AMV profits hit new high as subsidiary shops prove worth

The Abbott Mead Vickers group has capped a bumper 1996 by announcing record profits, turnover and earnings per share for the year.

The Abbott Mead Vickers group has capped a bumper 1996 by

announcing record profits, turnover and earnings per share for the

year.



Results announced at the end of last week show pre-tax profits up by a

massive 39 per cent to pounds 14.5 million, while turnover has jumped by

25 per cent to pounds 358.4 million.



The figures also highlight the success of AMV’s development into an

all-round communications group, with subsidiary companies separate from

the main agency contributing more than half the group’s total operating

profit for the first time.



Peter Mead, the group’s chairman, said last year’s momentum was being

carried through to 1997, with all the group’s companies starting the

year strongly. ’Without being complacent, I am confident that by

building referral business, developing our existing interests in the

fastest growing areas of persuasive communications and adding to the

range of services we offer to our clients, we can continue to show good

progress for the rest of the current year and beyond,’ he said.



The latest figures come on the back of a record new-business year for

the group, which boosted its billings by pounds 145 million and

contributed to Abbott Mead Vickers BBDO being named as Campaign’s Agency

of the Year for a second successive year.



The group board has recommended a final dividend of 7.75p per share,

making a total of 11p for the full year and representing a 25 per cent

increase on 1995.



Meanwhile, the group has pledged to continue its strategy of broadening

its services via acquisition. Its critical mass grew last year when it

bought the corporate communications agency, Fishburn Hedges, and the

media independent, Pattison Horswell Durden.



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