Aegis Losses As Feared

Aegis has reported results today for 1993; there was a pre-tax loss of £18m, against a loss of £11m in 1992. There were write-offs as expected, (Newsline 11/4) of £40m.

The write-offs are three times the £14m anticipated last October and include refinancing costs, closure of a Paris office and re-organisation in France, and a £4.2m fine in France, although the company has appealed against this.

So far there has been no sign of boardroom departures, which were widely expected. Chairman, Frank Law said, however, that the group’s underlying figures for 1993 were at anticipated levels, adding that Aegis was facing 1994 with optimism despite the changes of the last two years.