LONDON (Reuters) - Marketing group Aegis said on Monday its group organic revenue was down 11.6 percent in the first quarter due to client losses but said new business momentum was strong and it expected to stay resilient in 2009.
Aegis <AEGS.L> said it had secured net new business wins of $1.05 billion (693 million pounds) in the first quarter, with wins from Kellogg's, Vodafone and Credit Agricole, and said this should offset the impact of the earlier losses.
"When we announced our 2008 results in March of this year, we said that we expected to produce a resilient performance in more difficult markets in 2009," the group said. "Following the first quarter, our views on the outlook remain unchanged."
Including acquisitions and the effects of currency movements, group revenue was up 6.5 percent against a very tough comparative from 2008.
Revenue was up at the media buying unit Aegis Media by 4.8 percent and Synovate net revenue was up by 10.9 percent.
"Given visibility remains limited across the industry, in addition to sales we are focussed on delivering the cost reduction programme announced in March, which is on track," interim Chief Executive John Napier said.
(Reporting by Kate Holton)