UK-headquartered agency group Cordiant Communications saw its shares plunge 12.8% on speculation that it will delay the release of its financial results for 2001.
The group, parent of ad network Bates Worldwide, has failed to set a concrete date for the announcement, saying only that all figures for last year will be unveiled in March. It expects to post a 9% drop in revenues.
Cordiant denied it intends to put off the release: “The company has consistently said it would announce its results in the second half of March – it has never given a firm date,” said a spokesman. “Just as soon as we have one, we will let the market know.”
The group’s shares fell to 71.5p on Friday morning, but have since recovered slightly, reaching 75.5p as WAMN went to press.
Data sourced from: BrandRepublic (UK); BBC Online Business News (UK); additional content by WARC staff