The Cordiant group nailed the takeover speculation surrounding it
this week by reporting a leap in its 1998 pre-tax profits of almost 20
per cent to pounds 25.9 million.
At the same time, the Bates network parent company declared itself on
track to deliver 10 per cent operating margins this year.
The group has spent several months fending off reports that it might be
a takeover target, notably for True North.
But Michael Bungey, the Cordiant chief executive, said: ’With these
figures we’ve proved ourselves to be a very healthy company which, as
far as I’m concerned, isn’t for sale.’
He added: ’I’ll continue listening to people with ideas - but only those
that can add value for our clients and shareholders.’
The figures reveal a drop in the group’s UK operating profits to pounds
4.5 million, with operating margins falling to 11.3 per cent from 16.2
per cent the previous year.