U.K.-based Huntsworth reported a mixed bag of earnings for the first half of 2011, ending June 30. Revenue for the company was up compared to 2010, from £87 million to £88.1 million (about $143.4 million according to today’s currency exchange). However, operating profits were down year-over-year, from £13.6 million for the first half of 2010 to £11.5 million ($18.7 million).
In a statement, CEO Peter Chadlington said that changes across the business landscape (the importance of digital, the global nature of the work) along with the longer procurement process were big factors in the results. The company expects to reach its goal of seven percent like-for-like revenue growth rate for the year, but big account wins announced at the end of 2010 won’t make a financial impact until the beginning of 2012.
“When we reported our 2010 results in March this year, we indicated that such account wins were taking a long time to come on stream and we therefore expected revenues to be second half weighted,” he said. “This has indeed proved to be the case due to the lengthy procurement processes of our clients and the effect of the current economic environment delaying decision making.”