Gibraltar Associates: Agency Business Report 2010

CEO Eric Bovim says the agency "got a huge burst of new clients in Q3" and continues on a solid growth trajectory.

Principals: Thomas Pernice, cofounder and chairman; Eric Bovim, cofounder and CEO; James Lake, partner, president
Ownership: Independent
Offices: Washington, DC, and Los Angeles

Staff
Founded in August 2007, Gibraltar has steadily acquired talent and clients. Headcount is up seven from 2008 to 16. Turnover was 8%. SVP Anne Prince left, while James Davis joined as director of digital media.

Practice areas
The firm is focused on public policy, brand management, and digital media. Healthcare leads practice areas (40%), followed by digital media (20%). Energy policy and technology each account for 10%, and labor, government, and trade each make up 5%. Digital media is new and represents a big growth area. Healthcare, energy, government, and tech practices are also growing.

Accounts
Most of Gibraltar's 12 clients are retainer- based. Wins for 2009 included GeoEye, Clean Energy Corp, and Pharmaceutical Care Management Association. Work with Teva Pharmaceuticals and Gilead Sciences expanded. Heyltex was lost due to a lack of funding.

Financial performance
Revenue is up to $4,477,301 from about $3.5 million in 2008. Profit rose about 17%. New business accounted for 70% of growth.

Analysis
CEO Eric Bovim says the agency "got a huge burst of new clients in Q3" and continues on a solid growth trajectory.

He points out that the agency's stable of senior talent provides a great value proposition for clients. Referrals and RFPs are both increasing as the economy begins to improve, and the agency is maturing as it becomes more well known. Client spend is climbing, and Bovim expects significant growth this year.

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