After experiencing a turbulent 2014 and first-half declines last year due in part to profitability losses at PR unit Grayling, global PR group Huntsworth plc today reported yearly revenue of £168.4 million ($238.7 million), with like-for-like revenue growth up 1.5 percent from 2014’s £164.7 million ($233.5 million).
The numbers reveal a return in revenue growth for the British PR group for the first time since 2011. Headline operating profit was £15.3 million ($22 million), revealing a downturn from 2014’s £18.2 million ($26 million).
Huntsworth Health — now the communications group’s largest division — boasted a particularly strong performance, revealing £72.3 million ($103 million) in 2015 revenue, a 13.7 percent uptick in like-for-like growth from 2014’s £59.7 million ($84 million). Huntsworth Health’s operating profit was £13.8 million, compared to 2014’s £12.3 million.
Its Citigate unit, on the other hand, slipped 7.1 percent in like-for-like growth, from £21.9 million ($31 million) in 2014 to £20 million ($28 million) in 2015, revealing operating profit of £3.1 million compared to 2014’s £4.5 million.
PR flagship Grayling fared worse, offering 2015 revenue of £63.2 million ($89.5 million), a 7.4 percent drop in like-for-like growth from 2014’s £70.8 million ($100 million). Grayling's operating profit in 2015 was £2.6 million compared to 2014’s £5.4 million. Grayling, during the first half of 2015, suffered a similar 8.8 percent decline in revenues.
Huntsworth CEO Paul Taaffe in a statement said he had “looked forward to a second half year in which Huntsworth Health would continue on its double-digit growth trajectory and Grayling would return to stronger profitability after a poor first half year.”
Taaffe, who led PR powerhouse Hill & Knowlton for eight years, officially succeeded Peter Chadlington as Huntsworth CEO last April.
“These full year results show Huntsworth returning to modest growth led by Huntsworth Health which delivered double digit revenue growth and is now the largest part of company,” Taaffe said. “After a year of significant change, Huntsworth is now well positioned to see the benefits of the restructuring flow through to its results in the coming year.”
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