Cordiant Communications has announced further job losses, which will take the total number to more than 1,100. The news comes as Cordiant issues its second profits warning in three months (see Cordiant Falls On Profits Warning), blaming a “deteriorating trading environment.”
The “headcount reductions” will take place alongside other cost cutting measures, as the company continues to take a gloomy outlook. The £10m the redundancies were expected to cost the company is now expected to be £25m.
Cordiant said today that “trading conditions in the advertising and marketing communications sector remain exceptionally difficult” and the company is now predicting that underlying revenues for the year will decline by around 9%.
By 9.30am today, shares in Cordiant had fallen 15p or over 16% on Friday’s closing price, to 78˝p.
Subscribers can access ten years of media news and analysis in the Archive
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
