Directors rush to shore up
One Monday share price
LONDON - Shares in One Monday Group, the owner of technology PR brands Text 100 and August.One Communications, rose today as directors embarked on a programme to shore up the ailing price.
Earlier in the week, One Monday shares fell by 28% on the London Stock Exchange, after the group issued results showing profits down significantly. Yesterday, they closed at 30p, up 66.7%, and in today's trading they continued to rise. At the time of writing, the price was up 5% to 36.1p.
Directors, including chairman Tom Lewis and CEO Tim Dyson, bought around 120,000 shares between them yesterday.
The results, for the year ending July 31, showed that pre-tax profits had fallen by 98.6% to £329,000. Last year, the group, benefiting from the dotcom boom, posted pre-tax profits of £2.3m. Basic earnings per share dropped from 2.9p to 0.04p.
The group attributed the fall to the fact that technology PR is "the most depressed sector of the international public relations industry, with reduced fees and cancelled campaigns widespread among our client base", according to Lewis.
In response, the group has shed 10% of its workforce worldwide and wound up several of its operations, including the August.One office in Edinburgh and the Hamburg office of Text 100. Non-core subsidiaries Brand X and FWP, both interactive consultancies, have also been closed.
Earlier this year, IBM appointed Text 100 on a worldwide brief to handle product PR, with the contract commencing in autumn 2001.
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