Agency Performance League

campaignlive.co.uk, Friday, 30 September 2005 12:00AM

The advertising industry has finally returned to growth, but agencies are failing to translate the extra revenue into increased profits, according to Larissa Bannister.

This year's Willott Kingston Smith (WKS) survey of the financial performance of the UK's top agencies puts the new pressures faced by the ad industry into stark relief.

Although agencies at last look as though they have one leg over the side of Sir Martin Sorrell's recessionary bath, many failed to translate significant revenue growth into increased profitability, and profit margins fell as costs grew faster than revenue.

But, overall, most of the news was good, especially as many of the filed figures (including those of Interpublic-owned companies) refer to periods of a year or more ago, when recovery was still at a relatively early stage.

If the money spent on restructuring and redundancies over the past few years starts to pay off and growth continues, significantly improved results look likely for next year.

As a group, the independent agencies continued to perform better than group-owned businesses, and some pretty spectacular results were recorded - results that no doubt contributed to the recent spate of agency sales.

The sector as a whole has returned to growth, with the volume of business handled by the top-50 companies increasing over the period. Turnover was up 5 per cent to £139.3 million - a small rise, but a big improvement on last year's 11 per cent fall.

Last year's reported decline in gross income (revenue) was also reversed: this year, gross income grew 2.7 per cent compared with a 0.1 per cent decrease for the year before.

More than half of the top 50 posted an increase in gross income. Leo Burnett moved into the top ten with a 54 per cent increase to more than £34 million, with operating profit up by 154 per cent excluding exceptional costs. Given Leo Burnett's new-business record, most of this will have come from increased spend out of existing clients.

Mother also had a good year, with turnover up 58 per cent leading to a 38 per cent increase in gross income and an 80 per cent increase in profit before tax - something that appears to be the result of good control over administrative expenses.

VCCP's performance shed some light on Chime's eagerness to buy the agency for £30 million in July. The agency's gross profit grew 69 per cent over the period and operating profit leapt a massive 82 per cent, helped by wins including Diet Coke and Dyson.

Clemmow Hornby Inge's results must make it top of the ever-shrinking list of acquisition targets. The agency's first year of filing detailed figures revealed an increase in turnover of 97 per cent and in gross income of 56 per cent, which translated into a relatively slim 18 per cent increase in profit before tax.

Staff costs at the agency went up by 64 per cent, which partially explains the discrepancy, although the six directors also took £2.3 million in emoluments over the year.

The independents performed well, with more than half reporting increases in gross income (including VCCP and Delaney Lund Knox Warren & Partners, both of which were still independent when these figures were filed).

There were some poor performances, however. Revenues at Bates UK (since subsumed into WPP) were down 37 per cent, WCRS recorded a drop of 22 per cent and FCB London's gross income fell 23 per cent.

Productivity, as measured by gross income per head, was up 2.7 per cent as staff numbers stabilised. The largest decrease came from Saatchi & Saatchi, where staff numbers fell by 98, or 21 per cent. Agencies on a recruitment drive included Leo Burnett (with 57, or 29 per cent, more staff) and VCCP (up 82 per cent from 44 to 80).

The slight drop in employee numbers, combined with improved figures for gross income, meant that overall gross income per head went up, from £93,858 to £97,057. Although the increase indicates that agencies are getting more out of their workforces, WKS says a well-run agency ought to be able to achieve gross income per head in excess of £100,000.

The most productive agency was Publicis, with gross income of £146,852, up from £120,748. Last year's number one on the list, Fallon, dropped to 11th.

Interestingly, this is really the only area in which the groups performed better than the independents. Fewer than half of the independents posted an increase in gross income per head, compared with 60 per cent of groups.

Continuing what has been a trend for some years now, many agencies showed themselves unable to translate the increase in gross income into operating profit, which fell by 15 per cent overall. However, around half did manage an increase, and the overall reduction was largely down to sizeable operating losses made by a few larger agencies.

The largest operating loss came from McCann Erickson, which managed to convert an operating profit of £10.8 million for the previous year into a loss of £1.9 million - a decline that appears largely to be owing to weaknesses in administrative controls.

On the positive side, JWT increased its operating profit by 66 per cent, and Publicis by 45 per cent. Publicis' profit came from adding back £3.1 million of exceptional costs relating to "a net adjustment arising out of the assessment of the value of certain balances, some of which may relate to earlier years". Had this adjustment, which appears to relate to incorrectly stated balance-sheet items, not been classed as exceptional, profits would in fact have fallen by 12 per cent.

