Maiden predicts growth in profits as outdoor improves
LONDON - Outdoor advertising company Maiden said it was seeing a clear improvement in the market, with immediate sales prospects looking strong after a tough December.
It hailed a rebound in the billboard market after the outdoor advertising sector underperformed compared with the rest of the industry as it was hit by commodity pricing and volatile demand.
Maiden said that rail and retail sales were moving ahead well and that its performance so far this month is 13% ahead of its January performance last year.
It expects full-year profits to be at least £7m, when it issues its preliminary results on March 31, compared with £5.3m in the previous year.
Part of the improvement was attributed to the cost savings and better price premiums achieved following the decision to terminate its contract with Somerfield-Kwik Save. The company is also renegotiated banking facilities "more suitable to its long-term aims".
During the year, Maiden's rail division re-won 89% of the total rail sector in terms of revenue, including Network Rail and several train operating companies. However, rail rental rates were affected by drawn-out contract tender processes.
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