LONDON (Brand Republic) - Agency.com has reported a widening in its fourth-quarter losses and has warned of more trouble ahead.
It reported a fourth-quarter net loss of $9.1m (£6.25m) compared with a loss of $7.1m (£4.88m) last time. The company, which is part owned by the Omnicom Group, attributed the rising losses to restructuring and staff costs.
Revenues for the fourth quarter rose to $56m (£38.49m) from $32m (£21.99m) a year ago. However, it is predicting revenues for the first quarter of 2001 will come in as much as 29% down on quarter four at between $40m (£27.49m) and $45m (£30.93m).
For the 12 months to December 31, Agency.com reported a net income of $11.9m (£8.18m) compared with $8.6m (£5.91m) for the previous year. Revenues for the year were $202.1m (£138.91m) compared with $109m (£74.92m) last time.