UK-based Hunstworth reported an $87M loss for 2014 as revenue slipped to $242M in an "unusually turbulent" year of "fundamental change" that saw the exit of CEO Peter Gummer, amid other changes.
Chairman Derek Mapp, who took that post in December, said leadership changes at the holding company "have inevitably been disruptive and distracting."
Former Hill+Knowlton Strategies chief Paul Taaffe took the CEO reins of Huntsworth this week.
Huntsworth revenues fell more than 3% (1% on a like-for-like basis) in 2014 and a second half return to growth never materialized as Huntsworth Health gains were offset by Grayling declines in the UK, Europe and US.
Revenue shortfalls at its Grayling PR operation caused margins to plummet from 14.3% in 2013 to 7.7% in 2014. Revenues at the unit , which also saw the exit of a CEO, Pete Pedersen, declined 6.3% to about $103M.
Revenues at Financial PR operation Citigate slipped 3.7% to $32M as Asia Pacific gains were cut by UK and European declines on fewer deals. Its IPO PR assignments were solid, including NN Group NV, Coface SA (France) and Poundland, GAME Digital and FDM Group in the UK.
Huntsworth's consumer PR business, Red, fell 4.4% to just under $18M amid project delays and new business wins coming "on stream" later than anticipated. The win of a seven-figure assignment for Emirates at the end of the year points to growth for 2015, the firm said. It also picked up Kenya's global tourism account this week.
Hunstworth said it closed the year with around 1,580 staffers and serviced 1,960 clients last year.
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