Padilla Speer Beardsley: Agency Business Report 2009

Lynn Casey, chairwoman and CEO, says she's "relieved" about the firm's position in early 2009, given the poor economy.

Outlook
Lynn Casey, chairwoman and CEO, says she's "relieved" about the firm's position in early 2009, given the poor economy. "We were chosen to do social media campaigns, which is terrific because we've been building out a [social media] capability for the past few years," she adds.

Casey is "cautiously optimistic" that the agency can attain double-digit growth for 2009. "We've been awarded some wonderful new pieces of business," she says, "so we hope the worst is over."

Staff
Headcount at the end of 2008 was 114, up five from 2007. Staff turnover was 14%. No senior staffers departed to other firms, though one SVP retired. Stacey Kanihan was hired as director of employee communications and research.

Practice areas
Six industry practices: agribusiness and environmental, consumer products, healthcare and medical tech, information tech, manufacturing, and professional services. It also features five functional practices: corporate and investor relations, crisis and critical issues, research, creative and interactive services, and media relations. All are considered core practices.

Healthcare and medical tech grew 30%, corporate and IR 27%, and research by triple digits, says the firm. Information tech grew the slowest at 15%. Agribusiness and environmental science dropped 25%.

Accounts
Key wins included Jim Beam Spirits and a major UnitedHealthcare project. The firm reported no client losses by client decision. Only 5% of clients are on a retainer.

Financial performance
Revenue for 2008 was $15,952,172, up 8% over 2007. It experienced both top- and bottom-line growth for 2008. It added $4.3 million in new business in 2008, about 70% coming from existing clients.

Key facts
Principal: Lynn Casey, chairwoman and CEO

Ownership: Independent

Offices: Two – Minneapolis, New York

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