The UK media industry has so far escaped any fallout from the crisis in the banking sector, according to the head of advertising network M&C Saatchi.
David Kershaw, the M&C Saatchi chief executive, said the trading outlook remained strong and he expected to deliver significantly increased profits this year.
"Despite the Northern Rock effect we haven't seen any client cutbacks as a result of the financial wobble," Mr Kershaw told MediaGuardian.co.uk.
"We think we'd see it first with retailers going into their peak season but so far we haven't seen any budget cuts this year or next year - it's volatile times but they haven't come through yet and let's hope they don't."
M&C Saatchi expects to deliver £11m in headline profit for the full year, up from £7.8m in 2006 on a like-for-like basis.
The company's interim results released today show bumper earnings for the six months to the end of June, on the back of a strong performance from its UK operations.
The company has reported a 59% year-on-year increase in its headline profit for the first half of 2006. Profit before tax was £3.9m for the first six months of 2007, compared with £2.4m for the same period in 2006, excluding amortisation and fair value adjustments.
The boost in profit came on the back of £37.3m in revenue for the half year, up from £34.7m a year earlier.
The operating profit was £2.8m for the first six months of this year, up from £1.8m a year ago.
With 2006 figures restated for the IFRS international accounting standard, the net profit for the six months to the end of June was £2.1m, up from £894,000 the same time a year ago.
Mr Kershaw said the UK was the best performer among the mature markets, with an 8.6% growth in revenue to £22.0m, outperforming the market.
"We had very good results in the UK with strong trading on the back of some good wins," he said.
"It's predominantly on new business. We don't believe we should be subject to the market fluctuating - if the market fluctuates we should go out and win more market share."
The biggest factor was the strong performance from Walker Media, chaired by Phil Georgiadis, which is 94.5% owned by M&C Saatchi.
M&C Saatchi, which previously owned 75% of Walker, bought out founder Christine Walker in July for £8.8m in cash and 1.9m new shares.
The media agency won new business from Ladbrokes and Eurostar St Pancras, also driving revenue growth from winning digital work from existing clients. Walker-i, the digital division set up 18 months ago to accommodate the Barclays account, now brings in 20% of the agency's revenue.
Meanwhile, key new accounts for M&C Saatchi's flagship UK advertising agency include Jamesons, Porsche, Abercrombie & Kent, Vodafone, CRM and additional assignments from Heinz.
Mr Kershaw said the company's investment in higher-margin businesses such as media planning and buying, sponsorship, experiential marketing and brand consultancy was beginning to pay off.
The company, backed by £13m in credit from RBS, also bought brand consultancy Clear Ideas for an initial payment of £13.6m in cash and 3.4m new shares.
Analysts are expecting Clear Ideas to contribute about £1.5m to the bottom line in the current half.
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