The overall operating profit decrease has had an obvious and damaging knock-on effect on margins. Last year, things improved, with the top 50 returning an average margin of 15 per cent. This year, the figure has dropped back down to 10.7 per cent. Agencies have become synonymous with poor profit margins in recent years, falling significantly short of the 15 per cent to 20 per cent WKS feels is achievable by a well-run marketing business.

McCann Erickson was again a strong contributor to this overall figure.

It dropped from fifth in the table last year to 45th this year, after its profit margin fell from 23.9 per cent to -4.3 per cent. Saatchi & Saatchi also went into minus figures, from a 0.5 per cent margin last year to -4.8 per cent in this year's survey.

Euro RSCG pulled its socks up though, leaping from 45th in the table to 20th after recording an 11.8 per cent margin - still low, but better than the 0.8 per cent of last year.

Burkitt DDB rose to fifth in the table from 47th after it improved margins from -0.1 per cent to a very healthy 19.7 per cent this year.

Agencies' apparent inability to translate income growth into profit is disconcerting to say the least, and procurement departments putting increasing pressure on margins may well have something to do with it.

Unsurprisingly, profit per employee was also down, by almost 15 per cent.

Publicis managed to buck the trend, reporting an operating profit per head of £31,582 - a significant jump from last year's £21,920.

Six companies recorded an operating loss per employee, of which the highest was £16,362 per employee at Partners BDDH. Despite a large increase in turnover, Partners also posted reduced gross income but only reduced its staff numbers by two across the year.

Saatchi & Saatchi also made an operating loss per head, in its case £4,214, a 1,262 per cent decrease on last year's paltry £391 per head profit. FCB London recorded a still worse £10,453 loss per head.

Some employees, of course, are worth more than others. Unsurprisingly, most of the industry's highest-paid directors took home more money than they did in last year's survey, although the numbers weren't up by that much.

As usual, Sir Martin Sorrell tops the highest-paid list, collecting a package worth £2.74 million, an increase of 12 per cent on the year before.

Trailing in the number-two position was Aegis Group's Douglas Flynn (who has since left); he received £1.63 million, up 9 per cent on the previous survey.

The biggest leap of the top ten came from the M&C Saatchi founding partner Bill Muirhead, whose £585,000 package represents an increase of 37 per cent. Someone at Clemmow Hornby Inge would have been happy to receive a payment of £710,000 (an increase of 31 per cent) as would one of the Tullo Marshall Warren directors, who trousered a cool £635,000.

The Financial Performance of Marketing Services Companies 2005 is available from Willott Kingston Smith (020 7566 3850), priced £375.

