WPP, which tabled its offer last month, is expected to be looking for a way out of the deal because Tempus's share price has fallen way below the 555p-a-share price WPP offered to pay for the business, 2.6% higher than Havas' bid. Havas withdrew its £425m bid for the company on Friday, sending Tempus shares down 24%.
This morning Tempus shares climbed 2.5% to 445p after recovering 4.2% yesterday to 442.5p.
Tempus said net income was down to £3.28m from £4.8m last time, while revenues climbed 24% or £83.9m. The company said 2001 had proved to be "one of the most difficult years the industry has faced".
Chris Ingram, chairman of Tempus said, "While the current trading environment is still difficult, we are confident the investment we have made both in our network and in attracting and retaining high-quality people will further enhance our competitiveness. Meanwhile, cost savings of £10m on an annualised basis have already been made and we will continue to aggressively manage our cost base in the light of trading conditions.
"The management of all of our companies are committed to working with WPP to successfully integrate our businesses."
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