PDP and profitability
As the numbers guy, I find PRWeek’s Top 150 results an interesting read, offering an in-depth overview of the current market. PRWeek’s new report shows that more than half of the 150 agencies suffered revenue decline in 2020, although performance overall varied considerably by size and specialism, among other factors.
Francis Ingham, director general of the PRCA says: “The unpleasant truth is that 2020 saw our industry contract – to grow smaller was the norm; to stay the same size was an enormous achievement; to grow was outstanding.
We’re fortunate that Pinstone been incredibly resilient throughout COVID-19 and last year we posted our best ever gross profit results which were up by 17%. However, whatever the challenges more widely, there is a significant upswing in confidence about trading in the current year.
Almost 97% of respondents to the survey said they were ‘moderately confident’ or ‘very confident’ about the outlook for this year as business recovery kicked in and started to accelerate. That positive trend has certainly been reflected in Pinstone’s Q1 results.
These types of successes serve to inspire the team to continue delivering fantastic results. We’re fortunate to have an ambitious group of individuals who are all keen to drive and shape the future of the business.
We look forward to seeing what 2022’s survey delivers.
Source: www.Agricultural Marketing.co.uk
