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2 Jul 2008 07:00
CHIME COMMUNICATIONS PLC
FIRST HALF 2008
TRADING UPDATE
First half operating income up more than 20% with double digit growth in all divisions.
New extended banking facilities agreed.
Appointment of new Non-Executive Director
Trading
Operating income for the first half of 2008 is expected to be more than 20% higher than in the same period last year. All three divisions have delivered double digit growth, with Fast Track, Bell Pottinger Sans Frontieres and Bell Pottinger Middle East in particular performing well ahead of last year and well ahead of budget.
The Group has already achieved over half the full year operating profit target during the first half and margin levels have been maintained.
Our strategy of stringent cost control, our diversified business model and our expanding international operations have continued to deliver against our growth target (which is in line with the 2008 market expectation of pretax profit growth of at least 16%).
There is as yet no evidence of our performance being affected by the predicted economic downturn.
New Banking Facilities
We have renewed our banking facility with the Royal Bank of Scotland. This is a five year facility for £30 million at a slightly increased rate (1.3% over Libor compared to 1% previously).
Appointment of Non-Executive Director
The Group is today announcing the appointment to the Board of The Hon. Richard Alston as a Non-Executive Director. Richard was the Australian High Commissioner to the UK until February 2008 and prior to that he had a 15 year career on the front bench of the coalition government including nearly eight years as Minister for Communications, Information Technology and the Arts.
He has served on the Boards of a number of Australian listed companies.
We expect to announce Interim Results on 27th August 2008.
Commenting on the above Lord Bell said:
"Our strong performance of last year has been maintained, with first half operating income 25% higher than last year. This strong performance, combined with our emphasis on tight cost control and a good new business pipeline leaves us well placed to meet our expectations for the full year.
We are pleased that our bank shares our confidence about the outlook for our business by agreeing to an extended facility.
I welcome Richard Alston to the Board and I am sure his experience will help our increasing international development."
For further information please contact:
Lord Bell, Chairman 020 7861 8515
Chime Communications
Christopher Satterthwaite, Chief Executive 020 7861 8515
Chime Communications
Mike Davies/ Helen Tarbet 020 7861 3232
Bell Pottinger Corporate & Financial
Notes to Editors
About Chime
Chime Communications plc is the holding company for a number of leading public relations, marketing services and research consultancy companies.
The Chime Group consists of one of the UK's leading public relations groups, Bell Pottinger; a research and consultation business, Opinion Leader; VCCP, one of the fastest growing advertising and marketing services groups in the UK and Fast Track, the UK's leading Sports Marketing Agency.
The Chime Group helps clients create, manage, monitor and market their businesses, brands and reputations both in the UK and internationally.
About The Hon. Richard Alston
Richard Alston served as Australian High Commissioner to the United Kingdom from February 2005 until March 2008, after a distinguished career in the Australian Parliament as a Senator for Victoria from 1986 until February 2004. Prior to entering Parliament he had extensive experience as a barrister, practising in common law, commercial and administrative law.
From March 1996 to October 2003 he was Federal Minister for Communications, Information Technology and the Arts. He served on the Liberal/National Coalition front bench continuously for nearly 15 years. As Deputy Leader in the Senate for more than 10 years, he was one of the four members of the Liberal Party leadership group, which included the Prime Minister and the Treasurer.
After leaving Parliament, he entered the business sector, where he provided advice and consulting services in both the national and international arenas. He served on the boards of a number of public listed companies, including Hansen Technologies, UCMS and Broadcast Services Australia, where he was Chairman.
He is currently a member of the international advisory board of London based hedge fund CQS, as well as being an Adjunct Professor at Bond University Queensland and a member of the Bell Shakespeare and Melba Foundations
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