Cordiant profits up 32%

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Cordiant Communications Group, London, reported 1999 pre-tax profits grew 32% to $51 million on 10% higher revenue of $544 million. Cordiant, parent of Bates Worldwide, posted net new-business wins of more than $420 million in annualized billings in '99, and more than $100 million in wins during the first two months of 2000. CEO Michael Bungey said Cordiant is on course to meet by the end of 2000 three targets it set itself two years ago when it demerged from Saatchi & Saachi: multinational clients accounting for 40% of total revenue; North America representing 30% of total revenue; and marketing services accounting for 30% of total revenue.

Copyright March 2000, Crain Communications Inc.

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