Chime half year results reveal 47% rise in pre-tax profit

Chime Communications' pre-tax profit has grown to £10.9m, from £7.4m last year.

Chris Satterthwaite: sold businesses to Bell Pottinger
Chris Satterthwaite: sold businesses to Bell Pottinger

The group’s interim headline results for the six months ended 30 June 2012 showed that the business' pre-tax profits have grown by 47% compared to last year.

Reflecting the sale of Bell Pottinger businesses to Bell Pottinger Private, the company’s net cash at 30 June was £21.8m, compared with £6.9m in the previous year.

On a per share basis, half-yearly headline earnings per share were 9.3 pence, higher than the prior year's 7.1 pence.

The headline results exclude Bell Pottinger Public Advocacy, which is in the process of being closed once its contract with the American government comes to an end next year. If that business is included, first-half reported pre-tax profit has dropped by 41%, to £6.7m.

The report added that ‘exit from the remaining Bell Pottinger geopolitical business is largely complete’.

Chris Satterthwaite, chief executive, told PRWeek: 'In PR, Good Relations is continuing to do well and so is Open Health. The underlying view is that we're still interested in the PR market and corporate responsibility.

'We'll certainly be making acquisitions in sports marketing and healthcare. In PR I'm more keen to bring in key individuals and teams of people - less acquisition than investment.'

All analysts have recommended to buy Chime shares.

Investec reported that Chime's PR businesses of Good Relations and Open Health have reported sales up 18% and profit up by 244%, which it adds is 'above forecast given healthcare biz/acquisitions'.

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