 Paul Taaffe |
Huntsworth’s Grayling-led PR group reported a 5.4 percent drop to $47.2M in first-half revenues as CEO Paul Taaffe dumped unprofitable client contracts to get it back on track.
The communications sector, which also includes Citigate Dewe Rogerson and Red, suffered an 18.1 percent operating profit fall to $3.5M.
Grayling revenues fell 7.0 percent to $24.8M. It swung to a $399K loss from a $520K year ago profit.
The unit’s lackluster performance was due largely to a profitability decline in Europe, one-off Middle East contract profits last year and a number of restructuring costs. Grayling’s profitability strengthened in the US and UK.
Taaffe expects Grayling’s results will improve during the second half.
Huntsworth’s PR woes overshadowed a robust performance in its dominant healthcare operation.
The firm posted an 8.0 percent hike in revenues to $132M and a 9.0 percent rise in pre-tax headline profit to $14.3M.
Healthcare will receive a major second-half boost with the inclusion of financial results from Giant Creative Strategy, which was acquired July 16 in a $72M deal.
Joele Frank represents LXP Industrial Trust as the logistics giant agrees to be acquired by Brookfield Asset Management and the Canada Pension Plan Investment Trust for $5.2B in cash.
Jenn Kettnich, who has more than 15 years of financial communications experience, has joined Liftoff Mobile as VP-investor relations following completion of its recent IPO.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
