PRWeek spotlights agencies with a story to tell from the past seven days that we think are worth keeping an eye on.
Pagefield
Pagefield feels like an agency to watch these days. Fresh from its acquisition this summer by PPHC, the US government relations and public affairs holding company, the London firm last week announced a trio of senior appointments.
Author: ally
PPHC Announces Interim Results for the First Half of 2024
Strategic execution delivers positive financial and operational progress; full year expectations affirmed
Public Policy Holding Company, Inc., the leading government relations and public affairs group of companies providing a comprehensive range of advisory services, today announces its unaudited interim results for the six months ended 30 June 2024 (“H1 2024” or the “Period”).
Financial Highlights
- H1 revenue increased 8% to $71.1m (H1 2023: $65.7m), with organic growth contributing 1.2% and the balance driven by two earnings accretive acquisitions completed in the Period.
- Underlying EBITDA of $17.4m, up 3%, was achieved at a 24.5% margin. This margin performance was achieved after the Group invested $1.8m into M&A advisory costs and further incremental investment in Concordant.
- Underlying Profit after Tax of $13.2m is up 4% (H1 2023: $12.7m) with an increase in finance costs offset by a more favourable effective tax rate.
- EPS of $0.113 was down 1%, primarily as a result of the average share count increasing by 5% (or 6% on a fully diluted basis).
- The Group’s balance sheet remains robust with strong free cashflow of $6.0m (H1 2023: $1.8m), enabling strategic progress via organic investment and earnings enhancing M&A.
- Net Debt of $28.3m (H1 2023: $9.1m) reflects a prudent leverage ratio and the deployment of $23.7m to fund the H1 acquisitions.
- The Board retains strong confidence in the Group’s outlook and has declared an Interim Dividend of $0.047 per Common Outstanding Share, up 2% from last year’s $0.046.
| H1 2024 | H1 2023 | Change | |
| Group Revenue | $71.1m | $65.7m | +8% |
| Underlying EBITDA | $17.4m | $16.9m | +3% |
| Underlying EBITDA margin | 24.5% | 25.8% | -1.3pt |
| Underlying Profit after Tax | $13.2m | $12.7m | +4% |
| Underlying EPS basic | 11.30c | 11.40c | -1% |
| Underlying EPS fully diluted | 10.81c | 11.06c | -2% |
| Interim Dividend | 4.70c | 4.60c | +2% |
| Net Debt / (Cash) at period-end | $28.3m | $9.1m | $19.2m |
Operational Highlights
- The Period showcases the Group’s ability to successfully execute its stated growth strategy, with ten operating companies providing an enhanced complementary range of services to a now global client base:
- Acquisition of London-based Pagefield, broadening the Group’s operational presence outside of the US for the first time and providing significant revenue opportunity via the referral to and from the pre-existing Group.
- Acquisition of California-based Lucas Public Affairs (“LPA”), expanding the Group’s presence in a state that is characterised by a highly regulatory environment and would register as the world’s fifth largest economy.
- Integration of LPA has completed and the integration of Pagefield is being delivered as expected, with both companies already benefitting from client referrals via the wider PPHC network.
- Revenue diversification further enhanced with the top 10 Group clients representing 7.6% of revenue in H1 2024 versus 8.4% at the end of FY23 and 10.0% for FY22.
- By segment:
- Government Relations grew strongly at 8% (4% organically) while Public Affairs decreased by 6% (13% organically) as a consequence of a reduction in project-based work due to pending elections and economic concerns. Diversified Services (Research and Compliance) grew strongly at 97% (32% organically), albeit from a lower base.
- The revenue share of Government Relations remained stable at 71% (H1 2023: 71%); Public Affairs decreased marginally to 22% (H1 2023: 25%); and Diversified Services grew to 7% (H1 2023: 4%).
- A broadening client base of c.1,200 Group clients is supported by sustained high retention rates, with the Group directly representing almost 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 continues to be reflected in the 2024 Lobbying Disclosure Act rankings, with Group agencies, when aggregated, topping the rankings as the US market leader in both Q1 and Q2 2024, as well as for the previous 14 consecutive quarters.
Current Trading and Outlook
- The performance delivered in H1 2024 has set the Group up well for the remainder of the year and it remains on track to meet full year market expectations, with Underlying EBITDA margin for H2 2024 expected to be at or slightly above the H1 2024 level.
- The focus continues to be on driving client retention rates, new business generation following the outcomes of elections in the US and UK, and the continued cross-selling of services across the Group’s broad operating company base to support organic growth prospects.
- The market for public affairs and professional lobbying services in key geographies remains fragmented and the Board continues to view the Group as a natural consolidator with favourable bipartisan positioning.
