MR owner TMN cuts jobs as recession bites

UK-- Direct marketing group TMN, owner of ID Factor and ICD Research, has warned that its full year profits will be 50% below management expectations because of "further retrenchment" in the UK media sector.

The firm said the media market is “unstable both in the UK and in the other territories” in which it operates and is therefore axing jobs across the company to “ensure the group ends the year profitable and cash generative”.

TMN said the job cuts and other measures will save at least £300,000 in the remainder of the financial year, which ends 30 April.

Despite the tough conditions in the media and display advertising sectors, TMN said its research businesses had “benefitted” from the growth of their media and finance products.

At the half-year mark, the firm boasted of a 30% increase in its online research revenue to £1.6m.

Group chairman Peter Harkness said in a statement: “The profound impact that the recession is now having on trading across the display advertising spectrum is universally recognized. Cost management is therefore the top priority at TMN and the board remains entirely focused on meeting our goals of generating increased profitability and cash-generation.”

No-one was available for comment today on how the job cuts will affect ID Factor and ICD Research.

Author: James Verrinder