Profits at US advertising group, Grey Global, have doubled during the second quarter of 2004 to $10.8 million, putting the company in an even stronger selling position.
The group, which is valued at $1.3 billion, is up for sale and advertising giants such as WPP and Havas have all been linked as possible bidders.
Worldwide revenues, which were up 13.8% to $346 million, from April to June were spurred by a strong performance in Europe and North America. In Europe revenue grew by 17.8%, thanks mainly to a weak performance from the dollar and in North America increased by 8.4%.
Ed Meyer, Grey’s 76-year-old chairman and chief executive, could be in a for a $34 million cash payout if he succeeds in selling the advertising group for $1.3 billion (see Meyer Set For $34 Million Payout After Sale Of Grey).
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