British advertiser Aegis says returns to profit

27th August 2010, Comments 0 comments

Aegis, the British advertising and marketing group, said on Friday it returned to profit in the first half and predicted a positive short-term outlook as the economy recovers.

Net profit stood at 14.6 million pounds (17.8 million euros, 22.7 million dollars) in the six months to June, compared with a loss of 2.1 million pounds in the first half of 2009, Aegis said in a statement.

"We produced a strong performance during the first half of 2010, confirming our expectations of a return to growth," said newly-appointed Aegis chief executive Jerry Buhlmann.

"This was driven by good performances from our businesses in faster-growing regions" such as China and Russia.

Buhlmann added: "For the second half, we are seeing signs of a rebound in both the advertising and market research sectors. While it is too early to predict a sustained longer term recovery, we are optimistic about the short term outlook for both sectors."

© 2010 AFP

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