- The pipeline of acquisition opportunities under development in the US, UK and Mainland Europe remains strong in an active market for the government relations and strategic communications sectors. The Group is actively seeking to expand its portfolio of operating companies internationally with strategically and financially attractive opportunities while adding complementary specialisations.
- The Board remains confident in the ongoing prospects for the Group and reiterates its medium-term guidance to achieve:
- organic revenue growth between 5% and 10%;
- incremental growth from future M&A; and
- Underlying EBITDA margin between 25% and 30%.
Stewart Hall, CEO of PPHC, commented:
“I am pleased with the progress we have achieved in the first six months of the year as we continued to acquire excellent businesses complementing our wider growth strategy. We began our international expansion through the acquisition of Pagefield, giving us a foothold in the UK, while all ten of our operating companies are well positioned to benefit from increasing demand for their services as new governments and administrations are formed around the world, this year and next. Our ability to deliver organic growth in a period of impending elections is testament to the diversity of our revenue base and our high client retention rates.
“We have an exciting and robust M&A pipeline, both in the US and internationally, and are confident in our ability to deploy more capital to further accelerate our growth trajectory. I look forward to updating shareholders on our continued progress in the months ahead.”
PRWeek: Pagefield bolsters senior team with ex-FTI and Stonehaven hires
New hires from left to right: Christopher Clark, Natasha Page and Ollie Wilson
Pagefield Communications has announced a trio of senior appointments following its recent sale to PPHC, the US government relations and public affairs holding company.
Christopher Clark, a former senior managing director and partner at FTI Consulting, joins the Pagefield Communications leadership team as a partner.
Pagefield said he will lead further growth of the consultancy’s corporate reputation offer, “both domestically and internationally”. He previously led global corporate briefs from both London and New York at FTI, where he worked for more than 23 years.
Pagefield said: “During his time with FTI, Christopher developed a particular specialism in foreign direct investment as well as the industrial, aviation and automotive sectors, all of which he brings to Pagefield, where he will also work closely with other PPHC group companies.”
Meanwhile, Ollie Wilson joins as a senior consultant from global strategy consultancy Stonehaven.
Wilson will focus on further expanding Pagefield’s marketing communications and digital platforms offer, the firm said. There will be a particular emphasis on creativity, design, audience insights and online campaigns, as well as Pagefield’s own marketing programme, working with partner Laura Price.
The third hire is Natasha Page, who joins from Red Lorry Yellow Lorry as HR manager.
She will report to chief executive Oliver Foster “as they work closely together on Pagefield’s integration within the PPHC group, and as the company continues to strengthen and expand the skills within the team”.
Lucas Public Affairs Expands Executive Leadership Team, Names Executive Vice Presidents Jessyca Sheehan and Travis Taylor
Lucas Public Affairs (LPA) is excited to announce additions to its executive leadership team, naming Jessyca Sheehan and Travis Taylor as executive vice presidents. They join LPA CEO Donna Lucas and President Cassandra Pye in managing the firm, with a focus on driving agency growth and innovation to enhance client strategy, business development and talent management.
Donna Lucas, CEO:
“Our corporate, nonprofit and government clients rely on us to help them navigate many of California’s toughest public policy challenges, and Jessyca and Travis have delivered time and again. They are trusted, effective strategists, and their elevation reflects their place among California’s top public affairs leaders.”
Listen: CEO Stewart Hall sits down to talk PPHC on Zeus Capital’s ‘A Different Perspective’ podcast
PPHC Completes Second Cycle of Summer Fellowship Program
Pictured from left to right: Syeria Alvarado | Howard University Class of 2024, Tanner “TJ” Edwards | UNC Chapel Hill Class of 2024, Anamei Walli | University of Kentucky Class of 2026, Sadad Salahuddin | University of Southern California Class of 2024
The PPHC 2024 Summer Fellowship Program concluded this week, marking the end of its second successful rotation. By leveraging the size and scope of expertise across PPHC’s leading member companies, this highly competitive Group-wide initiative provides a select cohort of students and recent graduates with diverse opportunities to collaborate and partner with PPHC’s leaders and industry experts. The program aims to provide an immersive experience for emerging professionals from groups who are traditionally underrepresented in the government relations and advocacy fields, to equip them with essential skills and knowledge necessary for a career in public policy, and to expose them to the unique political and professional landscape of Washington, DC.
Over the span of 12 weeks, the four distinguished fellows engaged in a comprehensive rotational experience, acquiring valuable insights and skills at PPHC member firms while being mentored by industry experts. The fellows spent a dedicated week at each participating company, including a “California week” that integrated recently acquired Lucas Public Affairs with KP Public Affairs. Additionally, the program featured designated “flex weeks,” allowing fellows to conduct focused independent research, as well as “Professional Development Week” which included career development workshops, as well as opportunities to gain insights from PPHC’s C-Suite and leadership team.
