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Aegis revenues grow 6.5% in first quarter

LONDON - Aegis has revealed a 6.5% increase in revenue in the first quarter of 2009, though organic revenue was down 11.6%.

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The company repeated the view it expressed in March that it expected to produce a resilient performance in more difficult markets this year.

Breaking down the first quarter performance by division, Aegis Media revenue was up 4.8% while market research arm Synovate saw gross revenue rise 9.6%.

Group organic revenue, excluding the effects of currency movements and acquisitions, was down 11.6%.

The company's share price dropped sharply by 8.30am today, down 8.6% since Friday's close to 80.25p.

John Napier, chairman and interim chief executive officer at Aegis, said: "Given visibility remains limited across the industry, in addition to sales we are focused on delivering the cost reduction programme announced in March, which is on track.

"We have built in considerable flexibility in relation to variable costs.

"Our target remains to broadly maintain the full year underlying operating profit margins through continuing careful management of our businesses."

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