UK New Media in the toilet?

http://www.brandrepublic.com/digitalbulletin/news_story.cfm?articleID=170902

"The digital operations of Cordiant, Havas and Grey were among the 10
worst-performing new-media companies in the UK, with an average loss of
£47,260 per employee in the latest surveyed year.

Overall, the UK's top 25 new-media agencies, as determined by revenue, lost
an average of £21,569 a year per staff member, according to data from
Companies House."