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Aegis Results Beat Market But Outlook Remains Flat

Aegis Results Beat Market But Outlook Remains Flat

Aegis, parent of Carat, has this morning released full year results for 2001 which reveal a decline in pre-tax profits of 19% from £78.4 million in 2000 to £63.3 million in 2001. New business wins at Carat totalled $1.7 billion and revenues at Aegis Research grew by 21.4% reaching £185.1 million.

Doug Flynn, chief executive of Aegis Group, commented: “2001 saw the deepest advertising recession in living memory. Despite this, AegisÂ’ revenues grew nearly 12% against a market contraction of approximately 5%, albeit at a lower operating margin than the prior year.”

Turnover was up 6.7% to £6,095 million and revenue was up 11.8% to £529 million. Operating profits declined by 16% to £71 million and PBT (pre exceptionals) fell 19% to £63.3m.

Flynn concluded with a downbeat message for 2002: “We fully expect the current difficult trading conditions to persist for much of 2002 but the Group should nevertheless feel the benefits of the actions we have taken in 2001. When the upturn does come, AegisÂ’ operational gearing means that it is well placed to benefit.”

Shares in Aegis had fallen from an opening price of 112½ to 108ž by 12.00.

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