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Acquisitive public relations group Freshwater UK has increased first-half pre-tax profits 50 per cent to £460,000.
Turnover at the Cardiff-based company rose 54 per cent to £4.1 million in the six months to February and operating profits gained 35 per cent to £450,000, despite a £156,00 bad debt write-off involving a property client that later went into administration. Acquisitions in the first half-year included Leeds-based community relations specialist Lynx PR, bought for up to £1.25 million in shares and cash in November, and Waterfront, a London and Brussels-based public affairs and conference agency purchased for up to £2.45 million in shares and cash in December.
Chief executive Steve Howell boasts Freshwater ‘continues to be one of the UK’s fastest-growing PR consultancies and is rapidly climbing the industry’s league tables’. Freshwater joined AIM last July with a £4 million placing at 85p, since when the shares reached 114p before falling to 70p the other day.
They have perked up 3p to 73p today, valuing the company at £9.2 million.
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