We Are Social owner BlueFocus reports revenue growth of 65 per cent

Chinese marketing services group BlueFocus has reported a revenue increase of 64.8 per cent year on year to more than $578m (£343m) in 2013.

For the full year ending December 31, the firm saw an 86.3 per cent year-on-year increase in net profit to nearly $70.6m (£41.9m), as well as a 74.3% jump in operating profit to $88.6m (£52.6m).

Representatives from BlueFocus were not immediately available for comment.

In December, BlueFocus snapped up social media specialists We Are Social for an initial investment of $30m (£17.8m), "with further performance-based consideration over a three-year period". The deal involves the reported acquisition of an 82.8 per cent stake in We Are Social, which will become BlueFocus' primary digital agency brand outside China.

Last April, Grayling parent Huntsworth agreed to sell a 19.8 per cent stake in its business to BlueFocus, which it claimed would reduce debt and enable investment.

BlueFocus also acquired Chinese advertising agency Bojie Media last year.

Client wins for BlueFocus in 2013 included Proctor & Gamble, Volvo, Nissan, Amazon, and property developer China Fortune Land Development. The firm now has a total of 905 clients.

Digitalisation and globalisation will be primary focuses this year, according to the firm’s earnings statement. BlueFocus is also looking at expanding its international operations in European and North American markets.

In terms of further potential acquisitions, the agency is looking at companies with an emphasis on tech, big data, and SEO expertise, along with marketing companies that encompass social networking platforms.

Note: All currency conversions for this story were made using XE Currency Converter.

This story was orginally published on the PRWeek US website.

Would you like to post a comment?

Please Sign in or register.

News by email...