Aegis wary of future despite revenue growth

Aegis Group, parent company of Carat and Vizeum, has posted organic revenue growth of 8.2% for the first half of the year but warns of uncertain times ahead.

Chief executive officer Robert Lerwill (pictured) warns that the revenue outlook for the second half of the year “is less certain”. Carat revised its global advertising spend forecast down from 6% to 4.9% yesterday (27 August).

The company, which comprises Aegis Media and market research arm Synovate, saw revenue up 21.8% year-on-year to £607.6m at reported rates. Statutory pre-tax profit rose 18.5% to £47.4 m.

Aegis Media saw 29% of its revenue come from digital, up from 26% a year ago.

The company attributes the growth to organic growth, digital investment, strategic acquisitions and currency movements, particularly in regard to the strengthening of the Euro relative to sterling.

During the period Jerry Buhlmann took over as chief executive of Aegis Media from the position of chief executive for Europe, Middle East and Africa. Nigel Sharrocks was recently promoted to head Northern Europe

Lerwill says: “We achieved these results despite a trading environment that is becoming tougher – with signs of slowing demand, particularly in Spain, the US and UK. Consequently, our revenue outlook for the second half of 2008 is less certain. We anticipate a lower rate of growth for the second half and are therefore taking some early steps to tighten our cost base in a number of markets.”

But he adds that the company is confident of delivering a full year result at the upper end of market expectations

The company indicates that it saw signs of slowing demand, particularly in Spain, the US and UK.

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