Carat's parent company Aegis said current "difficult" trading positions would continue throughout much of 2002 as it posted underlying pre-tax profits down 19% in its year-end results.
Doug Flynn, chief executive of Aegis, said: "2001 saw the deepest advertising recession in living memory."
But he said that the group was well placed to benefit when upturn returned following a series of cost-cutting measures last year, including the loss of 250 jobs.
Revenues grew 11.8% to £529m during 2001 and turnover was up 6.7% to more than £6bn.
"We fully expect the current difficult trading conditions to persist for much of 2002 but the group should nevertheless feel the benefits of the actions we have taken in 2002. When the upturn comes, Aegis' operational gearing means that it is well placed to benefit," Flynn said.
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