Maiden sees more recovery ahead as profits rise 75%

LONDON - Maiden, the outdoor advertising company, has announced an increase in half-year profits of 75% to £2.1m.

Its turnover was up 11% to £46m for the six months to the end of June, following growth in the outdoor market and a cost-cutting programme at Maiden.

Maiden said that it expected its fortunes to improve further on the back of an advertising recovery.

The company's outdoor estate shrunk during the period to 29,298 after it the end of its contract with KwikSave, which it claimed was a poorly performing part of its business.

However, Maiden was boosted by the renewal of major rail contracts with National Express Group and South East Trains. Its Network Rail contracts, expected to generate £477m in advertising revenue over 10 years, were also renewed.

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

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