London-headquartered advertising and PR practitioner Incepta Group, number thirteen in Ad Age’s 2002 world agency rankings, on Tuesday reported a recovery in its second quarter.
Despite more upbeat trading in the three months to June 30, Incepta was reluctant to reiterate its full year pre-tax profit forecast of £16 million ($25.16m; €23.22m) to £17m. “The ability to meet current expectations is dependent on the rate of recovery seen in the second quarter being maintained in the second half of the year,” said group finance director Michael Butterworth.
He commented that Incepta had yet to reap the benefits of the US recovery because of the traditional summer slowdown in activity. “There are heavy signs of the market picking up,” Butterworth noted.
“It is fair to say we are just coming out of summer so we hope the momentum that was starting to build in July continues. There is no doubt the US is stronger on the financial PR side, but it is still probably fragile.”
The group said economic uncertainty created by the Iraq war had affected like for like turnover in the first half with gross revenues below last year's level.
Data sourced from: MediaGuardian.co.uk; additional content by WARC staff