PR group OneMonday sees profits collapse
LONDON - Despite a collapse in pre-tax profits, which fell 79%, PR group OneMonday, owner of the Text 100 hi-tech PR network, has said it is optimistic and that its US business was performing very well.
For the half year ending January 31, OneMonday showed a profit before tax of £230,000, down by 79.1% on last year's figure of £1.1m. This was recorded on a turnover of £19.4m, down by 14.2% on last year's figure of £22.6m.
The results are better than the group had forecast in a gloomy statement it released in January this year.
In today's announcement, Tom Lewis, chairman of OneMonday, said that the board was "cautiously optimistic that the outcome for the full year will be satisfactory".
Lewis said: "The global market for the group's services remains depressed, though there are early signs of a recovery apparent in the US."
He added: "Two of the group's subsidiaries are significantly outperforming their markets -- Text 100 in the US and Bite Communications in the UK -- while trading generally remains patchy in Europe and depressed in Asia Pacific."
Last year, OneMonday made around 5% of its workforce redundant and closed EVUS, which was targeting the emerging technologies market. However, its UK subsidiary Bite opened its second office, in Stockholm.
OneMonday also owns August.One Communications, which recently won the TotalFinaElf account, and Joe Public Relations, a consumer agency which recently picked up the WHSmith Book Awards work.
Shares in OneMonday remained unchanged this morning, trading at 35.5p.
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