Huntsworth reports client cutbacks, 7% Q3 growth

LONDON: Huntsworth reported 7% overall like-for-like revenue growth in the third quarter. Yet the holding company, which owns Citigate, Huntsworth Health, Grayling, and Red, said it is experiencing heavy end-of-year client cutbacks.

LONDON: Huntsworth reported 7% overall like-for-like revenue growth in the third quarter. Yet the holding company, which owns Citigate, Huntsworth Health, Grayling, and Red, said it is experiencing heavy end-of-year client cutbacks.

“We have recently experienced the cancellation of over 4 million British pounds [approximately $6.3 million] of scheduled year-end projects due to global economic uncertainty,” said Sally Withey, COO of the holding company, in an earnings statement. “The timing of these cutbacks coming so late in the year will not enable us to reduce costs accordingly. We therefore expect to fall short of management profit expectations by 4 million pounds.”

Citigate reported 15.5% year-over-year growth in the quarter. Grayling saw a 5.2% increase in revenue compared with Q3 2010, while Huntsworth Health grew 3.7%, and Red's revenue rose by 15.6%. The UK and Europe accounts for 62% of Huntsworth's revenue, the company said.

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