Shares fell by 9.4% to 251.25p in early trading, before regaining some lost ground, after Maiden said that it expected pre-tax profits for 2003 of between £5.3m and £5.5m. According to Reuters, analysts had forecast between £6m and £6.7m.
The company said that profits would be smaller because strong revenues in the fourth quarter had not mitigated the poor performance in the middle of the year.
Looking ahead, the news for 2004 was upbeat with Maiden saying that the UK outdoor advertising recovery was continuing. It said that as of the beginning of the last week in January, first-quarter booked revenue for 2004 is more than 95% of the total level achieved in the record first quarter of 2003.
"In addition, the previous cost-reduction exercise will benefit operating margins in the year," the company said in a statement.
Maiden also said that it was in final contract negotiations with train and bus operating company National Express Group to take a five-year contract.
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