Bungey Expected To Leave Cordiant Comms

It has been rumoured for some time now that Bungey will step down from his role at the top of the global marketing group, although no firm announcements have been made so far. Cordiant is in its closed period prior to the release of its results and so declined to comment on the reports.

Cordiant has been struggling in the difficult advertising conditions of late and is not expecting its markets to return to growth until 2003. Revenues in the first five months of this year were down by 11%, which was in line with expectations (see Cordiant Sees No Return To Growth Until 2003).

Analysts at Merrill Lynch are forecasting that Cordiant’s first half revenues will be down by 9.6% at £279.1 million. Like for like revenues are now expected by the broker to be down 1-2% in 2003, from a previous forecast of 3% growth.

Shares in Cordiant have more than halved over the last twelve months and were down 1p at 54½p at 10:45am today.