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Cordiant improves in half

Published on .

Cordiant reported earnings of $13.8 million for the first half ended June 30, compared with a net loss of $56.6 million in the same period a year ago. The London-based parent of Saatchi & Saatchi Advertising and Bates Worldwide offset $25 million in unusual charges stemming from cost-cutting moves with a $25 million gain from the sale of its remaining one-quarter stake in Draft Direct to Interpublic Group of Cos. Revenue dropped 2.4% to $562.6 million, as a result of the 1995 disposals of Campbell Mithun Esty and Draft Direct. Revenue from continuing operations rose 1.7%. U.S. revenue from continuing operations rose 5.3%; Cordiant said Bates' U.S. offices "substantially replaced" revenue lost from the '95 defection of M&M/Mars.

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