Huntsworth reports 17% rise in profits for 2012 as it agrees international partnership with BlueFocus
Huntsworth, the international PR and healthcare communications business, has revealed a 17 per cent rise in profits for last year, at £22.5m despite a fall in revenue.
The company, which includes Grayling and Citigate, has revealed that its revenue fell by 0.3 per cent to £173m, although its operating profit before costs were up by nearly 20 per cent and digital revenue was up by 23 per cent in 2012.
A strategic alliance formed with Asian PR company BlueFocus, has seen it acquire nearly 20 per cent of new shares in Huntsworth with its CEO Oscar Zhao now set to join the board as they work together to develop international business.
Peter Chadlington, CEO of Huntsworth (pictured), said: "Despite operating in some of the most challenging markets in Europe, Huntsworth has achieved good growth in the three strategically important areas of international, multi-office and digital revenues."
Of the BlueFocus partnership, he added that it was an "inflection point" in the development of the group.
"This is an unprecedented alliance between leading Eastern and Western public relations consultancies and will lead to an immediate step change in the capabilities, expertise and reach of the services that both companies are able to offer their clients. We believe this relationship will help Huntsworth to achieve further organic growth and the investment will also significantly reduce our debt and therefore enable further investment in the engines of our growth in the coming years."
The BlueFocus deal is expected to be complete by October.
Meanwhile, Grayling saw an overall decline in like-for-like revenues of 3.1 per cent in 2012, despite s growth in operating profits of 7.8 per cent.