Huntsworth PLC has a thing or two to say about healthcare. The company provides communication services for the healthcare industry, including communicating evidence on drug breakthroughs, marketing new approved drugs to clients' customers, and providing live experiences and interactive content. Its three main healthcare-focused businesses are ApotheCom, Evoke, and The Creative Engagement Group. It also offers communications services under the Grayling, Citigate Dewe Rogerson, and Red brands, such as advisory services on public affairs, investor relations, and consumer marketing. The company maintains an international presence on 19 countries across the UK, Europe, the US and Asia.
Huntsworth has four operating businesses: Marketing, Medical, Immersive, and Communications. The first three comprise Huntsworth's Healthcare divisions.
Marketing generates more than 35% of Huntsworth's sales and carries out post-approval marketing of drugs to payers, healthcare professionals, and consumers. It trades primarily as Evoke and its customers are mostly based in the US.
The Medical segment accounts for some 15% of total sales and provides communications on developments in the scientific and drug development communities. It also educates healthcare professionals and payers on appropriate use of therapy. Medical's primary trading name is ApotheCom.
Huntsworth's Immersive segment, doing business as The Creative Engagement Group, accounts for around 5% of sales. It provides live experiences, communications, and interactive content.
The Communications segment generates around 40% of sales consists of the brands Red Consultancy, Grayling, and Citigate Dewe Rogerson. Red offers public relations and digital and content expertise. Grayling is an integrated communications network, covering public relations, investor relations, and public affairs. Citigate Dewe Rogerson is an international financial and corporate public relations consultancy.
London-based Huntsworth operates 46 offices in 19 countries. The US is Huntsworth's biggest market at 50% of total sales. Its home market of the UK accounts for 30%, the rest of Europe around 15%, and the rest of the world generates the remainder.
However, the geographical spread of Huntsworth's activities is not even across the globe. Its activities in the US are heavily weighted towards marketing, while in the UK and Europe the communications business dominates.
Note: Growth rates may differ after conversion to US Dollars.
Huntsworth has grown steadily over the last four years. In fiscal 2017 it grew 9% to £197.0 million thanks to growth in the Healthcare divisions and favorable currency movements, partially offset by 9% lower sales in the Communications business.
ApotheCom's new focus on consultancy-led services helped it grow its revenue 22%, while Evoke's revenue grew 18%. Communications fell as it cut loss-making agencies and clients.
After making an £18.3 million loss in 2016, Huntsworth rebounded and posted net income of £15.7 million in 2017. The improvement was due to higher revenue and the termination of loss-making contracts.
Cash from operations jumped from £8.9 million to £22.6 million thanks to stronger operating profits, partially offset by higher taxation.
Huntsworth restructured in 2016, with its former Huntsworth Health segment split into the three units of healthcare marketing, medical, and immersive communications. Additionally, the Red, Grayling and Citigate Dewe Rogersion businesses were grouped together in a Communications segment. The move puts Huntsworth in a stronger position to capitalize on innovations in the fast-moving healthcare industry that increasingly demands a combination of consultancy with effective marketing. The company also makes acquisitions to deepen its capabilities and expertise.
Mergers and Acquisitions
In July 2018, Huntsworth's Evoke unit acquired Giant Creative Strategy to boost its health and wellness marketing business and expand its geographic reach. Giant provides data- and analytics-supported healthcare professional and multi-channel marketing.
In 2017 Huntsworth acquired The Creative Engagement Group (TCEG) for £25.0 million. TCEG consists of three agencies that provide experiential marketing, primarily to healthcare clients, and will strengthen its digital capabilities while benefiting from Huntsworth central resources.
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