Ron Starzman, EVP of Human Resources, PPHC:
“Diversity, in all forms, accelerates innovation. And innovation is a critical component to long-term success. PPHC’s Fellowship Program truly reflects the richness of our diverse organization. We are very proud of our program, as well as our very talented fellows, and we look forward to watching them continue to grow, learn, and thrive in ways that will enrich their futures and the future of our industry.”
Retirement of Bill Chess
With mixed emotions, we announce the retirement of Bill Chess from his role as Chief Administrative Officer of PPHC. While stepping back from day-to-day operations, Bill will continue as a strategic consultant and valued Board member.
The PPHC team extends its deepest gratitude to Bill for his exceptional leadership. Co-founding PPHC in 2014 and serving as CFO until July 2023, Bill’s vision and strategic acumen have been instrumental in shaping PPHC into the global organization it is today.
A mentor and friend to many, Bill has been a cornerstone of PPHC, fostering a culture of excellence and collaboration. We celebrate his distinguished career and look forward to his continued guidance.
Stewart Hall, CEO:
“PPHC wouldn’t exist without Bill. From our inception to our current international presence, his pivotal role cannot be overstated. Bill’s foresight and dedication have molded us into who we are today. We’re deeply grateful for his unwavering belief in our company and its people. His friendship and leadership have been foundational to our success. Please join me in thanking Bill for his wisdom, loyalty, and immeasurable contributions.”
Jill Kendrick, COO:
“Bill always emphasized that people make the difference, a principle that now defines PPHC. We’re thankful for Bill being one of those difference-makers. His tireless devotion, vision, and wisdom have not only brought us to where we are but have also created the blueprint for our future success.”
Bill Chess, Non-Executive Director:
“Everyone reaches a time in life to move on, and now that such a great team is in place at PPHC, my time has come. It was the most enjoyable time of my life to start with Stewart’s vision twelve years ago and then, along with Stewart and Jill, acquire companies and build a staff to make our dream become reality. Our ‘baby’ is growing quickly and most importantly we have not wavered from our original principles of adding the best companies and staff. I’ll continue to watch the future progress with great anticipation.”
PRovoke Media Headliners: Oliver Foster
From PRovoke Media:
In this week’s Q&A, we speak to Oliver Foster, the CEO of UK strategic communications firm Pagefield, which has been acquired by US public affairs group PPHC.
What are the greatest challenges and opportunities for the PR and communications industry over the next 12 months?
It’s a big year of elections around the world and so, whatever the results, a lot of disruption is already happening – politically, socially and economically. But change is also an opportunity – for new connections and trying new approaches to campaigning.
PPHC Acquires Leading London Firm Pagefield to Anchor UK & European Network
Industry-leading government relations and public affairs group adds first international presence with acquisition of UK consultancy
Washington, DC and London, UK – PPHC, the government relations and public affairs holding company, has acquired Pagefield Communications Limited (“Pagefield”), a UK-based strategic communications firm headquartered in London, for an initial consideration of £16.2m, establishing a foothold outside the US for the first time.
PPHC has been targeting acquisitions within the key political capitals of London and Brussels, as well as into further key US state capitals, to broaden its geographical presence. The Group’s healthy M&A pipeline is reflected by the pace of dealmaking, as the Pagefield deal follows the acquisition of Lucas Public Affairs (“LPA”) based in Sacramento, CA on 1 May 2024. Today’s announcement is PPHC’s fourth significant acquisition since IPO in December 2021 on the London Stock Exchange’s AIM, and Pagefield becomes the 10th complementary brand to sit under the Group’s growing umbrella.
The addition of Pagefield marks a significant step towards PPHC’s stated goal of being the world’s premier provider of government relations and integrated communications services for corporate interests and NGOs, and further solidifies its position as an industry leader. Founded in 2010, Pagefield has earned widespread recognition for its excellence and impact in helping clients navigate the UK’s complex legislative and regulatory environment and is known for high-level reputation, issues management and strategic communications campaigns. Comprising an entirely cross-party team of 36 full-time employees, the firm has deep familiarity with the UK’s political, business and media landscapes.
As with each of PPHC’s specialist firms, Pagefield will operate independently as a wholly owned subsidiary, maintaining its distinct brand identity and management team. The acquisition sets the stage for significant synergies between the Group’s network of more than 1,200 clients and 350+ policy and communications experts. Going forward, Pagefield will serve as a critical anchor for PPHC’s further expansion into Europe, the Middle East and Africa (EMEA).
