Posting its results for 2002, Aegis said that billings at Carat, the independent media network from which it derives two-thirds of its income, were up by 10% to $16.2bn (£10.1bn), while the Synovate research network saw revenue rise 14.2% to £211.4m. Organic growth across the company was 3.4%, in a year when many of the ad groups saw negative organic growth.
Doug Flynn, chief executive of Aegis, said: "In 2002, Aegis grew profit and revenue and took market share from its rivals in challenging trading conditions. Revenue growth was particularly strong in specialised media, communication services and market research, reflecting earlier investment and operational improvement."
Aegis said that year-on-year comparisons for the second half of 2002 showed that the decline in the European advertising market may have been arrested, and the company said it is forecasting a return to positive growth in 2003.
Flynn said: "2002 saw a slight easing of the difficult market conditions that we experienced in 2001. Our planning for 2003 has been built around further gradual improvement. We expect to see further progress and a satisfactory year for the company in 2003."
At the same time, Aegis announced it was launching a new independent media network called Vizeum, which it says "recognises the growing trend towards international mandates and offers clients a greater opportunity to work with independent media agencies".
Shares in the company rose when the market opened this morning, climbing almost 5.09% or 2.75p to 56.25p, after hitting a 52-week low yesterday of 53.25p.
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