- The Tempus Group has completed its take-over of US-based VSM Media, and has also bought the French media shop Le Lab. The deals were signed for maximum considerations of £8.75 million and £2.85 million respectively.
The announcements coincide with Tempus' interim results for the six months to the end of June1998. Pre-tax profits shot up 83 per cent to £6.4 million and turnover grew 34 per cent to £597 million.
This period's year on year revenue rise was compounded by the dip in last year's profits after Tempus - then CIA Group - had to make £2 million in payments to Laser and TSMS to correct its overtrading problems.
Tempus' acquisition of the medium-sized operation, VSM, marks its first move into the US, a market into which chairman Chris Ingram has been keen to gain a foothold for some time. VSM's clients include Guinness, Volvo, Barnes & Noble and JP Morgan.
Ingram said: "Having made our first acquisition in North America, we are focusing on building the foundations for our expansion there. As a result, I intend to spend a significant amount of time working from New York over the next six months."
Ingram also said the UK operation had suffered from a number of reductions and postponements in client budgets, and that CIA Medianetwork International was affected by cutbacks by multinational clients. But new business wins would be reflected in next year's figures, he said.