Chime interim results outperform the market

Marketing services group Chime Communications, owner of Vallance Carruthers Coleman Priest and Bell Pottinger, has posted pre-tax profit up 4% to £8.5 million for the first half of the year.

Lord Tim Bell
Lord Tim Bell

Operating income rose 7% to £58.4 million for the period and the company has increased its interim dividend and only the Research division saw “a very disappointing” first half.

The company says that while trading conditions remained difficult in the first half of the year, the company’s “diversified business model” helped maintain profit performance and businesses affected by the recession were offset by businesses that continued to grow.

Chime’s largest division is Public Relations, contributing 55% of operating income. Advertising and Marketing Services contributed 40% in the period and Research 5%.

The company says that during the rest of the year it will bring in new management and reposition the Research Division, which includes Opinion Leader, Facts International and Caucus World.

The VCCP Digital and VCCP Search divisions have grown rapidly, up 50% in operating profit for the period.

The company added that the overall outlook is good although tinged with economic uncertainty. And that this year “being a one stop shop, integrated and diversified, channel neutral and low cost, is the new black.”

Chairman Lord Bell says: “Having delivered the highest profit in our history we have outperformed the market and our competition and achieved first half results ahead of expectation.”

Emirates airline handed VCCP its UK advertising business last week
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WPP Group is expected to deliver interim results tomorrow (25 August) with analysts predicting the group will cut its full year forecast for the second time in six months.

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