“The consequential nature of UK – and US – public policy at this very moment demonstrates why having leading strategists working in collaboration is so important to clients across the globe. This is a major milestone for PPHC and it is only possible because the shared strategic goals between Pagefield and PPHC were clear from the very start,” said Stewart Hall, PPHC CEO. “The addition of Pagefield’s experienced team will help us ensure our clients’ needs are met in an increasingly complex public policy and regulatory environment. The myriad of risks and opportunities faced by corporate and NGO leaders are no longer determined by borders or time zones. PPHC is uniquely positioned to advance our clients’ interests at a particularly determinative time in our political and cultural history.”
“We seek partners, not just acquisitions. And after an extensive, multi-year search for a consultancy which is capable to serve our clients and help fuel our growth internationally, to find Pagefield at an inflection point themselves was true serendipity,” added Thomas Gensemer, PPHC Chief Strategy Officer, who also leads the Group’s international expansion. “Our goal is to be the premier provider of government relations and integrated communications around the world and we remain on the lookout for high quality consultancy partners in the UK, internationally and in additional states across the US. Our pipeline of acquisition opportunities under development remains extremely healthy as we solidify our positions.”
Oliver Foster, CEO of Pagefield, commented:
“We are delighted to be joining the PPHC family whilst maintaining the Pagefield brand, ethos and values. This next phase in our growth will open up a huge well of professional – and international – expertise to our clients. We already advise and represent a number of international clients in the UK, and PPHC works with a number of UK clients in the US. Therefore, the long-term client benefits were crystal clear from the moment we began our discussions and the opportunities for professional collaboration to add further value to current, new and shared clients is incredibly exciting.”
Mark Gallagher, Co-Founder of Pagefield, added:
“I am thrilled that we have found a terrific new home for Pagefield and our exceptional team – a prerequisite for the future of a company we founded some fourteen years ago. Today we are laying the foundation stone of what I have no doubt will be a transatlantic PR powerhouse. As founders of the business, Sara Price and I are also delighted to maintain our involvement in Pagefield and to have a stake in the future success of PPHC as a whole.”
In addition to the 1 May acquisition of LPA, the Pagefield deal follows the 1 March 2023 acquisition of MultiState Associates, the Washington, DC firm which specialises in state-based government relations across the US and Canadian provinces and territories and the November 2023 launch of Concordant, a new corporate communications advisory, based in Chicago.
PPHC’s other brands include Alpine Group Partners, Crossroads Strategies, Forbes Tate Partners, KP Public Affairs, O’Neill & Associates and Seven Letter.
PPHC is listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange (Ticker: PPHC)
Concordant announces appointment of Debbie Anderson-Brooke as President
Andrew Stern also joins as Vice President of Media Relations
WASHINGTON– Concordant, the policy and communications advisory firm designed to serve organizations at the crossroads of market risk and transformational growth, today announces the appointment of Debbie Anderson-Brooke as President. Debbie will be based in Seattle, Washington where she will also lead West Coast operations and the firm’s AI, Data and Robotics practice group.
Debbie brings more than 30 years of communications experience to Concordant, both within large corporate cultures such as Microsoft and Intel and in founder-based, high-growth environments. Throughout her career, Debbie has earned a reputation as a partner to global tech industry leaders, developing brand, communications and marketing strategies to lead complex, multi-stakeholder environments toward commercial success.
Anchored within Public Policy Holding Company, Inc. (PPHC) (AIM: PPHC), the world’s largest multi-jurisdictional policy and public affairs group, Concordant integrates business strategy with industry-leading government relations, full-service, strategic communications, public affairs and audience insight capabilities to provide their clients with more control over their operating landscape.
“From AI and data privacy to the energy transition, personalized medicine and more, policymakers and journalists are shaping the themes that will define the market and influence society for a generation,” said Sarah Wills, CEO of Concordant. “Debbie’s deep expertise integrating strategic communications and marketing in the technology industry will help our clients unlock value across markets, economies and sectors.”
“In 2024, CEOs and Boards are leading through a complex and rapidly changing landscape,” said Debbie Anderson-Brooke. “I’ve partnered with senior executives at companies large and small, and experienced the growing demand for a trusted advisor who can help organizations navigate multi-stakeholder environments. I’m excited to work with Sarah and the team to bring that experience to Concordant and PPHC’s clients.”
The company today also announces the appointment of Andrew Stern to the role of Vice President, Media Relations.
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About Concordant
A subsidiary of PPHC, the world’s largest multi-jurisdictional policy and public affairs group, Concordant extends beyond reputation and risk management, weaving together industry-leading government relations, public affairs, audience insight capabilities and full-service, strategic communications to protect and propel an organization’s strategy. In a landscape often complicated by fragmentation and inefficiency, Concordant is distinguished by a cohesive client experience, delivering results under a unified plan, team, and pricing structure.
For more information, visit www.concordantadvisory.com.
Media Contact:
Andrew Stern
andrew.stern@concordantadvisory.com