Huntsworth plc is a world-class global public relations and integrated healthcare communications group operating from 73 principal offices in 31 countries.

Strategically aligned under four principal consultancy brands: Citigate, the leading financial brand; Grayling, the world’s second largest independent consultancy; Huntsworth Health, integrated healthcare communications specialists and Red, one of the leading multi-specialist public relations consultancies; we are now successfully positioned for accelerated growth.

Interim results for the six months to 30 June 2014

RNS


RNS Number : 7168O

Huntsworth PLC

11 August 2014






Huntsworth PLC



Interim results for the six months to 30 June 2014



Lord Chadlington to step down as Group CEO



Huntsworth PLC, the global public relations and healthcare communications group, today announces its interim results for the six months to 30 June 2014.



Headline financial highlights1

Revenue

· Revenue £83.1m (H1 2013: £88.9m)

· Like-for-like2 revenue decline of 1.7%; constant currency revenue decline of 2.4%

· 69% of all public relations3 revenues in the UK and Europe



Investment

· Investment expense of £2.4m during the half, with 84% of the annual 2014 budgeted investment spend now committed

· Multi-office revenues up to 51% of Group revenues (H1 2013: 50%)

· Digital revenues up to 28% of Group revenues, with 18% like-for-like growth (H1 2013: 24%)

· USA, Middle East and Asia Pacific like-for-like revenue growth of 5% (2013: 5%)



Profits

· Operating profit of £8.9m (H1 2013: £12.4m)

· Operating margin before central costs 14.6% (H1 2013: 17.9%)

· Operating margin post central costs 10.7% (H1 2013: 14.0%)

· Profit before tax of £7.7m (H1 2013: £10.6m)



Cash flow and net debt

· Cash flow from operations of £4.0m, representing a cash conversion of 45% (H1 2013: 24%)

· Net debt at £35.5m (30 June 2013: £69.0m; 31 December 2013: £32.0m)



Reported financial highlights

Revenue

· Revenue after highlighted items £83.6m (H1 2013: £88.9m)

· Like-for-like revenue decline of 1.1%



Profits

· Operating profit of £7.9m (H1 2013: £10.1m)

· Operating margin 9.5% (H1 2013: 11.4%)

· Profit before tax £6.3m (H1 2013: £8.3m)



Cash flow

· Cash flow from operations of £3.7m (H1 2013: £1.0m)

· Cash conversion of 47% (H1 2013: 10%)



Diluted earnings per share

· Before highlighted items at 1.8p (H1 2013: 3.1p)

· After highlighted items at 1.4p (H1 2013: 2.5p)



Dividend

· Interim dividend of 1.0 pence per share (H1 2013: 1.0p)



Board changes

· Lord Chadlington to step down as CEO when a suitable successor is found

· Search commenced for new CEO

· John Farrell to step down as non-executive director

· Andy Boland, CFO of AA plc, appointed as non-executive director; a further non-executive director expected to be appointed in the autumn

· Sally Withey, COO and CFO, expected to return from sick leave in the autumn

· Brian Porritt, Interim CFO will remain in place until Sally Withey's return



Lord Chadlington, Chief Executive of Huntsworth, said: "At the 2013 year end we reported that we would continue our investment programme for a second year in order to build multi-office business, to increase our digital revenues and to increase revenue growth in the USA, the Middle East and Asia Pacific, thereby reducing our high dependence on the UK and Europe. While the pace of these increases in the first half has been slower than we hoped, we are making some good progress, which we expect will continue in the second half and accelerate in 2015.



It has been my intention for some while to stand down and I am delighted that I will do so just as the economies of the world are turning for the better and that we have a management team which will make the most of this all-important investment plan which is now well under way. I am extremely proud of Huntsworth and what we have created."

Notes:

1. Headline results are adjusted to exclude highlighted items. Highlighted items comprise amortisation of intangible assets £0.6m (H1 2013 £0.8m), restructuring costs £nil, (H1 2013 £2.2m), facility fees written off £0.4m (H1 2013 £nil) and acquisition/transaction related costs/(credits) £0.1m (H1 2013 £(0.7m)). In addition, we have highlighted revenues in respect of start-up operations of £0.5m that produced £0.4m of operating losses.

2. Like-for-like revenues are stated at constant exchange rates and are adjusted to include pre-acquisition revenues and exclude disposals/closures.

3. Public relations revenues are those from our three public relations divisions Citigate, Grayling and Red.

Strong recovery underway.

