In March, Maiden Group reported a profit slump of 29% for 2001, but said it had weathered the advertising recession and was looking forward to a gradual recovery of the market in 2002.
Speaking at Maiden's AGM today, chairman Martin Boase said: "Trading in January began slowly, but started to show a slow, steady recovery in February and March. This continued in April and May -- a steady improvement, but no significant acceleration in bookings. Our expectations for 2002, therefore, remain as previously anticipated, namely a gradual and measured recovery, building through the year."
Boase said that sales in the first half will be lower than the record levels achieved in 2001, but will match the previous first-half record in 2000. He added that Maiden was past the toughest comparable period for 2001 and trading for May and June is ahead of the same months last year.
"We are making steady progress and, when the broader based recovery in media spending becomes apparent, so too will the improvement in our results from what is a well-invested outdoor estate. We are cautious as to the timing of a full-blown advertising recovery, but we remain optimistic about Maiden's future and committed to the delivery of double-digit annual revenue growth in any medium-term timeframe," he said.
Shares in Maiden fell 4.14% this morning to 347.5p.
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