Cordiant forecasts difficult trading, job cuts

British advertising firm Cordiant Communications today predicting flat full-year sales and more job cuts despite a jump in first…

British advertising firm Cordiant Communications today predicting flat full-year sales and more job cuts despite a jump in first half pre-tax profits.

Cordiant, which owns the Bates Worldwide network, said pre-tax profit rose to £22.1 million from a previous £17.8 million.

But the group said it would take a £10 million charge for job cuts in the full year with trading expected to remain difficult and underlying revenues seen as flat at best.

Cordiant shares fell 20 per cent last week to two-year lows of 149.5p on fears the company would deliver bad news in its first-half results.