Maiden Anticipates ‘Gradual And Measured’ Recovery In 2002

Maiden Group this morning released full year results for 2002 revealing a decline in underlying sales although the company still outperformed the outdoor market.

Outdoor sales revenue was £80.3 million, a slight increase on 2000 totals of £80.2 million. Underlying outdoor sales were down 0.8%, compared to decline in outdoor market of 2.8%. Maiden said that the profits “reflect [a] difficult year for advertising”.

Commenting on the results and prospects, Maiden chief executive Ron Zeghibe said: “Like other media companies, these results reflect what was an increasingly tough year for advertising in 2001. Nevertheless, we outperformed both the UK advertising display market and also our own outdoor market.”

“We continued to invest in our estate, made bolt-on acquisitions and expanded the faster growing elements of our portfolio. Consequently, we have improved the operational gearing of the business and we expect to clearly benefit as the advertising environment improves. We anticipate a gradual and measured recovery, building during 2002.”

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