Huntsworth sees 3.8% first quarter growth

Huntsworth grew 3.8% during the first quarter of 2012, according to an interim management statement this morning.

Lord Chadlington: Huntsworth CEO
Lord Chadlington: Huntsworth CEO
The like-for-like revenue growth was boosted by digital activity and strong performance in the Middle East.
This week Grayling opened a new office in Doha, with Huntsworth CEO Lord Chadlington stating: ‘We are seeing international brands investing heavily in the region as well as home grown organisations finding a global voice.’
Grayling itself achieved 3.8% like-for-like growth in the first quarter, while Huntsworth Health grew 3.3%. The stand-out performer was The Red Consultancy, which grew by 19.4%, having picked up clients including Boots, Adobe, Symantec and Gatwick Airport.
Financial comms business Citigate Dewe Rogerson continued to be constrained by the lack of M&A and IPO project briefs and saw like-for-like revenues decline by 2.7% in the first quarter.
Chadlington commented: ‘As the uncertain economic outlook – particularly in Europe – continues, management is keeping tight control of costs and therefore, even with modest full-year revenue growth, expects improvement in operating margins and profitability for the first half and for the year as a whole.
‘The Huntsworth group's financial position remains robust and the group is trading in line with management's revenue and profit expectations.’
Meanwhile, the company also announced today that an equity investment specialist was joining the board in a non-executive role.
Terry Graunke, the co-founder of Lake Capital Management, will become a non-executive director from next week. Entities managed and controlled by Lake Capital and Graunke own 9.82% of the voting rights in Huntsworth.

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