Porta Communications sees annualised revenues of more than £16m
Porta Communications, the UK-listed owner of Newgate Communications, has stated that annualised revenues are in 'excess of £16m' in a trading update this morning.
David Wright: 'Strong revenue growth'
The group, which launched Newgate in mid-2011, said that it had shown consistent growth throughout that second half of 2012 and that total revenues in the second half were four times higher than revenues over the first six months of the year.
David Wright, chief executive of the group, commented: ‘With all the main advertising and public relations companies within the group continuing to show strong revenue growth and all expected to be profitable in 2013, the outlook for the current year is extremely encouraging.'
Porta said that more than £1m in annual fees of new business was won across the group in November and the group is trading ahead of management expectations.
The AIM-listed comms business recorded revenues of just over £1m in 2011, which translated to a £1.5m loss after setting up Newgate Communications and buying Threadneedle Communications.
Wright commented: ‘It was always the group's strategy to build a solid base for long-term growth by recruiting quality executives in start-up ventures, thereby avoiding huge goodwill payments, bolstered by income producing acquisitions where there was clear synergy with the core businesses.
‘Not only has this policy generated underlying shareholder value, but it should also ensure regular earnings growth in the future as these start-up companies become more mature.’
Porta will continue to invest in its comms business, particularly through international growth.
Wright said: ‘It is the board's intention to maintain this strategy in the current year, particularly in the overseas development, where a number of exciting opportunities have been identified, either through acquisitions or start-ups. The first of these is our new public relations venture in Hong Kong which will also be our launch pad into mainland China.’
This article was first published on prweek.com
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