Avesco chipper after good first half

Avesco Group, a provider of services to the corporate media markets, hailed a successful first half and said confidence at the firm was high for the year as a whole.

The company reported revenues up 9% to £67.5m in the six months to the end of March.

It jumped back into the black with a £1.04m profit, making up for a £622,000 loss the previous year, and taking earnings per share up to 3.7p.

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"Looking ahead, with the underlying growth in the business continuing and with the additional demand arising from the staging this summer of a number of major events including the London 2012 Olympics, the board remains confident regarding the outlook for the remainder of the financial year," said Chairman Richard Murray.

"Beyond the London 2012 Olympics, the group's growth is expected to be underpinned by the expansion of our services into lighting and the increasing importance of Asian markets to our clients."

The company is on the hunt for a new Chief Executive after it said the incumbent Ian Martin had decided to leave the company to "pursue other interests and opportunities".

It added that the parting had been amicable.

The firm's shares rose 5% during Thursday trading following the announcement.

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