VCCP and Teamspirit boost Chime profits 14%
By Daniel Farey-Jones, campaignlive.co.uk, Wednesday, 10 March 2010 10:45AM
LONDON - Chime Communications, parent to VCCP and Teamspirit, has reported 14% growth in profits for 2009.
VCCP put in a "strong performance" both in the UK and Germany, while Teamspirit "performed ahead of our expectations and well ahead of 2008", Chime said.
VCCP, which was acquired by Chime for £30m in 2005, has won clients including Npower, Miller, Emirates and the COI's sexual health account in the past year.
Chime's advertising and marketing services division's operating income rose 10% from 2008, to £33.3m, which accounted for just over a quarter of the group's operating income.
Chime, which is mainly driven by PR, but also has a substantial sports marketing business, achieved a 13.6% increase in pre-tax profits, to £18.6m.
Lord Bell, the PR man who built up and chairs the group, hailed what he called the company's "best results ever".
"We outperformed the market and our competitors in 2008, and we have done so again in 2009," he said. "2010 has started well and we are cautiously optimistic for the outcome of the full year."
Chime today (10 March) completed its acquisition of research and data analysis consultancy Tree from marketing services group Cagney, for £2m in cash.
Tree founders Steve Mattey, who is chief executive of Cagney, and Matthew Bayfield, are moving over with the company.
As a result, Cagney has appointed one of its directors and managing director of its sales promotion agency Cubo, Kerry Simpson, as its new chief executive.
This article was first published on campaignlive.co.uk
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