Chime Communications Sees Pre-Tax Profits Up 70% After London Olympics Boost
The Olympics and Paralympics "helped boost pre-tax profits" at marketing services group Chime Communications by 70% to £25.3M ($38.1M) last year, according to John Plunkett of the London GUARDIAN. Chime, "which has focused on sports marketing" after the sale of its Bell Pottinger-branded PR agencies to Chime Founder Tim Bell last year, earned about £30M ($45.2M) from the London Olympics. Its operating income grew 35% to £157.5M ($237.3M) in '12. Operating profit was up 64% to £25.7M ($38.7M). Its sport and entertainment division, CSM, of which LOCOG Chair Sebastian Coe is its exec chairman, saw operating income up 65% to £65.9M ($99.3M) and operating profit more than double (105%) to £15.8M ($23.8M) (GUARDIAN, 3/6). In London, Kate Burgess reported Chime "announced several new contract wins," including the 2014 Winter Olympics, the 2013 Confederations Cup and the 2014 World Cup. Analysts are forecasting a 12% rise in pre-tax profits in '13 to £28M ($42M) (FINANCIAL TIMES, 3/6).