16:35 09/11/2016
Director Deals - Huntsworth PLC (HNT)
Neil Jones, Financial Director, bought 45,000 shares in the company on the 8th November 2016 at a price of 39.66p. The Director now holds 285,000 shares. Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

Interim results for 6 months to 30 June 2017

17:00 06/11/2017
Director Deals - Huntsworth PLC (HNT)
Derek Mapp, Chairman, bought 3,741 shares in the company on the 6th November 2017 at a price of 75.20p. The Director now holds 515,235 shares. NOTE: Co's Scrip Dividend Scheme Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

12:30 14/12/2017
Broker Forecast - Peel Hunt issues a broker note on Huntsworth PLC
Peel Hunt today reaffirms its buy investment rating on Huntsworth PLC (LON:HNT) and raised its price target to 95p (from 80p). Story provided by StockMarketWire.com

Trading Update
RNS
RNS Number : 2932Z
Huntsworth PLC
14 December 2017
 
 
           
Trading update
 
Huntsworth plc, the healthcare communications and public relations group, today issues a trading update for the 11 months to 30 November 2017.
 
 
Trading
 
The Group continues to trade well and expects to reach at least market consensus* headline profit estimates for the year to 31 December 2017. This has been led by continuing strong growth at Huntsworth Health particularly in Evoke and Apothecom which now account for over 65% of Huntsworth Health revenue and profit. The Creative Engagement Group, which Huntsworth purchased in July 2017, has performed well, is now fully integrated within the Group and is increasingly engaged in joint new business with other Group agencies.
 
 
Financial Position
 
The Group remains in a strong financial position, operating well within its £75m facility. Net debt at 30 November 2017 was approximately £44m, equating to less than 1.5x net debt to pro forma EBITDA**.
 
 
Outlook
 
The Group is confident about future trading and expects continued good growth prospects in its Healthcare businesses. It remains focused on driving improved operating profit throughout the Group.
 
*Consensus Headline PBT is £22.8m
**Pro forma EBITDA takes into account the full annualisation of M&A in 2017.
 

Acquisition of AboveNation Media, LLC
RNS
RNS Number : 5885F
Huntsworth PLC
22 February 2018




22 February 2018


Acquisition of AboveNation Media, LLC

Huntsworth plc (the Company), the international healthcare and communications group (Huntsworth or the Group), today announces the acquisition of 75% of AboveNation Media, LLC (AboveNation Media) from Steve Minichini and John Lee (together the Sellers) for an initial consideration of $1.75m.

Transaction highlights

AboveNation Media is a New York-based full-service media strategy, planning and buying agency. AboveNation Media will provide integrated advertising technology solutions across Huntsworth's Evoke Group business.

AboveNation Media will continue to be led by its CEO, Steve Minichini and its President, John Lee and will report to Reid Connolly, CEO of Evoke Group.

The agreement to acquire 75% of AboveNation Media (the Agreement) provides for an initial consideration of $1.75m (Initial Consideration) and two deferred payments due in 2019 and 2021, based on a multiple of the EBITDA for the preceding years (Deferred Consideration).

In addition, the Agreement provides for a put and call option over the remaining 25% of AboveNation Media exercisable by the Sellers or the Group from 1 January 2023. The consideration payable will be based on average EBITDA for the two calendar years immediately preceding.

The Initial Consideration will be financed through the Group's existing facilities. Both the Deferred Consideration and the put and call option consideration payable, may be satisfied either in cash and/or ordinary shares of the Company.

The maximum amount of total consideration payable is capped at $25m.

AboveNation Media generated revenues of c. $1.3m and EBITDA of c. $0.5m in the year to 31 December 2017 and the Group expects the acquisition to be accretive to the Group's earnings in the current financial year. AboveNation Media's gross assets were $4.2m as at 31 December 2017.

Commenting on the acquisition, Reid Connolly, CEO of Evoke Group, said:

"The convergence of media and technology has changed the way brands and companies connect with their customers. AboveNation Media is a perfect strategic fit within our group and strengthens our commitment to a culture of innovation and accountability. By integrating the emotional insights that fuel great creative with advanced media strategy and technology, we not only create a more nimble and agile offering but we're able to create smarter, harder working creative. Collectively we offer our clients the ability to engage and build more valuable relationships and to do so in the most advanced, efficient and, most importantly, transparent way possible."

The statement regarding earnings enhancement is not a profit forecast and should not be interpreted to mean that the Group's earnings per share will necessarily match or exceed the historic earnings of the Group.

