Cordiant back in the black

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It was a day of double good news for Saatchi & Saatchi Advertising's London-based parent, Cordiant. Besides winning Delta Air Lines, the holding company reported a profit for 1996 and promised its first dividend payment in seven years. Cordiant, which owns Saatchi and Bates Worldwide, reported net income of $30.9 million vs. a loss of $20.2 million in '95. Revenue dipped nearly 1% to $1.18 billion. "There is still much to be done in the networks, but this is a steady performance from which to build," said Charlie Scott, chairman.

Copyright March 1997, Crain Communications Inc.

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