News blog
Adventis
- BY: Andrew Hore |
- POSTED: 12/05/2011 |
Charles Phillpot has revealed that he is stepping down as chief executive of Adventis Group two days after the marketing services company said that it made a loss in 2010.
A £450,000 profit was estimated for 2010 but the health business has lost more than anticipated. This means that there will be a small underlying loss. There will also be a large goodwill write-off relating to the health business.
The Newspaper Publishers Association terminated its recognition of two of the company’s subsidiaries in March because of concerns about their financial strength. This meant that they lost the 15% discount and 30 days’ credit offered by publishers to media buying agencies. These businesses accounted for one-fifth of revenues and Adventis has considered selling them.
The full year results will be published on 23 May.
The share price had fallen back earlier in the week but it perked up 0.25p to 2.25p after the latest news. Adventis is valued at £1.07m.
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