Chime trumpets first quarter financial performance

LONDON - Marketing services and PR group Chime Communications has revealed its first quarter pre-tax profits have grown by 18% to £4.8m.

In putting out the results Chime relished the contrast with the performance of bigger groups such as WPP Group and Interpublic Group, which recently reported first quarter revenue drops of 5.8% and 5.6% respectively.

Lord Bell, chairman of Chime, said: "There has been such a large amount of interest in the first quarter results of the major marketing services groups, we thought it would be helpful to report our first quarter experience.

"Unlike these groups, our operating income for the first quarter of 2009 was 13% higher than the first quarter of 2008, pre-tax profits were 18% higher than 2008 at £4.8m and the operating profit margin increased to 17.2%."

Chime also used its statement to comment on its recent loss of the integrated marketing account contract for the London 2012 Olympic Games.

Chime said: "We had held the marketing communications contract on a fixed one-year term.

"Although we are disappointed not to have renewed our contract it would have required us to invest up to £10m. We wish McCann Erickson good fortune with their appointment.

"However our involvement in 2012 remains high. We continue to advise Locog and its partners on the development of Team 2012 and through Fast Track [its sports sponsorship agency] we are already handling sponsorship for two tier one Locog sponsors.

"Fast Track also has a long term contract with UK Athletics [athletics is the centrepiece of the Olympic Games] and is organising the BT Paralympic World Cup which takes place in Manchester in two weeks time."

Daniel Farey-Jones recommends

You have

[DAYS_LEFT] Days left

of your free trial

Subscribe now

Get a team licence 

 Give your teams unrestricted access to in-depth editorial analysis, breaking news and premium reports with a bespoke subscription to ±±¾©Èü³µpk10.

Find out more

Market Reports

Get unprecedented new-business intelligence with access to ±±¾©Èü³µpk10’s new Market Reports.

Find out more

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now