TOP 50 AGENCIES Rank Rank Agency Year end Gross income latest prev Latest Previous Chg (pounds) (pounds) (%) 000s) 000s) 1 1 Young & Rubicam Group 31/12/03 92,508 93,278 -0.83 2 2 The Ogilvy Group (Holdings) 31/12/03 64,823 59,994 8.05 3 4 J. Walter Thompson Group 31/12/04 50,490 44,311 13.94 4 3 McCann Erickson Advertising 31/12/02 45,244 45,020 0.50 5 9 Bartle Bogle Hegarty 31/12/04 43,710 38,397 13.84 6 12 Publicis 31/12/03 38,622 31,636 22.08 7 5 TMP Worldwide 31/12/03 38,245 40,425 -5.39 8 11 Abbott Mead Vickers BBDO 31/12/04 37,604 35,024 7.37 9 6 Lowe & Partners 31/12/03 36,207 39,842 -9.12 10 8 Saatchi & Saatchi Group 31/12/03 34,683 37,550 -7.64 11 10 Leo Burnett 31/12/03 34,143 22,140 54.21 12 13 M&C Saatchi (UK) 31/12/04 30,589 30,944 -1.15 13 14 BMP DDB 31/12/03 29,627 29,371 0.87 14 17 Grey Advertising 30/09/04 25,677 23,991 7.03 15 20 Accord Holdings 31/03/2005 24,531 16,610 47.69 16 7 Bates UK 31/12/03 24,517 38,919 -37.01 17 16 TBWA\London 31/12/04 23,583 24,344 -3.13 18 15 McCann-Erickson Manchester 31/12/03 23,136 26,072 -11.26 19 18 Euro RSCG London 31/12/03 19,349 20,934 -7.57 20 19 WCRS 31/12/03 14,613 18,677 -21.76 21 22 Golley Slater Group 30/11/03 11,255 11,591 -2.90 22 29 Mother Holdings 31/12/03 11,149 8,079 38.00 23 23 Delaney Lund Knox Warren & Partners 31/12/03 10,962 8,162 34.31 24 25 BDH\TBWA 31/12/03 10,375 8,734 18.79 25 24 Fallon London 31/12/04 10,289 9,949 3.42 26 - Vallance Carruthers Coleman Priest 31/01/2005 8,267 4,898 68.78 27 - FCB London 31/12/03 7,738 10,103 -23.41 28 30 HHCL/Red Cell Advertising 31/12/03 7,651 8,561 -10.63 29 27 St Luke's Communications 31/12/04 7,451 7,990 -6.75 30 35 Miles Calcraft Briginshaw Duffy 30/06/04 7,090 5,582 27.02 31 37 Brahm 31/07/04 6,308 5,463 15.47 32 - Clemmow Hornby Inge 30/06/04 6,190 3,962 56.23 33 33 Advertising Principles (Group) 31/03/04 5,984 6,088 -1.71 34 32 Partners BDDH 31/12/03 5,975 6,552 -8.81 35 31 The Gate Worldwide 29/02/04 5,919 6,656 -11.07 36 39 Wieden & Kennedy UK 31/12/04 5,910 5,149 14.78 37 34 Cheethambell JWT 31/12/04 5,856 5,775 1.40 38 36 Bray Leino 31/12/04 5,334 5,581 -4.43 39 41 Burkitt DDB 31/12/04 4,884 4,436 10.10 40 42 Mustoe Merriman Levy Group Holdings 31/12/04 4,848 4,351 11.42 41 38 DFGW 30/09/03 4,280 5,249 -18.46 42 43 Robson Brown 29/02/04 4,268 4,323 -1.27 43 47 BJL Group 30/06/04 3,883 3,774 2.89 44 45 Maher Bird Associates 31/12/03 3,868 3,174 21.87 45 50 BCMB 31/12/03 3,545 3,412 3.90 46 46 CCHM:PING 30/09/04 3,258 3,838 -15.11 47 - Beechwood Group 31/12/04 3,144 2,998 4.87 48 40 Poulter Group (formerly Poulter) 04/10/04 3,135 4,605 -31.92 49 - HDM Agency 31/12/03 3,049 3,240 -5.90 50 - The Union Advertising Agency 31/12/03 2,836 2,644 7.26 Rank Rank Agency Operating profit per head latest prev Latest Previous Chg (pounds s) (pounds s) (%) 1 1 Young & Rubicam Group 16,153 17,866 -9.59 2 2 The Ogilvy Group (Holdings) 5,703 2,070 175.51 3 4 J. Walter Thompson Group 18,311 12,215 49.91 4 3 McCann Erickson Advertising 15,827 21,612 -26.77 5 9 Bartle Bogle Hegarty 22,598 20,300 11.32 6 12 Publicis 31,582 21,920 44.08 7 5 TMP Worldwide 6,542 10,861 -39.76 8 11 Abbott Mead Vickers BBDO 18,922 19,191 -1.41 9 6 Lowe & Partners 20,042 26,482 -24.32 10 8 Saatchi & Saatchi Group -4,548 391 -1,261.91 11 10 Leo Burnett 13,594 6,918 96.51 12 13 M&C Saatchi (UK) 8,920 11,613 -23.18 13 14 BMP DDB 6,911 9,465 -26.98 14 17 Grey Advertising 2,380 -2,259 -205.33 15 20 Accord Holdings 15,762 14,184 11.12 16 7 Bates UK 