The firm's interim results show there was also a small decline in turnover of 1% to £45.5m, compared with £46m the previous year.
During the period, Maiden did win the entirety of Network Rail's £350m roadside billboard contract but the award was delayed, which is being blamed in part for the results.
Ron Zeghibe, Maiden chief executive, said: "The first half of 2005 has been one of mixed results for Maiden. Much was achieved strategically -- we won significant new contracts, renewed major franchises and improved the overall quality of our portfolio.
"The results reflect uncertain economic and advertising conditions, the need to bed in new contracts before they generate the returns we expect and the delay in the award of the Network Rail Roadside business."
Maiden said it is better positioned now in the growing outdoor market than it has been for many years.
Maiden Group shares took a tumble following the announcement, down 11.82% or 18.5p to 138p.
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