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PPHC announces unaudited interim results for the first half of 2025

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Strong organic growth reinforced by strategic M&A to deliver record revenue and EBITDA

Public Policy Holding Company, Inc., (“PPHC”, the “Company” or the “Group”),a leading global strategic communications provider, offering a comprehensive range of advisory services in the areas of Government Relations, Public Affairs, and Corporate Communications, today announces its unaudited interim results for the six months ended 30 June 2025 (“H1 2025” or the “Period”).

Financial Highlights

  • H1 revenue increased by 23.6% to $87.9m (H1 2024: $71.1m), with organic growth contributing 7.6% and the balance driven by three acquisitions made in 2024 and 2025.
  • Record adjusted EBITDA1 of $21.4m, up 14.1%, achieved at a 24.4% margin.
  • Adjusted Net Income of $15.6m was up 19.9% (H1 2024: $13.0m) with an increase in finance costs offset by a more favourable effective tax rate.
  • Adjusted fully diluted EPS of $0.12 was up 13.0%, with fully diluted share count increasing by 6% (basic sharecount by 4%).
  • The Group’s balance sheet remains robust with free cash flow of $11.7m (H1 2024: $5.8m), allowing for continued progress against stated strategic goals via organic investment and earnings accretive M&A.
  • Net Debt of $42.2m (H1 2024: $28.3m) reflects a prudent leverage ratio and the allocation of $24.0m to fund the earnings accretive acquisition of TrailRunner in H1 2025.
  • The Board retains strong confidence in the Group’s outlook and has declared an interim dividend of $0.023 per Common Outstanding Share, in line with the revised dividend policy announced in January 2025.
 All in $’000, unless otherwise noted
 H1 2025H1 2024$ Change% Change
Group Revenue87,89971,13416,76523.6%
Adjusted EBITDA21,44618,7982,64814.1%
Adjusted EBITDA margin24.4%26.4%N/A(2.0)pts
Adjusted Net Income15,55112,9712,58019.9%
Adjusted EPS fully diluted$0.12$0.11$0.0113.0%
Dividend paid, per share$0.05$0.10$(0.05)(51.5)%
Net Debt at period-end(42,226)(28,294)(13,932)49.2%

Operational Highlights

  • Significant progress in line with the Group’s stated growth strategy, with earnings accretive acquisitions providing an enhanced complementary range of services to the Group’s international client base:
    • Organically, the Group recorded 7.6% growth in revenue which represents a significant step-up from the 2.7% growth in FY 2024 and the 2.0% in FY 2023, supported by a strong rebound in Corporate Communications and Public Affairs
    • Acquisition of TrailRunner significantly expands the Group’s capabilities in Corporate Communications – which includes crisis and reputation management, financial, and legal communication – providing significant revenue opportunities via referrals and joint business in conjunction with the pre-existing Group.
    • TrailRunner is headquartered in the fast-growing state of Texas (recognised as the 8th largest economy in the world), and has additional offices in New York, Northern California, Nashville, UK, UAE, and China. Back-office integration has completed.
    • Post-period, the Group also announced the acquisition of Pine Cove Strategies, a premier Texas-based strategic consulting firm, adding to the Group’s state government relations capabilities.
  • Revenue remained highly diversified with the top 10 Group clients representing 9.4% of revenue in H1 2025 versus 8.7% at the end of FY 2024 and 10.8% for FY 2023.
  • By segment:
    • Government Relations grew at 6.2% (4.1% organically).
    • Corporate Communications & Public Affairs (formerly: Public Affairs) increased by 81.2% (14.7% organically), benefiting from the rebound in demand for communication services following the conclusion of the 2024 US elections.
    • Compliance and Insights Services (formerly: Diversified Services) continued its strong growth at 19.2% (reported and organic).
    • Overall, we made significant progress on our strategy to diversify our revenue mix, with complementary service offerings, with Corporate Communications & Public Affairs increasing strongly to 32.0% of revenue (H1 2024: 21.8%) and Government Relations now representing 60.8% (H1 2024: 70.8%). Compliance and Insights Services marginally decreased to 7.1% (H1 2024: 7.4%).
  • An expansive client base of c.1,300 Group clients is supported by sustained high retention rates, with the Group directly representing approximately half of the Fortune 100 and a quarter of the Fortune 500, in addition to many more via trade associations.
  • The quality of PPHC’s operating companies in Federal Government Relations continues to be reflected in the H1 2025 Lobbying Disclosure Act (“LDA”) rankings, with Group agencies, when aggregated, topping the rankings for the period.