7,886 19,265 -59.07 17 16 TBWA\London 14,389 16,111 -10.68 18 15 McCann-Erickson Manchester -4,214 23,479 -117.95 19 18 Euro RSCG London 12,876 903 1,326.35 20 19 WCRS 10,849 18,000 -39.73 21 22 Golley Slater Group 11,757 15,281 -23.06 22 29 Mother Holdings 24,297 16,164 50.31 23 23 Delaney Lund Knox Warren & Partners 12,641 10,573 19.56 24 25 BDH\TBWA 9,842 8,274 18.95 25 24 Fallon London 12,476 26,053 -52.11 26 - Vallance Carruthers Coleman Priest 10,488 10,500 -0.12 27 - FCB London 10,453 7,333 -242.55 28 30 HHCL/Red Cell Advertising 8,282 -12,729 -165.06 29 27 St Luke's Communications 5,463 -1,000 -646.34 30 35 Miles Calcraft Briginshaw Duffy 7,382 8,128 -9.17 31 37 Brahm 4,234 4,152 1.96 32 - Clemmow Hornby Inge 13,222 20,129 -34.31 33 33 Advertising Principles (Group) 1,623 2,991 -45.75 34 32 Partners BDDH -16,362 -6,183 164.63 35 31 The Gate Worldwide 3,178 7,782 -59.16 36 39 Wieden & Kennedy UK 2,872 3,786 -24.13 37 34 Cheethambell JWT 9,593 10,033 -4.38 38 36 Bray Leino 6,760 18,118 -62.69 39 41 Burkitt DDB 20,913 -102 -20,594.78 40 42 Mustoe Merriman Levy Group Holdings 14,385 12,115 18.73 41 38 DFGW 3,255 13,440 -75.78 42 43 Robson Brown 4,286 8,884 -51.76 43 47 BJL Group 7,033 5,475 28.44 44 45 Maher Bird Associates 19,500 10,067 93.71 45 50 BCMB 12,857 12,050 6.70 46 46 CCHM:PING 3,333 5,429 -38.60 47 - Beechwood Group -3,930 1,244 -415.96 48 40 Poulter Group (formerly Poulter) -2,077 4,407 -147.14 49 - HDM Agency 7,121 9,147 -22.15 50 - The Union Advertising Agency 4,755 551 762.96 Source: Willott Kingston Smith has used the figures filed at Companies House, covering periods ending in 2002, 2003, 2004 and 2005. Definitions: gross income - turnover less direct costs of sales, if any; employment costs - the total of gross salaries, employers' NIC and pension costs; operating profit - pre-tax, excluding the amortisation of goodwill from acquisitions of other businesses, exceptional items, income from (or losses of) related companies and interest receivable and other investment income less interest payable. MEDIA BUYING AGENCIES Rank Agency Year end Gross income Latest Change (£000s) (%) 1 Aegis Group PLC 31/12/04 647,500 13.1 2 MediaCom UK 30/09/04 31,361 13.5 3 MindShare Media UK 31/12/03 27,087 13.9 4 ZenithOptimedia 31/12/03 22,248 442.0 5 Starcom Motive 31/12/03 16,716 0.5 6 OMD UK 31/12/03 15,991 14.7 7 PHD Media 31/12/04 15,664 5.6 8 Initiative Media London 31/12/03 15,440 12.5 9 Media Planning 31/12/03 13,402 -3.2 10 Manning Gottlieb OMD 31/12/03 12,872 24.2 11 Mediaedge:cia UK 31/12/03 11,859 -2.8 12 Mediavest (Manchester) 29/02/04 11,207 24.8 13 BLM Holdings 31/05/04 7,270 10.1 14 Mediaedge:cia International 31/12/03 6,923 131.6 15 WWAV Rapp Collins Media 31/12/03 6,010 16.2 Rank Agency Operating profit Operating profit margin on gross income Latest Change Latest Change (£000s) (%) (%) (%) 1 Aegis Group PLC 100,100 18.9 15.5 5.1 2 MediaCom UK 6,748 38.9 21.5 22.4 3 MindShare Media UK -261 -108.0 -1.0 -107.0 4 ZenithOptimedia 1,662 -60.4 46.2 86.3 5 Starcom Motive 3,489 -31.0 20.9 -31.4 6 OMD UK 4,128 47.1 25.8 28.3 7 PHD Media 3,640 28.5 23.2 21.7 8 Initiative Media London 391 63.6 2.5 45.5 9 Media Planning 3,806 22.3 28.4 26.4 10 Manning Gottlieb OMD 3,069 12.0 23.8 -9.9 11 Mediaedge:cia UK -2,096 -1,754.9 -17.7 -107.9 12 Mediavest (Manchester) 2,467 38.7 22.0 11.1 13 BLM Holdings 733 114.3 10.1 94.6 14 Mediaedge:cia Intl -3,730 -1,587.8 -53.9 -628.7 15 WWAV Rapp Collins Media 990 59.7 16.5 37.4

