O2O interim results set to be 'marginally short' of expectations

Office2office (O2O) chief executive Simon Moate has said its AccessPlus and TPF brands have been "punching above their weight" since the latter's recent acquisition, as the group released a trading update for its first half-year results.

The group said it expected its interim results, which are due to be announced on 26 August, to be "marginally short of management expectations", following a decline in public sector work.

O2O's procurement brand, Banner, experienced a drop in volumes during June as the public sector work became vulnerable to cutbacks, a trend Moate has urged caution on.

"Three years ago, 60% of our work was public sector, while 40% was private. Now a third of it is public and the remainder is in the private sector," he added.

According to Moate, the group's clients in the private sector are continuing to increase their spend on marketing programmes thanks to a return of confidence post-recession.

The group's trading update also pointed to a "strong pipeline" of new business that Moate said stemmed from the corporate sector but could not comment further on at this time.