Freshwater records revenue growth, but sees profits slump

PR and marketing group Freshwater UK has announced a six per cent increase in revenue, but operating profit fell by 69 per cent.

Steve Howell: Freshwater results
Steve Howell: Freshwater results

The figures, for the six months ended 28 February, saw sales increase by 10 per cent but operating profit fall to £0.14m from £0.45m year-on-year. Profit before taxation down to £0.11m from £0.46m.

Chief executive Steve Howell said the group is expecting an improvement in the second half of its financial year to the end of August.

Howell said: ‘The sharpness and scale of the downturn affected first half revenue severely in sectors such as consumer, property and conferences and led to a decline in operating profit in the six months.

‘However, we achieved encouraging growth in revenue in defensive sectors and took early action to reduce costs and further improve productivity, resulting in profitability returning to much healthier levels,' he added.

 

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