LONDON (ShareCast) - (ShareCast News) - International marketing services group St Ives posted its half year results for the 26 weeks to 27 January on Tuesday, with revenue up 5% to £195.1m.
The London-listed firm said adjusted profit before tax was down 39% to £9.8m, however, with adjusted basic earnings per share slipping 44% to 5.45p.

Its statutory loss before tax was £26.8m, widening substantially from £2.8m at the same time last year.

Net debt narrowed by £10.4m, and stood at £70.4m at period end.

The board declared an interim dividend of 0.65p, down 72% on the first half of the 2016 year.

"While recent months have proved very challenging, these results mask further encouraging underlying progress within our core Strategic Marketing segment, with a number of exciting new projects being won from existing and new clients as we continue to develop our unique offering," said chief executive Matt Armitage.

"We remain confident in the quality and strength of our Strategic Marketing businesses and in the long term growth strategy for this segment."

Armitage said the board recognised, however, the effect that the legacy businesses were having on St Ives' overall performance and on its ability to generate value for shareholders.

"We are reviewing strategic options for both our Marketing Activation and our Books segments whilst taking decisive action to improve efficiencies and reduce costs and to diversify our Marketing Activation sector focus.

"This is a priority for us in the months ahead and we will continue to report on its progress."

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