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Article: Tempus slashes 6% of its staff as WPP ups ante in bid battle
- Article from:
- The Independent (London, England)
- Article date:
- August 21, 2001
- Author:
CopyrightCopyright 2001 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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THE MEDIA buying agency Tempus has sacked six per cent of its
workforce since becoming the bid target of Havas of France and
Britain's WPP.
Tempus has axed 120-150 jobs in the last three weeks as part of a
wide- ranging cost-cutting programme. All forms of discretionary
spending are being squeezed including travel and entertaining.
The cuts increase fears that Tempus is struggling to meet its
profit forecasts as the advertising slowdown gathers pace. It will
also increase City fears that WPP and Havas are risking over-paying.
In its statement to the stock market on 19 July regarding the
Havas offer, Tempus said it expected its interim figures for the six
months to 30 June to be ...