Shandwick has been ruled out of a repitch for a slice of the pounds
5 million Taiwan export promotion account which it won with ad agency
McCann-Erickson and local partner United Pacific International two years
The account - said to have a much reduced PR element, down to dollars
1.3 million from dollars 4 million - has been put out to re-tender by
the China External Trade Development Agency in Taipei in line with
government rules. With UPI no longer in the running for the business,
and McCann now linked with Manning Selvage and Lee, Shandwick has been
left without a partner.
The news failed to take the shine off Shandwick International’s annual
results which saw revenue rise by 12.5 per cent to pounds 122.3 million.
Pre-tax profits were up by almost 20 per cent, to pounds 9.2
Dermot McNulty, group chief executive, pinned the growth on Shandwick’s
increasing number of global clients which now account for pounds 10
million a year. But he refused to confirm speculation that Shandwick was
near to a global PR agreement with Shell.
In the UK income was up 6.3 per cent to pounds 25.6 million, with
operating profit at pounds 3.7 million - a margin of 14.4 percent. US
income rose by 14.7 per cent to pounds 67.1 million, with profit at
pounds 8.6 million.
Margins were less healthy in continental Europe and Asia Pacific -
yielding 6.1 and 7.2 per cent respectively - while interest costs on the
company’s pounds 40.2 million debt rose by 9.1 per cent to pounds 4.8