AMV reveals 35 per cent profit increase
Abbott Mead Vickers.BBDO revealed an increase of 35 per cent in pre-tax profits to 4.7m in the six months to the end of June, compared with the same period last year.
AMV’s turnover in the period showed a 16 per cent increase to 159m, while earnings per share rose by 31 per cent to 7.95p.
New business wins include clients such as Prudential, WH Smith, and the Evening Standard. The agency predicts its new business will be worth 122m this year.
The agency adds that it has also benefited from increased business from existing clients such as BT, Ovaltine and radio station LBC.
Chairman David Abbott says: “Given this success in the year to date, it looks as if 1996 will be a record new business year for our advertising agencies.”
The agency was pleased with the performances of the two acquisitions it made in the first half of the year, stating that both divisions made strong contributions to overall profits. In January it purchased corporate communications agency Fishburn Hedges Boys Williams. In July the group bought media agency
Pattison Horswell Durden, which merged with the agency’s existing media buying operation to become New PHD.
AMV says the group has benefited from cross-referral of clients among its subsidiaries. AMV won 68 industry awards in the first half of the year.
