Cooney/Waters: Agency Business Report 2011

Headcount is 48 employees. CEO and chairman Lenore Cooney says as the business grows, the firm will make new hires.

Principal: Lenore Cooney, founder and chairman
Ownership: Creston 
Office: New York

Staff
Headcount is 48 employees. CEO and chairman Lenore Cooney says as the business grows, the firm will make new hires. Timothy Bird was promoted to president and COO. Turnover was less than 10%.
 
Practice areas
Cooney/Waters continues to concentrate on healthcare communications, offering strategic marketing, public education, advocacy relations, professional outreach, health science communications, corporate reputation, and policy and issues management programs.
 
Accounts
The firm expanded work on the "Voices of Meningitis" campaign with the National Foundation for Infectious Diseases. It also added brand communications support for UCB's Cimzia brand and the biopharma company's immunology business unit.
 
Financial performance
Revenue grew 14.1% to $14.1 million in 2010, after growing 18% in 2009.

"Largely, we had good organic growth with our existing clients," notes Cooney.
 
The firm, which does not provide profit margin, said the bottom line rose "more or less proportionately" with its revenues.
 
Analysis
Cooney/Waters was acquired by Creston, a London-based communications company, in December 2010 for $30.8 million. The acquisition included Cooney/Waters' sister agency Alembic Health Communications. 
 
Cooney, who now reports to Creston CEO Don Elgie, says under the new leadership the firm plans to expand into Europe.
 
"For us, the acquisition meant significant enhancement of our international capabilities," she explains.

Cooney says 2011 has proved "roughly flat" so far, but she expects to see the firm's new business efforts pay off over the remainder of the year.

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