He said Time performed well in North America and Europe last year, but Sars dented revenue opportunities in Asia.
McCarrick, a 30-year veteran of Time who took up his current role last October, said that for 2004 the region appeared poised for a long-term rebound, especially the travel, airlines and destinations sectors. Given the initial positive economic indicators coming out of the US, the general global outlook appeared strong, he added.
But McCarrick noted that "clients and customers remained cost conscious, vigilantly scrutinising their business planning and strategy".
"There is still less of the long-term planning and more of the quarter to quarter mentality, which means it will be the quick and nimble who will win." He stressed that his appointment would not usher in a change of direction for Time. "The original premise of the magazine was that it would keep busy people informed. That will continue. What might change and has changed will be how we treat subjects such as technology and travel to maintain relevancy."