acquisitions so far this year, totalling £65 million.