The group reported turnover of 拢244.6m for the year ending February 29 2004, down from 拢251m the previous year. Incepta blamed a "patchy" second half and the failure of improved investor confidence to translate into increased levels of marketing spend for the performance.
Francis Maude, who took over from David Wright as chairman of Incepta in March, said: "The recent improvement in market sentiment is encouraging but uncertainty over the pace and sustainability of the global economic market continues to restrict our visibility.
"Although we are certainly more optimistic, we will remain cautious until the improvement in sentiment is more consistent and leads to sustained higher levels of corporate activity and marketing spend."
The company said that headcount had been reduced by around 150, representing 7% of its workforce, and that the cuts, along with reduced property costs, would generate annual savings of 拢7m.
Shares in Incepta were trading up by 1% this morning at 107.6p, a rise of 1.1p.
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