Advertising firm Aegis said full year operating profit came in line with company forecasts and is in a good position to face the challenges of 2010.
Operating profit fell to £170.3m in 2009 from £177.0m in 2008. Pre-tax profit during the period fell to 149.3 from 166.8 before while revenue dropped 8.7% to £1.346bn in constant currency terms.
"The Board believes that our performance in 2009 places us in a good position to face the continuing challenges of 2010," Aegis said in a statement.
Aegis Media performed robustly, reaching record net new business of $2.7bn.
The group, which boosted its balance sheet in December after $225m US private placement, today announced a proposed £175m convertible bond to "increase financial flexibility and bolt on acquisition capability."
Chairman and interim chief executive officer John Napier commented, " We performed well to meet market guidance in a tougher year than we initially expected."
Company news from ShareCast
Aegis FY profit in line
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