Stewart Hall, CEO of PPHC, commented:

“We have made continued progress in H1 2025, with significantly higher organic revenue growth of 8% and earnings accretive acquisitions delivering a strong financial performance. As anticipated, we have seen increased demand for our services following the conclusion of 2024 U.S. elections, in particular in Corporate Communications and Public Affairs, with our teams delivering critical work for our clients across multiple geographies.

“Following recent acquisitions, PPHC is now firmly established as a leading global strategic communications company and we are well placed to deliver continued growth in line with our stated strategy. 

“With strong momentum across all of our service lines and a robust pipeline of potential acquisition opportunities, we are confident in our outlook and ability to continue delivering meaningful returns to our shareholders.”

1 EBITDA definition adjusted from prior reporting to exclude M&A costs.

TrailRunner International’s Zack Kozlak Highlighted in PRWeek’s 2025 40 Under 40

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Zack Kozlak, Head of US at PPHC member company TrailRunner International, has been named to PRWeek’s 2025 40 Under 40 list.

This prestigious recognition celebrates Zack’s exceptional leadership, strategic vision, and unwavering commitment to delivering outstanding results for clients. It also reflects the high caliber of talent and expertise that defines the TrailRunner International team.

Congratulations to Zack and everyone at TrailRunner on this well-earned honor.

LPA Adds Strategic Communicators to Support Client Growth

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Lucas Public Affairs (LPA), a leading California-based strategic communications and public affairs firm, is pleased to welcome three accomplished professionals to its growing team: Julianne Gray, Kimaya Gokhale and Linnea Leidy. Their wide-ranging experience in public policy, strategic communications and stakeholder engagement will enhance the firm’s ability to support clients across California’s policy and political landscape.

“All three of these professionals – Julianne, Kimaya and Linnea – are already having a meaningful impact on our client work,” said Cassandra Walker Pye, President of Lucas Public Affairs. “Each brings fresh perspectives, important connections in and around the Capitol and great energy that adds to our culture. We’re thrilled to have three exceptional colleagues join our already exceptional team.”

Read the full story from Lucas Public Affairs.

PPHC to Acquire Pine Cove Strategies

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Public Policy Holding Company, Inc. (AIM: PPHC), the leading government relations, public affairs and strategic communications group, has entered into a binding agreement on 11 July 2025 to acquire the business and assets of Pine Cove Capital, LLC, a premier Texas-based strategic consulting firm (the “Acquisition”), for an initial consideration of $3.0 million and a total potential consideration of $13.0 million. Upon completion, which is anticipated to occur in August 2025, the Acquisition is expected to be immediately accretive to the Group’s underlying earnings.

Based in Austin, Texas, Pine Cove Capital is led by the Honorable George P. Bush, who previously served as the 28th Land Commissioner for the State of Texas.

Following completion, under Commissioner Bush’s leadership and operating under a new name, Pine Cove Strategies (“Pine Cove”) intends to establish and build a Texas state government relations practice in addition to its existing strategic consulting offering.

Acquisition highlights

  • The Acquisition is in line with the Group’s growth strategy to expand into certain key US state capitals, complementing the Group’s federal capabilities with best-in-class local market expertise. Texas, as one of the largest state economies and most consequential for public policy activities, has long been one of the Group’s stated priorities for local government relations expansion.
  • Austin, the capital of Texas, is a critical nexus of business, politics, and regulatory affairs. Together with the April 2025 acquisition of TrailRunner International, this Acquisition enhances the Group’s ability to deliver top-tier strategic communications and government relations services across Texas, supporting clients at greater scale both locally and nationally.
  • Pine Cove will become PPHC’s third state government relations operation, alongside KP Public Affairs (California) and O’Neill and Associates (Massachusetts). Combined with MultiState’s 50-state reach, this further strengthens PPHC’s leadership in the fragmented state government relations market.
  • The business assets of Pine Cove Capital, LLC will be acquired through a newly formed wholly owned subsidiary, Pine Cove Strategies, LLC, which will retain its brand and operate independently. The Group sees strong revenue and profit synergy potential across its 1,300+ client base.
  • Upon completion, the Acquisition is expected to be immediately accretive to underlying earnings per share. 

 Overview of Pine Cove Capital

  • Pine Cove Capital is a strategic consulting firm that serves as a long-term partner to clients ranging from start-ups to established businesses and Fortune 500 companies.  It advises and supports clients in navigating regulatory and complex business challenges. The founders, Commissioner George P. Bush and Amanda Bush, are native Texans with combined experience of over 40 years in government, business and law. Pine Cove Capital has a far-reaching network throughout Texas, the second largest state economy in the US and would rank as the 8th largest economy in the world.
  • Commissioner Bush is an attorney, businessman and former Naval Intelligence Officer.  Before co-founding Pine Cove Capital, he served as the 28th Texas Land Commissioner.
  • Amanda Bush is an attorney who practiced commercial law for 14 years before co-founding Pine Cove Capital. She has sat on the Board of Directors and Board of Advisors for several clients.

