Outdoor advertising group, Maiden, has revealed a slight drop in turnover for the first half of 2005, dropping by 1% to £45.5 million, with pre-tax losses at £3.5 million.
Maiden’s financial results show a mixed set of results for the first half of 2005, reflecting uncertain economic and advertising conditions in the industry and confirming predictions made by the group in the summer (see
Maiden Reveals Improved Summer Trading).
Overall sales in the first half of 2005 decreased by 1% in the first half of 2005 due to uncertainly in the economy and the effect of the general elections.
Commenting on the group’s results, Ron Zeghibe, Maiden’s chief executive, said: “In the first half of 2005 much was achieved strategically, we won significant contracts, renewed major franchises and improved the overall quality of our portfolio.”
He continued: “The financial results reflect uncertain economic and advertising conditions, the need to bed in new contracts before they generate the returns we expect and the delay in the award of the Network Rail Roadside business.”
Maiden is optimistic about the rest of 2005, expecting the position of outdoor continues to be positive with further share gains in the future, despite hard conditions in general.
However, with continued investment in all areas of the estate and a focus in cost-reduction, the group is confident of being able to return to profitable growth in the near future. Maiden also revealed that there has been a significant upturn in sales since August, with the group already having booked sales 4% higher than the whole of 2004, with two months of selling activity still remaining.
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