The overall trend for the media buying side of the business was one of positive growth. Gross income went up by 12.3 per cent across the board, indicating an increase in fee-based work, or perhaps better average rates of commission.

Operating profits also improved, up by 9.2 per cent. Employment costs rose 12.9 per cent on the back of a 17.2 per cent increase in staff numbers and profit margins fell sharply as a result of this (as well as a 17.9 per cent rise in other overheads), down to just 14.9 per cent from the 16.7 per cent achieved last year.

The independent media agencies performed far better than the larger groups, with gross income and operating profits up 16 per cent and 12 per cent respectively, though they continue to represent an ever-smaller section of the market.

As usual, the list of media buyers is dominated by Aegis: its results are reported globally rather than on a UK-only basis. Interestingly, the figures have not changed since last year, indicating that Aegis has not in fact increased its marketshare.

Significant reorganisations at two top agencies, Mediaedge:cia and ZenithOptimedia, affected the results at both and made comparisons with previous years difficult.

Most of the other top-ten media buying agencies posted an increase in gross income. Manning Gottlieb OMD's results were up an impressive 25 per cent, while OMD UK was up 15 per cent, MindShare Media UK up 14 per cent and MediaCom UK also up 14 per cent. MindShare cited growth from its digital arm mOne and from branded content and sponsorship as being instrumental in its income growth.

Only two companies showed negative growth: The Allmond Partnership (now closing) was down 21 per cent in the first year after its buy-out and the loss of its Yell and O2 accounts; and All Response Media.

Aegis' results had a big effect on the 9.2 per cent operating profit recorded for the sector as a whole: without Aegis, overall profits would have fallen by 10.4 per cent. Profits at the independent agencies, however, were up 11.7 per cent compared with a decline of 14.8 per cent for groups excluding Aegis.

Some group agencies bucked the trend, with OMD UK increasing its profits by 47.1 per cent on the back of a 14.7 per cent increase in income. The company was obviously able to use up some significant excess capacity as staff numbers increased by only three across the period.

MediaCom UK boosted its profits by 38.9 per cent, as increased income of £3.7 million was achieved with a relatively small 8.3 per cent rise in employment costs and just 26 new staff taken on over the period.

Three companies - all within the WPP group - reported an operating loss for the year. Mediaedge:cia UK and Mediaedge:cia International were both the product of a reorganisation. MindShare, meanwhile, made a loss of £261,000, despite an increase in income of £3.3 million. The main cause for this was a whopping £5 million (66.5 per cent) increase in other overhead costs.

Although profit margins were down almost 2 per cent, 14.9 per cent is still pretty close to Willott Kingston Smith's benchmark 15 per cent.

Some companies did improve their margins, notably Media Campaign Services, WWAV Rapp Collins Media and BJK&E.

Given that operating profits grew less quickly than income in percentage terms, it will come as no surprise to learn that the sector reported a fall in productivity compared with the previous year. Gross income per head fell by 4.2 per cent to just £70,518, well short of the £100,000 standard set by WKS as achievable for a marketing services company.

