Of course, some of the agencies featured still feel unable to enter their annual figures, because of the Sarbanes-Oxley Act in the US. But thanks to a rigorous formula based on the average productivity of similar-sized agencies, Companies House figures, and our own market intelligence and enquiries, we feel confident that our estimates are accurate.
Again, the table makes good reading for the PR industry. It shows an industry that is continuing to grow, with the average increase in fee income in 2012 reported as 11.5 per cent – a higher growth rate than was reported the previous year.
Although the aggregate fee income for the Top 150 UK consultancies was slightly lower than last year (£878m compared with £900m), this was due to some large agencies choosing not to enter figures this year, and is not reflective of the overall upward trend. Significantly, the figure still exceeds the pre-recession total of £858m from 2008.
As Lord Bell argues overleaf: ‘PR is growing, we are being paid more and we are having more influence over events than ever.’
I agree with the PRCA’s Francis Ingham when he argues that too often the industry fails to have confidence in itself, fails to believe in the value it delivers and fails to charge a professional fee for the service it provides.
The PR industry needs to be more confident in its value and ensure it is paid accordingly.
Ruth Wyatt, brand editor, PRWeek