London-headquartered marketing and public relations group Incepta Group says there are still no signs of recovery after reporting a swing into an annual loss.

The group reported a pre-tax loss of £30.5 million ($48.9m; €42.6m) for the year ended February 28, down from £12.1m profits the year before, while revenues slipped 6% to £160.5m.

Blaming redundancy payments and costs associated with property disposals, Incepta revealed it would cut its dividend from 0.7p a share last year to 0.2p.

Looking ahead, the group maintained its recent pessimism [WAMN: 18-Feb-03]. “We are assuming no recovery this year,” declared ceo Richard Nichols, “but if there is a recovery we are well positioned to take advantage of it.”

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