Cubitt Jacobs & Prosek: Agency Business Report 2007

CJP prides itself on bringing a little spice to the financial sector.

CJP prides itself on bringing a little spice to the financial sector.

"We definitely are the firm that brings the fabulous to finance and try to be more stylish and creative," Jennifer Prosek, managing partner, says. Competitors taking such an approach lightly should know that more than 40% of CJP's professionals hold MBAs.

"Our point of difference is to bring creativity to a process that is traditionally not known for its creativity," Prosek explains, singling out a 2006 eight-way battle for the business of financial-services giant Jefferies. The winning pitch? CJP's strategy "Where there's growth and opportunity, there's Jefferies."

"Our people are trained not just as PR people, but renaissance marketers," adds Prosek, "so when we go into a pitch or client situation, we can go beyond PR, which is why we were able to capture the Jefferies account."

Principal: Jennifer Prosek, managing partner
Ownership: Independent
Offices: Two in the US, in New York and Stratford, CT; one in London

Staff
A 150% increase from 2005 to 38 total employees, with 15% turnover. Eric
Blinderman (from Fleishman-Hillard) was appointed as MD, while VP Carrie
Kalish departed.

Regional performance
All three operations reported strong growth.

Practice areas
The agency's primary practice area is financial services (45%), complemented by technology (12%), b-to-b (15%), corporate/issues (10%), consumer (8%), and IR (10%).

Accounts
Key wins included Jefferies (US/Europe), The Hartford, Hiscox, First Reserve Corp. (US/Europe), GE Commercial Finance, Hercules Tech Growth Capital, GE Energy Financial Services (US/Europe), and Spherion. Losses included Adecco, Adeptra, GE Vendor Financial, META, and PalTalk. Ninety-seven percent of client base is on a retainer basis.

Financial performance
US revenue was $5,836,894, up 34% from the previous year.

Agency's full questionnaire follows below:

Name of parent division/company
N/A

Name of subsidiary companies
N/A

Has your ownership status changed in the past year?
no

Name of global CEO and US CEO (or most senior equivalent) 
Jennifer Prosek

What is your current headcount?  How has your headcount changed since FY 2005?
38, incread by 150%

What was the percentage of staff turnover in 2006? 
15%

Did you make any senior hires in 2006 (VP and higher)?    
Eric Blinderman, MD (Fleischman Hillard)

What senior staff have departed the firm? Please state name and previous title
Carrie Kalish, VP 

Please list any other senior management changes, including restructures and significant, senior-level  promotions
None

Have you made any acquisitions in the past year, or merged with another agency?
No

How many wholly owned offices do you have globally?
North America
Cubitt Jacobs & Prosek - New York , NY
Cubitt Jacobs & Prosek - Stratford, CT

Europe
Cubitt Consulting - London , England

How many partly owned offices or affiliates do you operate globally?
None

What offices opened in 2006 or early 2007?
None

What offices closed in 2006 or early 2007?
None

Which regions, US and globally, are growing, and why?    
All

How many practice areas do you have?   
Financial Services, B2B, Tech, Corporate/Issues, Consumer, IR

Which ones are new?
None

Of those, which ones are part of the core strategy of the agency? 
Financial Services, Tech

Which practice areas have been phased out in the past year?
None

What practice areas showed the most growth?   
Financial services , our expertise in this area

Which practice areas showed the least growth?
N/A

What is the distribution of accounts across practice areas?
Financial Services - 45%
B2B  - 15%
Consumer - 8%
Tech - 12%
Corporate/Issues - 10%
Investor Relations  - 10%  

What key account wins did you have in 2006? If based outside the US, or are global, please state regions.
Jefferies - US & Europe
The Hartford
Hiscox                        
First Reserve Corp - US & Europe
GE Commercial Finance                                      
Hercules Tech Growth Capital
Ge Energy Financial Services - US & Europe          
Spherion

Of your 2006 wins, how many were across three or more countries?    
2

What key accounts did you lose in 2006? If based outside the US, or are global, please state regions.
Adecco                                                                    
Adeptra
GE Vendor Financial                                                 
META
PalTalk

Did you expand any existing accounts into new domestic or international markets or sectors?
N/A

What proportion of your clients are on a retainer?  Has this changed over the past year?
97%
No

What was your 2006 global (including US) revenue?
<$50 million

What was the % change over 2005 global revenue
Agency declined to give information.

What was your global profit margin in 2006?
Agency declined to give information.

What was your 2006 US revenue?
< $50 million

What was the % change over 2005 US revenue
Agency declined to give information.

What was your US profit margin in 2006?
Agency delined to give information.

Did you experience top-line or bottom-line growth in the past year, or both?
N/A

How much of your growth was organic, and how much was due to new business won?
N/A

How did your performance, in terms of revenue and growth, meet expectations you had for the year?

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