CHICAGO: Cision recorded organic revenue growth of 1.8%, adjusting for the effect of foreign currency exchange, acquisitions, and declines in non-PR revenue, in its first quarter as a public company.
The PR services company reported revenue of $157.1 million in Q2, a year-over-year increase of 73%.
During the second quarter of last year, Cision reported revenue of about $90.8 million.
Cision went public in late June after a merger with blank check company Capitol Acquisition Group III.
Cision had operating income of $10.4 million during this year’s second quarter, an increase of $24.2 million over last year’s operating loss of $13.8 million.
The lion’s share of business came from the Americas ($119.7 million) during the second quarter, representing an 87% year-over-year increase. Cision generated $31.3 million in revenue in EMEA (a 20% increase over last year’s $26 million) and $6.1 million from APAC (a 663% year-over-year increase over last year’s $0.8 million).
Kevin Akeroyd, Cision’s CEO, highlighted the company’s "improved organic revenue growth and continued margin expansion" in a statement.
Since taking a private equity investment from GTCR, Cision has rolled out a series of new offerings while acquiring other marketing and comms service vendors.
Since finalizing its acquisition of PR Newswire in July 2016, Cision has grown cross-sell bookings in the U.S. to $9.3 million total, and $2.1 million during Q2.
Cision has snapped up numerous companies in recent years, such as L’Argus de la Presse in June and Bulletin Intelligence in March, with a view to establishing a complete suite of services for PR pros. Bulletin recorded cross-sell bookings in the U.S. of $0.8 million in Q2.
Cision had an average of 36,100 subscription customers, with an average annualized revenue per customer of $10,300 in Q2. About 33,200 customers purchased Cision services on a transaction basis, bringing in about $1,560 revenue per customer on average.
Cision has assets exceeding $2.1 billion, and projects yearly revenue of $636 million to $640 million.
Earlier this week, Cision said it completed its debt refinancing transaction, which "reduced its annual cash interest expense by approximately $60 million" and "provide(s) increased operational flexibility."
Recently, Cision started its search for a new AOR, splitting with Geben Communications, the incumbent of three years.