CIA records bumper profits and expands with office in Moscow

CIA Medianetwork has opened an office in Moscow in the same week it announced record financial results, including a 27 per cent increase in pre-tax profits to pounds 9.5 million for 1997.

CIA Medianetwork has opened an office in Moscow in the same week it

announced record financial results, including a 27 per cent increase in

pre-tax profits to pounds 9.5 million for 1997.



Turnover for the media independent - which has plans to drop the CIA

Group name - was up by a quarter last year to pounds 968 million, with

operating profits up 44 per cent to pounds 7.5 million.



Chris Ingram, CIA’s chairman, attributed much of the performance to the

increase in margins. He said CIA was on target to become a major global

player by 2000.



Ingram said margins, up from 11.3 per cent to 13.5 per cent, had

improved as a result of CIA’s strategy of investing ahead of growth in

earlier years, which has meant infrastructure costs have not risen in

line with CIA’s expansion.



There was still scope for improvement, however. ’Part of our plans

include gaining a larger share of business in higher margin

markets.’



CIA’s margins compare with 23 per cent for Aegis, according to Aegis’s

most recent set of financial results.



Ingram said Europe remains the focus area for the group, with German

multinational companies identified as a key growth area. Expansion in

the US would ’proceed with caution’.



The Moscow office is a joint venture with the Russian media specialist,

Mega Media.



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