Leading German postproduction group Das Werk has been hit by the economic slowdown in the advertising industry, according to its results for the first half of 2001.
While the group posted a 57% increase in revenues from Euro 32.9m in the first half of 2000 to Euro 51.5m this year, it reported a net loss of Euro -2.5m compared to Euro 1.9m for 2000.
In a press statement, Das Werk noted that, due to the economic recession in the advertising industry, Das Werk's postproduction operations in Europe, and particularly in Germany, had been affected "much harder than expected" in the second quarter of 2001, with revenues down 20% on the first quarter.
Nevertheless, Das Werk's board is still aiming for a full-year target of at least Euro 160m sales for 2001.
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