Sweden-based PR software provider Cision AB posted a two percent uptick in organic growth in the third quarter, its largest increase since 2007, driven by seven percent growth in the U.S. market and following two years of restructuring, cost-cutting and divestments.
Operating revenue fell 14.3% in Q3 to SEK 227M ($35M) compared with 2010, and net profit was steady at SEK 20M ($3M) as currency fluctuations, mainly a weaker dollar, and a slumping Canadian monitoring operation were factors.
CEO Hans Gieskes said the results were “driven by continued and increasing growth at our US company while still being held back by negative growth in Canada.”
Cision organic growth since 2009. |
Cision said the U.S. market has reported positive organic growth for four straight quarters on the strength of its CisionPoint PR software. North American operations, which have grown to 75 percent of Cision revenue from 45% in 2008, accounted for SEK 177M ($27M) in Q3.
Cision grabbed a minority stake in the press release dissemination company PitchEngine during Q3.