Tempus makes move into US with VSM deal

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 respectively.

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

respectively.



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

problems.



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.



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