Following the announcement of a 21.6% fall in first-half profits [WAMN: 13-Sep-01], London-headquartered global media buyer Aegis Group said it is to dispense with one hundred and eighty staff.

A number of the layoffs will not be voluntary, warned a spokesperson, adding that action will also be taken to boost underperforming areas of the business.

The cutbacks aim to restore profit levels by slashing £8.7 million ($13m) annually from Aegis’ cost base.

News source: CampaignLive (UK)