Stewart Hall, CEO of PPHC, commented:

“Texas is a priority market and of critical importance to the national and global economy. It is also a state that is currently experiencing a significant influx of business. PPHC, with unmatched local scale, is set to capitalise on this as the requirement for our capabilities increases. I’m therefore extremely pleased to welcome Pine Cove to the PPHC family. With George and Amanda’s deep relationships and proven track record in Texas politics, we’re looking forward to turbo charging Pine Cove’s growth by adding a government relations practice to its existing strategic communications services, and through the cross-referral of work within the broader PPHC network.”

Commissioner George P. Bush, Managing Partner of Pine Cove Strategies, commented:

“Joining PPHC marks a transformative step for Pine Cove Capital and our clients,” said Commissioner Bush.  “By combining our deep Texas roots and local expertise with PPHC’s national scale and resources, we can deliver a broader suite of services and greater strategic value to organizations navigating today’s complex policy and business landscape. This partnership empowers us to offer clients seamless access to top-tier government relations and communications capabilities—both in Texas and across the country—while retaining the personalized service and trusted relationships that define our firm. Together, we are uniquely positioned to help clients achieve their goals in one of the world’s most dynamic markets, leveraging PPHC’s extensive network and proven track record of success.”

LPA Adds Capitol Communications Leader Niesha Fritz as Vice President

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SACRAMENTO – With a continued focus on agency growth and enhanced client strategy, Lucas Public Affairs (LPA) announced that Capitol communications leader Niesha Fritz is joining its leadership team as a vice president, a move that further enhances LPA’s success as a top-tier public affairs firm.

Niesha is an effective and proven media and strategic communications expert, with 23 years of professional experience in the journalism and communications field. Niesha most recently served as senior-level staff in the California State Senate for two consecutive Senate leaders, including as director of communications for Senate President pro Tempore Toni Atkins and Senate President pro Tempore Mike McGuire.
 
In her new role at LPA, Niesha will oversee account teams, lead and manage projects, help guide clients’ communications strategies, and bolster their media presence.

“We are thrilled to welcome Niesha to Team LPA and to leverage her incredible experience to serve our clients,” said Donna Lucas, chief executive officer. “Her public policy chops, familiarity with the process and the players inside and outside the Capitol will further strengthen our ability to win for our clients. She is an exceptional fit for our firm who will undoubtedly contribute greatly to our ongoing success.”

Prior to navigating the complexities of legislative cycles, state budgets, and media related to the state Legislature and California, Niesha worked for the California Faculty Association, where she crafted messaging and media campaigns related to higher education and California State University faculty. Niesha’s deep knowledge of the news media, along with her writing and editing skills, stems from her work for The Sacramento Bee, where she was a reporter for nearly 10 years.

“The media landscape continues to evolve; however, the basics still matter,” said Cassandra Pye, president. “Niesha brings a journalism background, the ability to drive a compelling narrative and phenomenal ties to the Capitol Press Corps – all of which is so important to our work. Niesha is among the best in the business and complements an already strong group of public affairs practitioners. We’re thrilled to add this veteran talent to our dynamic team.”

KP Public Affairs Partner Jon Ross Named Among California’s Top Tech Policy Influencers

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We are proud to announce that KP Public Affairs Partner Jon Ross has been recognized by POLITICO as one of the “Top 20 Most Influential Players in California Tech.” This prestigious acknowledgment underscores Jon’s pivotal role in shaping the state’s technology policy landscape.​

As partner and leader of KP’s technology practice, Jon has been instrumental in guiding major tech companies through complex legislative and regulatory challenges. His efforts have significantly shaped policies on data privacy, artificial intelligence, autonomous vehicles, and the broader innovation economy.

Jon’s inclusion in POLITICO’s list highlights his deep expertise in tech policy and commitment to advancing forward-looking policies that support California’s dynamic tech sector.

​Read the full article here: POLITICO – Top 20 Most Influential Players in California Tech

PPHC Grows Top 20 Presence in Q1 2025 LDA Rankings with Continued Growth in Federal Lobbying Revenue

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WASHINGTON — Lobbying Disclosure Act (LDA) revenues for Q1 2025 were released this week, and Public Policy Holding Company (PPHC) is pleased to report continued momentum across its federal lobbying practices.

