Global marketing group, Cordiant Communications, today warned that the recent economic slowdown, and in particular the decline of the technology sector, will impact this year’s profits.
Revenues increased by 54% to £513 million, with underlying growth of 12.6%. Operating margins improved to 12% from 10% in 1999; operating profits increased to £61.4 million, up 84%. Headline earnings per share increased by 29% from 8.2p to 10.6p.
Cordiant is the world’s ninth-largest global marketing communications group, with over 14,000 employees in more than in 81 countries.
By late afternoon shares in Cordiant Communications were down 25p at 219½p following the statement.