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Cordiant to Announce More Layoffs as 2001 Revenues Appear “Flat at Best”

News, 13 August 2001


Cordiant Communications is today expected to announce another round of layoffs after revealing its full-year revenues are expected to be “flat at best” due to the global economic slowdown.

Up to 700 staff are expected to go, hot on the heels of the 400 job losses made earlier in the year [WAMN: 13-Jun-01]. However, the final figure is uncertain, as the company does not know just how far adspend will fall.

For the first six months of 2001, Cordiant posted sales of £308.8 million, a 0.2% rise on an underlying basis from the first half of 2000. Profits before tax jumped 26.6% to £22.1m when adjusted for currency fluctuations.

Cordiant - parent of the Bates Worldwide network - added that it wants to raise the share of its revenues raised through non-advertising methods of marketing from the current 50% to 66%.

News sources: Financial Times; The Times (London)