News blog
Cagney
- BY: Andrew Hore |
- POSTED: 18/10/2007 |
- COMMENTS: Add yours
Marketing services group Cagney is laying the foundations for an improved performance next year.
Interim figures showed a loss of £436,000 in the six months to June 2007, against breakeven in the first half of next year. There was a 6% increase in revenues from continuing activities to £4.2m. Some of this loss was due to an increase in the finance cost of deferred acquisition consideration, which is an accounting item required by new accounting rules but does not have any significance in terms of the cash generated by the business.
Most of that loss, though, was due to the costs of taking on additional experienced staff across the company’s various marketing businesses. It tends to take a few months for these people to get up to speed in revenue generating terms. That means that second half revenues will see some benefits but they are likely to be limited. Management believes it will see the fruits of this investment next year.
One of the bright spots was Tree, the market research business acquired in January. It contributed £170,000 in operating profits on revenues of £968,000.
Cagney’s full year performance is dependent on the timing of new business which it is currently discussing with customers. At 2.5p, the company is valued at £3.35m.
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