Despite the rise in turnover, pre-tax profits were down to £1.2m compared with £1.4m last year.
The company has benefited from an upswing in the UK outdoor advertising market, estimated to have grown by 11% in the first half of the year.
Reporting its interim results for the period ending June 30 2003, Maiden said that it was confident of the company's position in an advertising upturn, although it remained cautious on predicting a full-blown recovery.
Ron Zeghibe, chief executive, said: "Despite challenging economic and advertising conditions, revenue growth has been above our previous expectations. Sales visibility is improving and there are early signs that demand is strengthening, but margin pressure has continued and it is still too early to suggest a full recovery."
Maiden reduced its pre-tax loss from £2.3m to £1.9m, and said that it had already booked 100% of last year's total revenue as of the third week in September.
Shares in the company were trading at 275p this morning, down by 2.5p, or 0.9%, on yesterday's price.
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