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Aegis Confident in Synovate's Performance
For the first quarter of 2008, Synovate has seen organic revenue growth of 5% and total revenue growth at constant currency of 9.1%.
Synovate's parent, marketing and communications group Aegis, said in its interim management statement that demand for the research firm's services remains healthy across all regions and that growth in current year sales orders is ahead of revenue growth, 'underpinning our confidence in a further year of market outperformance at Synovate.'
During the quarter, Synovate acquired CIMA Group which tripled the firm's presence in Latin America; US research firm Oncology to boost its existing oncology therapy monitor; and UK retail specialist PS&A to expand its international retail information business Synovate Aztec.
Trading across the Aegis Group 'remains robust', with total organic revenue growth of 8.3%, and total revenue growth of 15.3%. In the year to date, the group has made six acquisitions which it says represents a total of £11.7m in upfront cash payments and a further £15.1m in deferred consideration.
The Aegis share price rose 4.3% to 122p this morning, giving the group a market capitalisation of £1.41bn.
Web sites: www.synovate.com and www.aegisplc.com .
Earlier in the month, Vincent Bolloré, head of rival communications group Havas, announced his intention to make a fifth attempt to secure representation on the Aegis Board. Aegis is recommending that shareholders vote against the resolution, saying that its Board is 'strongly opposed to adding directors who may favour one particular shareholder over the interests of shareholders as a whole'.
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