New Business Wins Will Boost Aegis In 2002
Following the ‘the deepest advertising recession in living memory’, Aegis has revealed in a pre-close trading update today that new business wins for 2001 amount to over $1.5 million. This success, coupled with cost-cutting measures imposed in September, means that Aegis will deliver profits growth in 2002 despite heavy losses brought about by the crisis in the Argentine economy which will cost Aegis $10 million in exceptionals in 2001.
The statement concluded that “For 2002, Aegis forecasts continued weakness in both the global advertising and ad hoc research markets. Although there may be some recovery in adspend in Q3 or Q4 it is expected that, for the full year, growth will be flat to negative. However, the Aegis board believes that both Carat and Aegis Research will continue to grow their market shares and that the difficult actions taken during in 2001 will ensure that shareholders will see the benefits during 2002.”
