London-headquartered advertising and PR company Incepta Group has reported a drop in revenues and profits for its fiscal first half.

Incepta, number thirteen in Ad Age’s 2002 world agency group rankings, posted an 8% year-on-year decline in turnover to £122 million ($202.6m; €171.5m) for the six months to August 31. Pre-tax profits (excluding goodwill and one-time items) tumbled from £9.7m last year to £5.9m.

The group blamed the dip on the weak ad market and poor performances at US units Citigate Global Intelligence & Security and Citigate Broad Street. However, business did pick up in the second quarter.

"The half year began with weak economic conditions, exacerbated by the uncertainties created by the Iraq conflict," commented ceo Richard Nichols. "Despite this, the group has produced results in line with expectations and, within this, has maintained robust margins and seen significantly stronger trading in the second quarter."

The group added that it could not be certain the Q2 improvement would be sustained, as its performance will depend on the state of the wider economy.

Data sourced from: BrandRepublic (UK); additional content by WARC staff