ICYMI (because we did): Huntsworth announced its financial results for the year ending December 31, 2011, reporting a revenue increase of 1.5 percent to £176.3 million (about $279.7 million by today’s conversion standard). In 2010, the revenue figure was £173.6 million.
However, operating profits after central costs are taken into account decreased to £23.5 million (about $37.3 million) from £29.6 million in 2010. And profits before taxes but after highlighted items was down to £10.6 million from £21.8 million in 2010.
There was a like-for-like growth of 9.9 percent in global and multi-office revenues. These offices make up nearly half (48 percent) of all of Huntsworth, which includes Grayling, Citigate, and Red.
“Management has taken action to reduce the cost base across the Group, as well as make it moreflexible and better able to match clients’ requirements and spending patterns,” said Peter Chadlington, Huntsworth CEO, in a statement. He also said the company is expected to show a three percent like-for-like revenue increase for Q1 2012. For more, click here.
Early in 2011, Huntsworth announced that it had acquired Atomic PR and would be working with British Airways. But by the latter months of the year, it was predicting a shortfall because of business cancellations.