Management expects 2008 trading to be in line with market expectations
Chime Communications plc, the leading marketing services group which includes Bell Pottinger, VCCP, Opinion Leader Research and Fast Track, today announces a trading update for the year ended 31st December 2008.
The Group has continued to perform well in the difficult economic environment and will meet market expectations in terms of income, margins and trading profit. The Group will report growth in profit before tax, earnings per share and dividend per share.
We are pleased that at the year end the Group had net cash of over £5 million compared to net debt of £13.2 million at 30th June 2008.
Recent new business wins have included:
Aer Lingus
Aviva
BT Paralympic World Cup
Compass Group
Hiscox
John Lewis
Muller Fruit Corners
PWC
RSA
Standard Life
The Lysander Gatwick Investment Group
Outlook
Going forward, the Company’s strategy is to control costs, generate cash and focus on new business. We have increased the percentage of our cost base that is variable and our balance sheet is now stronger. We are concentrating on growth in international, digital, sports marketing, geopolitical and public sector work. We adopted a more progressive dividend policy in 2008 and the Board remains committed to it.
The outlook for 2009 is uncertain but the Group is well positioned to increase market share. Our new business pipeline is surprisingly full and committed revenue for 2009 has so far reached 60% of target. In 2009 we have already won the work for the Economic Development Board of Bahrain.
Our 2008 preliminary results are expected to be announced on 11th March 2009.
For further information, please contact :
Lord Bell, Chairman 020 7861 8515
Chime Communications
Christopher Satterthwaite, Chief Executive 020 7861 8515
Chime Communications
Mike Davies/Helen Tarbet 020 7861 3232
Bell Pottinger Corporate and Financial
