Freshwater confirms acquisition hunt as it reports annual finances
Freshwater has admitted that it is currently on the acquisition trail in Scotland and the north west as the company reported a 61 per cent growth in revenue (gross profit) for year end 31 August 2008.
According to a Sian Grieve, account director for Freshwater Cardiff, the company has been looking to acquire agencies in both regions but has yet to find ‘the right fit’.
“We’re looking at the north west because we feel there’s a bit of a gap in our operations in terms of the area,” confirmed.
They continued to say “while we are looking to buy we are looking for a company which will grow the business rather than people looking for an exit strategy.”
No schedule for an acquisition has been set either.
The company currently has 11 offices across the UK including Glasgow, Birmingham, Sheffield and Bristol.
Reporting its fiancés, Freshwater found that its sales up by 46 per cent to £9.52m (2007: £6.54m) and that its revenue was up to £7.51m (2007: £4.66m).
Steve Howell, chief executive of Freshwater, commented: “We have built a leading regional-specialist communications consultancy and our robust business model has meant that any shortfalls in the sectors hit hardest by the economic downturn have been offset by strong revenues from defensive sectors, such as utilities, healthcare, transport and the public sector.”
He continued: “The Board believes that we are well placed to compete in this environment as a result of our diverse client base, unique regional-specialist offer and largely regional cost base.”