Maiden announces a 75 per cent rise in its half-year profits

Maiden, the outdoor company, has announced an increase in half-year profits of 75 per cent to £2.1 million.

The company was boosted by a general upturn in the outdoor sector and is also starting to see the savings from its cost-cutting programme.

Its turnover was up 11 per cent to £46 million for the six months to the end of June, a period in which it held on to its major rail contracts with operators including National Express Group and South East Trains. Maiden's contracts with Network Rail, which are worth £477 million in advertising revenue over ten years, were also renewed.

However, its outdoor estate shrunk during the period to 29,298 sites after the completion of its contract with KwikSave, which it claimed was performing poorly.

Maiden is competing against JCDecaux and a consortium called Citylights for a London bus shelter contract worth up to £100 million over ten years.

Ron Zeghibe, Maiden's chief executive, said: "The results reflect the growth in the outdoor market, an increase in advertising revenues and earlier management actions to reduce costs."