Earnings before interest, tax, depreciation and amortisation fell from £19.7m in 2000 to £14m in 2001, while turnover was up slightly from £80.2m in 2000 to £80.3m last year.
The outdoor advertising company was given a boost in the first half of 2001 as advertising for the general election kicked off. However, it said that the market began to slow down by May, with December being "unusually weak".
Ron Zeghibe, chief executive of Maiden, said: "Like other media companies, these results reflect what was an increasingly tough year for advertising in 2001. Nevertheless, we outperformed both the UK advertising display market and also our own outdoor market."
Maiden said that after a slow start in January, sales are recovering, with price and demand firming. "The board remains confident in the group's prospects and remains committed to delivering double digit annual revenue growth in any medium-term timeframe," the company said in a statement.
Shares in Maiden Group fell when the market opened this morning, losing the 5p gained yesterday to trade at 322.5p.
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