TOP TEN BY OPERATING PROFIT MARGIN ON GROSS INCOME Rank Company name Latest Previous Change (%) (%) (%) 1 Accord Holdings 25.9 26.4 -1.9 2 Publicis 21.5 18.2 18.5 3 McCann-Erickson Manchester 20.5 27.4 -25.0 4 Mother Holdings 19.8 14.6 35.8 5 Burkitt DDB 19.7 -0.1 17,575.2 6 Golley Slater Group 19.3 24.4 -20.8 7 Bartle Bogle Hegarty 19.2 16.8 14.5 8 Young & Rubicam Group 16.1 18.4 -12.7 9 Lowe & Partners 15.7 20.5 -23.7 10 Mustoe Merriman Levy Group Holdings 15.4 14.5 6.6 BOTTOM TEN BY OPERATING PROFIT MARGIN ON GROSS INCOME Rank Company name Latest Previous Change (%) (%) (%) 41 DFGW 3.6 12.8 -72.1 42 Advertising Principles (Group) 3.1 5.7 -45.8 43 Wieden & Kennedy UK 2.3 3.1 -26.0 44 Grey Advertising 1.9 -2.0 196.6 45 McCann Erickson Advertising -4.3 23.9 -118.0 46 Saatchi & Saatchi Group -4.8 0.5 -1,092.8 47 Beechwood Group -5.4 1.7 -416.0 48 Poulter Group -9.4 13.4 -170.2 49 FCB London -10.1 6.8 -250.1 50 Partners BDDH -18.9 -6.7 -182.07 TOP TEN BY REVENUE PER HEAD Rank Company name Latest Previous Change (pounds) (pounds) (%) 1 Publicis 146,852 120,748 21.6 2 Leo Burnett 136,028 114,124 19.2 3 J. Walter Thompson Group 134,282 130,326 3.0 4 Maher Bird Associates 128,933 105,800 21.9 5 Abbott Mead Vickers BBDO 128,341 124,199 3.3 6 Lowe & Partners 127,940 128,939 -0.8 7 Wieden & Kennedy UK 125,745 122,595 2.6 8 Grey Advertising 123,447 113,165 9.1 9 WCRS 122,798 116,731 5.2 10 Mother Holdings 122,516 110,671 10.7 BOTTOM TEN BY REVENUE PER HEAD Rank Company name Latest Previous Change (pounds) (pounds) (%) 41 Cheethambell JWT 64,352 62,772 2.5 42 BJL Group 63,656 61,869 2.8 43 Accord Holdings 60,871 53,754 13.2 44 Golley Slater Group 60,838 62,654 -2.8 45 The Union Advertising Agency 57,878 53,959 7.2 46 Bray Leino 53,340 60,011 -11.1 47 Advertising Principles (Group) 52,491 52,483 0.0 48 Brahm 50,871 52,029 -2.3 49 Robson Brown 46,901 50,267 -6.6 50 Poulter Group (formerly Poulter) 22,077 32,893 -32.8 TOP TEN BY EMPLOYMENT COSTS PER HEAD Rank Company name Latest Previous Change (pounds) (pounds) (%) 1 Clemmow Hornby Inge 115,759 122,839 -5.8 2 Wieden & Kennedy UK 79,745 81,857 -2.6 3 Fallon London 77,583 79,987 -3.0 4 Leo Burnett 75,809 67,995 11.5 5 WCRS 75,462 71,044 6.2 6 The Ogilvy Group (Holdings) 72,206 64,313 12.3 7 Delaney Lund Knox Warren & Partners 71,022 64,267 10.5 8 J. Walter Thompson Group 70,532 69,550 1.4 9 Mother Holdings (formerly Mother ) 70,374 59,247 18.8 10 Publicis 69,163 60,710 13.9 BOTTOM TEN BY EMPLOYMENT COSTS PER HEAD Rank Company name Latest Previous Change (pounds) (pounds) (%) 41 Poulter Group 38,725 36,557 5.9 42 McCann-Erickson Manchester 38,613 36,967 4.5 43 Advertising Principles (Group) 37,947 36,000 5.4 44 BCMB 37,643 36,100 4.3 45 Cheethambell JWT 37,330 33,772 10.5 46 Bray Leino 36,960 34,333 7.7 47 Brahm 35,306 35,524 -0.6 48 Golley Slater Group 35,173 33,341 5.5 49 Robson Brown 30,703 30,663 0.1 50 Accord Holdings 27,442 26,748 2.6 HIGHEST-PAID GROUP DIRECTORS Rank Group Director Latest Previous Chg (pounds (pounds (%) 000s) 000s) 1 WPP Group plc Sir Martin Sorrell 2,740 2,454 11.7 2 Aegis Group plc Douglas Flynn 1,626 1,491 9.1 3 Havas Group of Companies in UK Not disclosed 1,271 1,069 18.9 4 Omnicom Europe Not disclosed 1,007 895 12.5 5 Publicis Group of Companies in UK Not disclosed 910 910 0.0 6 Chime Communications plc Lord Bell 784 782 0.3 7 Clemmow Hornby Inge Not disclosed 710 530 34.0 8 Tullo Marshall Warren Not disclosed 635 500 27.0 9 Billington Cartmell Not disclosed 600 850 -29.4 10 M&C Saatchi plc Bill Muirhead 585 427 37.0 TOP TEN GROUPS BY CASHFLOW Rank Group cashflow (£000s) 1 WPP Group plc 367,600 2 Chime Communications plc 23,049 3 Aegis Group plc 22,100 4 M&C Saatchi plc 12,375 5 Accord Holdings 5,378 6 BLM Holdings 5,294 7 Huntsworth plc 2,777 8 Media Square plc 2,498 9 Mother 1,828 10 Creston plc 1,503

This article was first published on campaignlive.co.uk

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