Chime bucks market with strong first half
LONDON - Chime Communications saw its share price rise this morning on the back of strong interim results, showing an increase in pre-tax profits of 31%.
Chime, which owns the advertising agency HHCL & Partners as well as PR brands Bell Pottinger and Good Relations, saw profits rise to £8.4m and turnover increase by 35.6% from £64.1m to £86.9m.
Its share price, which had fallen slightly since the end of last week, was up 3% to 137.5p. The past year has seen the share price lose half its value, falling from a high of 222.5p to a low of 110p in June.
The group bucked market trends by reporting an increase in its advertising division's operating profits of 33%, excluding acquisitions. However, its biggest brand, HHCL, has experienced a slowdown.
Public relations, which has shown a downturn for other big media groups, was also a strong performer, showing increases in operating profits of 19%, excluding acquisitions.
Lord Bell, chairman of Chime, said, "Looking forward, we are well positioned to maintain growth for the foreseeable future."
Chime also announced two new non-executive directors. They are Dame Sue Tinson, director of external affairs for ITN, and Catherine Biner Bradley, founder and partner of Geneva law firm Bourquin & Biner Bradley.
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