Maiden Sees Good Start To 2003, But Demand Is Inconsistent
A slow but steady improvement in sales continued throughout 2002 for outdoor contractor, Maiden Group, although turnover is not likely to achieve the levels anticipated at the release of the group’s financial results in September (see Maiden Pushed Into Red By Tough First Half).
For the full year, the group is expecting turnover to increase by low single digits. Pre-tax profits are predicted by Maiden’s directors to be at least £6.3 million.
This year has begun strongly, with January sales up more than 50% on last year, which was itself a poor month. February sales to date are already 23% higher than sales for the whole of February 2002 and Q1 revenues are already 10% higher than Q1 2002, the group said.
Looking forward, Maiden says that it is too early to predict the FY 2003 performance. “Advertising lead times remain short and general advertiser demand is still inconsistent. The significant international political and macro economic uncertainties could yet undermine any short-term signs of recovery in the UK media sector,” it warns.
A clearer picture of the market should be available when Maiden releases its preliminary results in March.
Shares in Maiden Group were down by 22.5p at 210p by mid-morning today.
