Aegis Shares Surge on Upbeat US Ad Forecast

29 October 2002

Shares in London-headquartered Aegis Group – owner of the Carat media network – surged nearly 15% on Monday after it revealed results would be lifted by improvements in the US ad market.

In stark contrast to the recent pessimism of WPP Group [WAMN: 25-Oct-02], Aegis declared there were “clear improvements” in America’s broadcast media sector, while Europe and Asia Pacific are trading in line with expectations.

“The results for the full year, before exceptional costs, are therefore expected to be significantly better than 2001,” it continued, “although pretax profits will be held back by a somewhat higher level of restructuring and other exceptional costs than was expected in September.”

The news pushed Aegis’s share price up 9.25p to 70.5p ($1.10; €1.12) Monday afternoon, though this dipped to 69.5p by Tuesday morning.

Data sourced from: multiple sources; additional content by WARC staff