Despite the average growth in fee income rising to 11.5 per cent, the combined fee income of the Top 150 consultancies dropped to £878m from £900m last year.
Four in five agencies in the Top 150 saw growth in 2012 as the industry perked up.
An analysis of the Top 150 agency profit margins shows margins are holding steady despite huge disparity across the industry.
PRWeek's Top 150 PR Consultancies report has found double-digit growth across the PR industry in 2012, but also suggests the grip of recession has yet to fully loosen.
In 2012, the PR industry had its best year for fee income growth since 2007, achieving growth of 11.5 per cent (in 2007, fee income growth was 15.3 per cent). Considering the economic climate remains tough, this is quite an achievement.
I read recently that in 1943, MI6 paid a PR man named Richard Temple £500 per month to polish General de Gaulle's image among the British people - I assume so people would support the Free French and oppose the Vichy Government.
Another year of growth for the PR industry. That is the fundamental fact about this year's report.
So here it is - PRWeek's Top 150 PR Consultancies report, the most authoritative analysis of the British PR and comms industry.