Cordiant Communications Group’s disastrously overpriced purchase of Lighthouse Global Network in 2000 has been tacitly acknowledged in a £225 million provision for the permanent impairment of goodwill, as the group announced a post-tax loss for last year of £278 million and tough bank constraints on spending. The group has also reintroduced an annual amortisation policy for the remainder of its goodwill, including that relating to Healthworld, just when its US competitors are being permitted to abandon such a practice: “The directors…have revised their opinion that this has an indefinite life” and will amortise the cost of goodwill over a maximum period of 20 years.
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