LONDON: Incepta reported a decline in revenue and gross income during the year ending February 29. Citigate, Incepta's financial and corporate communications division, also reported a decline in gross income, down 6% to $138 million.
The London-based advertising and PR holding company posted revenue of $326.7 million for the year ending February 29, according to a report released today. That's a decline from revenue of $337.7 million for the year ending February 28, 2003. Gross income also declined between the two time periods, from $287.9 million in 2003 to $276.3 million in 2004. All dollar amounts are based on conversions made today from British pounds.
Incepta executives cited a slowly recovering global economy for the declines.
"The recent improvement in market sentiment is encouraging, but uncertainty over the pace and sustainability of the global economic recovery continues to restrict our visibility," Francis Maude, Incepta Group's chairman, said in a statement. "Although we are certainly more optimistic, we will remain cautious until the improvement in sentiment is more consistent and leads to sustained higher levels of corporate activity and marketing spend."
PR agencies owned by Incepta include Citigate Dewe Rogerson and Citigate Sard Verbinnen.