Maiden Boss Forecasts ‘Gradual And Measured’ Recovery

In an AGM statement, Maiden Group reiterated the forecast made in March that there would be a “gradual and measured recovery” in 2002.

Maiden Group chairman Martin Boase said: “The performance of the Group is in line with our comments made at the time of the preliminary results at the end of March and in our more recent Annual Report. Trading in January began slowly, but started to show a slow, steady recovery in February and March. This continued in April and May – a steady improvement, but no significant acceleration in bookings. Our expectations for 2002 therefore remain as previously anticipated, namely a gradual and measured recovery, building through the year.”

“Sales in the first half will be lower than the record levels achieved in 2001, but will at least match the previous first half record in 2000. We are past the toughest comparable period for 2001 and trading for May and June is ahead of the same months last year.”

“We are making steady progress and when the broader based recovery in media spending becomes apparent so too will the improvement in our results from what is a well invested outdoor estate. We are cautious as to the timing of a full-blown advertising recovery, but we remain optimistic about Maiden’s future and committed to the delivery of double digit annual revenue growth in any medium term timeframe.”

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