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Hasgrove

Hasgrove expects to announce profit fall for 2011

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By The Drum Team, Editorial

January 31, 2012 | 1 min read

Marketing services group Hasgrove has revealed that for 2011 it expects to report a pre-exceptional operating profit of £0.8m.

The group, which owns Amaze, The Chase and Interact, has reported that it expects to report gross income for last year at around £16.5m, ahead of 2010’s figure of £16m, however its operating profit of £0.8m is less than half of the previous year’s profit of £1.7m.

The group’s net debt was reduced to £1.5m by 31 December 2011, as a result of advance payments totalling around £0.7m from a number of clients.

Paul Sanders, group chief executive, said: “2011 was a year of change for Hasgrove, resulting in improved trading by the year end which has continued into the start of 2012. We are focused on delivering a strong first quarter, which will provide a platform for continued growth throughout 2012.”

The Group expects to publish its full year results for the year in April.

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