All three of PPHC’s core federal lobbying firms—Forbes Tate Partners, Crossroads Strategies, and Alpine Group—have once again maintained their rankings among the top 20 lobbying firms in Washington, underscoring the Group’s consistency and client trust.

Additionally, O’Neill and Associates in Boston, MA, which primarily focuses on state-based lobbying but does federal work as well, contributed to strong performance this quarter. Combined, PPHC’s firms reported $18.7 million in LDA revenue for Q1 2025, representing a 5.73% increase over Q4 2024 disclosures.

This follows a strong finish to 2024, when PPHC’s firms collectively disclosed $68.9 million in annual federal lobbying revenue.

Alpine Group Opens Dallas-Fort Worth Office, Expanding PPHC’s Presence in the U.S. Heartland

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We’re excited to share that The Alpine Group, one of PPHC’s three core federal lobbying firms, has expanded into Dallas-Fort Worth (DFW)—becoming the first top Washington, D.C.–based government relations firm to establish a presence in the region.

This move reflects Alpine’s long-standing commitment to Texas and fits right into PPHC’s broader goal of growing in high-impact markets. With over 20 Fortune 500 companies and a thriving mix of industries like energy, healthcare, tech, and advanced manufacturing, DFW is one of the most important business and policy centers in the country.

As Alpine deepens its presence in the Dallas-Fort Worth region, Senior Vice President Barry Brown will play a key role in supporting the firm’s Texas-based clients. With decades of experience in government, politics, and advocacy, Barry offers strategic counsel rooted in a deep understanding of both federal policy and Texas priorities. A native of Greenville, Texas, he previously served as Chief of Staff to Representatives Kay Granger and Michael Burgess. He is President of the Texas Breakfast Club and President-elect of the Texas Tech College of Arts and Sciences Dean’s Advisory Board. A proud Texas Tech graduate and former President of its National Alumni Board, Barry brings a client-first approach, leveraging his statewide network and policy expertise to help businesses navigate today’s evolving policy landscape.

Alpine already works with several leading companies across the state, and this expansion allows them to deepen those relationships while building new ones on the ground in Texas. The addition of Alpine’s new DFW presence marks PPHC’s second office in the region, joining TrailRunner International, the most recent company to join the Group. TrailRunner and Alpine have already begun collaborating on client development efforts, demonstrating the value of our integrated platform in delivering results across policy, reputation, and communications.

As Alpine CEO Keenan Austin Reed said:

“Dallas-Fort Worth is a powerhouse for business and policy, and a natural next step for us. Alpine is excited to grow roots here and deliver for our clients in a way that reflects the energy and innovation of the region.”

PPHC Maintains Top Position in Bloomberg Government’s 2024 Report

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PPHC, the leading government relations, public affairs, and strategic communications group, is pleased to announce that three of its U.S.-based firms—Crossroads Strategies, Forbes Tate Partners, and Alpine Group—have been recognized in Bloomberg Government’s 2024 Top-Performing Lobbying Firms report.

Crossroads Strategies and Forbes Tate Partners were identified as two of the ten larger lobbying firms that have experienced the most growth since 2014, the year PPHC was founded, and Alpine Group was singled out as a standout performer. The report notes that federal lobbying reached a record high of $4.5 billion in 2024, up from $4.35 billion in the previous year. This growth—driven by demand in areas such as tax policy, healthcare, artificial intelligence, and cryptocurrency—not only reflects the advocacy industry’s resilience but also outpaced inflation, indicating a meaningful expansion in overall industry activity.

This recognition highlights the continued strength and scale of PPHC’s government relations offering and underscores the Group’s position as the largest global provider of federal lobbying services and a trusted advisor to clients navigating complex policy landscapes.

Read the full report from Bloomberg Government.

TRI named one of PRovoke Media’s 80 Best Agencies in the US

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TrailRunner International has been spotlighted by PRovoke Media as one of the 80 Best Agencies in the US for 2025. TRI was recognized specifically for their performance and growth, thought leadership, and corporate communications capabilities.

TrailRunner’s collaborative approach integrates expertise from diverse fields such as media relations, law, government affairs, and finance. This multidisciplinary strategy enables the firm to tackle complex challenges that often transcend traditional boundaries, ensuring swift and effective communication strategies that deliver high value for clients. The firm’s diverse clientele, which includes high-profile names, underscores its capability to manage high-stakes communications across various sectors, reinforcing its reputation as a trusted partner in strategic advisory.

See the full list from PRovoke Media.