Media Square results show revenue and profit rise
Marketing services group Media Square has reported a like-for-like revenue rise of 10 per cent and headline operating profits of £700 000 in its results for the six months leading up to August.
The headline operating profits are up from the equivalent 2009 period, when the group saw a £1.2m loss.
However, the group’s underlying net debt stands at £20.5m, up from £15.5m in August 2009.
Media Square chief executive Peter Reid says, ‘We went into this period with a lower cost base and revenue came back strongly, with strong new business performance across all sectors.’
He adds, ‘In terms of the debt, at least it has remained stable [since February 2010]. To address it, we will focus on operating performance while evaluating the merits of structural alternatives.’
The group has also announced plans to merge Twentysix London, the office of its digital consultancy Twentysix, into the London office of Lloyd Northover. Lloyd Northover and Twentysix London are currently operating from the same Tottenham Court Road base.
A statement from Media Square says, ‘The decision reflected the group’s strategy of embedding digital capabilities within each of its core consultancies (rather than seeking to solely build standalone digital capabilities), with [Twentysix London’s] digital capability being integrated within Lloyd Northover London, the group’s branding consultancy.’
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