Cordiant, one of the world’s largest global advertising groups and owner of Saatchi & Saatchi, today announced that for the year ending 31 December 1996 it made a pre-tax profit of £41.8 million, compared to a loss of £22.6m for 1995. Revenue was down from £761.1m to £754.9m, though excluding the impact of exchange movements and disposals, it increased by 2.7%. Revenue was also 3.4% ahead of budget.
In the UK revenue was slightly up from £111.7m to £113.4m and operating profit increase from £10m to £12.4m. This reflected the major account losses in the first half of 1995 which particularly hit Saatchi & Saatchi.
Cordiant: 0171 436 4000
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