8 November 2011 – interim management statement
The marketing services group has reported on trading since 1 July and confirmed that it has continued to trade well in a difficult environment. The sports marketing business is growing both organically and through acquisition, while the PR businesses and advertising and marketing services business are also doing well. However, a large US Government contract has ended sooner than expected and the group has had to take action to mitigate the effect of this and this will result in some restructuring costs for 2011. Excluding these costs, the group expects to meet market forecasts for 2011 although there is not much visibility for 2012. Whilst the group continues to expect growth next year this may be at a lower rate than the last few years. Nevertheless, the current low rating pretty much takes this into account and the shares remain a BUY.