Scholz & Friends back in profit

Agencies The German advertising group Scholz & Friends returned to the black in 2003, posting a pre-tax profit of two million euros. In 2002, write-offs had led to a loss of 9.7 million euros. Scholz & Friends has also been represented in Switzerland since February 2003. In the annual report of the listed group, the share capital of the Zurich subsidiary is stated as 64,000 euros and the annual result as a loss of 30,000 francs.