The world’s two largest markets for public relations both bounced back from a 5% decline in fee income in 2009 to record a double-digit recovery in 2010.
Despite presenting overall growth for the UK in 2010, the ICCO report did suggest that public sector work in the UK decreased on the back of government spending cuts, while the private sector began to invest and generate new revenues for consultancies.
According to the findings released yesterday, the UK witnessed a 13% increase in overall fee revenue, a figure similarly reflected by PRWeek's Top 150 PR Consultancies 2011 report, which showed the average growth for a PR agency in 2010 was 9.24 per cent.
Meanwhile, US consultancies posted an average 11% increase in overall fee revenue, with both the UK and US showing strong improvements to profitability - the UK by an average of 30%.
The annual report, which surveyed 24 countries worldwide, showed positive growth in most regions, with the exceptions of Croatia and Ireland, which presented fees shrinking by close to 15% each on the back of public and private spending cuts.
Brazil and Russia led the growth margins with 23% and 17% increases in revenues respectively, supported by strong economic expansion in their countries.
The ICCO World Report 2011 includes data from national PR trade associations in 24 countries spanning Europe, North and South America and Asia-Pacific.