Aegis reports 1% revenue rise but remains downbeat

LONDON - Aegis has reported revenue growth of 1% year on year for the first nine months of 2009, but said it still does not expect any upturn in the second half.

On an organic growth basis, and taking account of currency movements and acquisitions, revenues fell by 10.8%.

In its latest financial update the media buying and market research company said it was holding to the prediction it made in its interim results in August that it would not see an upturn in the second half.

It highlighted the increasing amount of savings being delivered by its cost cutting programme, which began in March.

So far this year Aegis Media has won net new business worth $2.4bn, including Kellogg's, Beiersdorf, Credit Agricole, Societe Generale and Nokia, which compares to $1bn in the same period in 2008.

Aegis chairman and interim chief executive John Napier was quizzed yesterday about continuing speculation over Aegis merging with French advertising group Havas.

Napier told an investor conference in Barcelona: "You can speculate endlessly but there's no substance in these speculations whatsoever."

Aegis's biggest shareholder is Vincent Bollore, also the major shareholder and chairman of Havas.

Read more on Brand Republic:

Bob Willott on the Bottom Line - Aegis trading statement is the nearest thing to gobbledegook that a  shareholder could ask for

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