Text 100 restructure unveils OneMonday

LONDON: Text 100 Group today announced that the company is changing its name and restructuring its executive board and senior management team to coincide with financial results showing strong increases in both revenue and profits.

LONDON: Text 100 Group today announced that the company is changing its name and restructuring its executive board and senior management team to coincide with financial results showing strong increases in both revenue and profits.

LONDON: Text 100 Group today announced that the company is changing its name and restructuring its executive board and senior management team to coincide with financial results showing strong increases in both revenue and profits.

The group is changing its name to OneMonday Group to eliminate confusion between the parent company and that of its primary brand, Text 100 International.

OneMonday Group will comprise eight subsidiary brands, including Bite Communications, Joe Public Relations, August One, Brand X Online, Evus, Extra PR and Bullet. The company also intends to carry out a two-for-one share split and to seek a separate listing on the Ofex for subsidiary brand, Bite, pending shareholder approval.

OneMonday will be headed up by Text 100 International's CEO Tim Dyson, who has handed the reins to Aedhmar Hynes, a veteran Text executive who has been president of the agency's North American operations since 1997.

Hynes will take the helm of what has become one of the world's largest independent hi-tech PR firms, with about dollars 34 million in global revenues and 23 offices in Europe, India, Africa, Asia-Pacific and North America.

OneMonday will also overhaul its board structure, with the creation of a separate executive council to focus on future business strategy. The main OneMonday board - chaired by Dyson - will be smaller and more shareholder-oriented, he explained.

According to the recent PRWeek global rankings (based on 1999 numbers), Text 100 is the 21st largest PR agency overall, and the fourth-largest hi-tech specialist firm worldwide.

On the earnings front, Text 100, which is publicly traded on the London Stock Exchange, reported annual revenues of dollars 53.5 million for the fiscal year ended July 31, an increase of 65% over last year. Profits increased 58% to dollars 3.9 million.

'If you compare these increases to the other major conglomerates, and you consider the fact that all of this growth has been organic, it shows the ongoing health of the technology PR sector as well as our performance,' said Dyson, acknowledging that year-to-year growth was strongest in those regions where Text is fairly new: North America and Asia-Pacific.

Dyson denied that the restructuring might portend accelerated acquisition activity in the future. 'Of course, we never say never, but we will definitely continue to focus on organic growth as we always have.'





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