Advertising group GGT was forced to suspend its shares for twelve hours yesterday and bring forward its half-year results after Proctor & Gamble said it would be moving its business away from Wells BDDP, the New York agency which it bought as part of the BDDP takeover last year.
The loss of the P&G account will cost GGT around £75m in billings, around 6% of annual group revenues. As part of the results announcement, which showed a 10% increase in revenues to £101.2m and pre-tax profits of £8.15m, the group also said it would be selling its Financial Dynamics arm. The City PR firm will be bought by a management team.
While GGT shares have started trading again, the P&G loss sent their value down 80p to reach a low of 123.5p.
GGT: 0171 437 0434
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