The Tempus Group has taken over the US-based VSM Media and has also
bought the French media agency, Le Lab. The deals were signed for
maximum considerations of pounds 8.75 million and pounds 2.85 million
They coincide with Tempus’s interim results for the six months to the
end of June 1998. Pre-tax profits shot up 83 per cent to pounds 6.4
million and turnover grew by 34 per cent to pounds 597 million.
This period’s year-on-year revenue rise was compounded by the dip in
last year’s profits after Tempus - then CIA Group - had to make pounds 2
million in payments to Laser and TSMS to correct its overtrading
Tempus’s acquisition of the medium-sized operation, VSM, marks its first
move into the US - a market that Tempus’s chairman, Chris Ingram, has
been keen to gain a foothold in for some time. VSM’s clients include
Guinness, Volvo, Barnes & Noble and JP Morgan.
Ingram said: ’Having made our first acquisition in North America, we are
focusing on building the foundations for our expansion there. As a
result, I intend to spend a significant amount of time working from New
York over the next six months.’
Ingram also said the UK operation had suffered from a number of
reductions and postponements in client budgets, and that CIA
Medianetwork International had been affected by cutbacks by
multinational clients. But new-business wins would be reflected in next
year’s figures, he said.