Cordiant Communications Group, which includes event consultancy HP:ICM and Facilities Group, blames the strong pound for distorting its interim results.
Revenues for the six months to 30 June totalled 143.6m, compared to 151m in the same period last year. At constant exchange rates, this amounts to a revenue increase of 3.9 per cent. UK groups saw operating margins fall from 20.3 per cent to 16.4 per cent. This is attributed to unusually high margins during the first half of 1997, due to one-off projects at HP:ICM.