Media Square returns to profit
Media Square, which owns design consultancies Lloyd Northover and Holmes & Marchant, says it has returned to profit in the six months leading up to the end of August.
The group has reported operating profits for every month in the six-month period and says it is currently trading ahead of budget. This compares to the same period last year, when the group recorded a £1.5m operating loss.
The statement comes ahead of Media Square’s announcement of its interim results for the six-month period up to 31 August, which are due in November.
Media Square also says that group revenue for the six-month period is up on last year and that it secured a new six-year banking facility in July.
Peter Reid, chief executive of Media Square, says, ‘The group has performed very solidly in the face of what remain challenging economic conditions. While we remain cautious for the next six-month period, the group has made considerable progress during [the first half of the year] and is well placed to benefit from a sustained recovery in marketing budgets when it materialises.’
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