Cordiant, which is awaiting the outcome of the Hyundai creative pitch in the US, has failed to give the City a firm date as to when its results will be released.
It had been expected to report its results last week but, according to a spokesman for Cordiant, no date has been fixed. "The company said it would produce the results by the second half of March. If this is not to be the case there will be a notification," he said.
Cordiant, which owns the Bates Worldwide advertising network, has said it expects full-year revenues to fall 9% due to the economic slowdown. Last month, it saw its shares crash 9% to 69p on renewed concerns about a possible 拢200m write-off against its purchase of US PR group Lighthouse Global Network.
Earlier this month, shares in the troubled advertising group tumbled 12.8% on rumours that it was to delay the announcement of its full-year results. These rumours were quickly denied.
At 3pm its shares were trading at 88p, down 5p. The current Cordiant share price is a long way off its market high of more than 400p at the height of the media boom in early 2000, around the time it made its purchase of Lighthouse.
As one of the last remaining independent advertising and media groups, Cordiant is the subject of continuing takeover talks.
Earlier today, Cordiant announced that it had settled its dispute with former Business Communications International CEO Nick Miles and group managing director Hugh Morrison, the PR duo sacked by Cordiant earlier this year.
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