Cordiant's pre-tax profits up 31 percent in first six months of 1999

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LONDON -- Cordiant Communications Group, the parent company of agency network Bates Worldwide, posted pre-tax profits of $17.7 million for the first six months of 1999, a 31.4 percent rise on the same period last year.

The U.K. group reported revenue of $253.7 million for the period ended June 30, up 8.9 percent at constant exchange rates over the same period last year.

"We remain committed to achieving 10 percent margin for this year and a new target of 11 percent for next year," said Michael Bungey, CCG CEO.

He added: "We have plans to drive our business harder with acquisitions likely to be an important part of our growth strategy."

CCG's net new business wins reached $200 million following a record year in 1998.

With 169 offices across 70 countries, CCG comprises: Bates Worldwide; Scholz & Friends in Germany; HP:ICM specializing in live communications; a 50 percent interest in Zenith Media Worldwide; and a 30 percent interest in the Facilities Group, a pre-production agency.

CCG separated from Saatchi & Saatchi two years ago. Saatchi reported a 21 percent increase in profits to $21.12 million for the first six months of this year.

Copyright August 1999, Crain Communications Inc.

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