5 Mar
Peel Hunt
95.00
Buy

Preliminary results

Financial Highlights

·
Revenue up 9% at £197.0 million (2016: £180.1 million)
·
Headline operating profit up 47% at £26.4m (2016: £18.0m), representing a margin of 13.4% (2016: 10.0%)
·
Headline profit before tax up 52% at £24.4 million (2016: £16.0 million)
·
Headline diluted earnings per share increased to 5.8p (2016: 4.0p)
·
Strong cash conversion of 113% (2016: 87%) with free cash flow of £20.7m (2016: £2.9m)
·
Proposed final dividend up 16% at 1.45p per share (2016: 1.25p per share) giving a total dividend for the year of 2.0p per share (2016: 1.75p per share)


Operational Highlights

·
Continued strong organic growth from Healthcare divisions
·
All operating divisions growing profits
·
Acquisition of The Creative Engagement Group (TCEG), which is now integrated and performing well
·
Restructuring of the Group into four principal divisions which reflect the increased Healthcare focus
·
Grayling restructuring completed with a return to profitability

New high

08:00 16/03/2018
Broker Forecast - Peel Hunt issues a broker note on Huntsworth PLC
Peel Hunt today reaffirms its buy investment rating on Huntsworth PLC (LON:HNT) and raised its price target to 115p (from 95p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

4 May
Peel Hunt
115.00
Buy

4 Jun
Peel Hunt
N/A
Buy

11:00 06/06/2018
Broker Forecast - Berenberg issues a broker note on Huntsworth PLC
Berenberg today initiates coverage of Huntsworth PLC (LON:HNT) with a buy investment rating and price target of 135p. Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Acquisition of Giant Creative Strategy LLC
RNS
RNS Number : 8107U
Huntsworth PLC
17 July 2018



THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").
17 July 2018

Huntsworth plc
("Huntsworth" or the "Company" or the "Group")

Acquisition of Giant Creative Strategy LLC for a cash consideration of $72.2m

Huntsworth plc, the healthcare and communications group, today announces the acquisition of approximately 90.2% of the membership interests of Giant Creative Holdings, LLC, a limited liability company and parent of Giant Creative Strategy LLC ("Giant") from Shamrock Capital Growth Fund III L.P. and its affiliates and Giant's former and existing management, for a cash consideration of $72.2m funded from existing debt facilities.

Transaction highlights

Giant, based in San Francisco, is one of the largest independent healthcare marketing agencies based on the US west coast. It provides a full service, multichannel offering to its clients in the biopharmaceutical, medical device and diagnostics companies, through its circa 150 staff and derives circa 70% of its revenue from marketing to healthcare professionals ('HCPs'), a key growth area for Huntsworth. When combined with our existing Healthcare marketing agencies led by New York-based Evoke, the Group will be significantly more competitive in responding to changing client demand that is seeking fewer but stronger partners to help access the spectrum of their marketing needs.

Giant's management team is led by founders Steven Gold (CEO) and Adam Gelling (President) who will remain with the business and who hold, along with other senior management, the remaining circa 9.8% of Giant Creative Holdings, LLC's equity which is subject to put and call rights that are exercisable in March of each calendar year commencing in 2021 (the "Put and Call"). The value of the Put and Call will be determined based on a multiple of Giant's earnings over the two-year period prior to exercise of the Put and Call, subject to a cap of $25 million in the aggregate. Consequently, the maximum aggregate consideration payable by Huntsworth for Giant will be $97.2 million. Giant generated revenues of circa $32m and EBITDA of circa $7m in the year to 31 December 2017 and the Group expects the acquisition to be materially accretive to the Group's earnings in the current financial year. Giant's gross assets were $26.1m as at 31 December 2017. Huntsworth is entitled to settle any consideration due under the Put and Call either in cash, by the issue of ordinary shares in the Company ("Shares") or by a mixture of cash and the issue of Shares.



Commenting on the acquisition, Paul Taaffe, Group CEO, said:

"We are delighted to welcome Giant into Huntsworth. Giant is a strong addition to the Group, bringing scale in Healthcare professional ('HCP') marketing especially in the fast growth biotech sector and is led by an outstanding management team who will continue to be invested alongside us in the business.

"This expansion of Huntsworth makes it an even more compelling alternative to the large holding company networks."

This statement regarding management's views as to the accretive nature of this transaction is not a profit forecast and should not be interpreted to mean that the Group's earnings per share will necessarily match or exceed the historic earnings of the Group.

10:30 17/07/2018
Broker Forecast - Numis issues a broker note on Huntsworth PLC
Numis today reaffirms its buy investment rating on Huntsworth PLC (LON:HNT) and raised its price target to 165p (from 109p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

14:20 18/07/2018
Broker Forecast - Peel Hunt issues a broker note on Huntsworth PLC
Peel Hunt today downgrades its investment rating on Huntsworth PLC (LON:HNT) to add (from buy) and raised its price target to 140p (from 115p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Interim results

Highlights

·
Strong growth in profits. Headline1 profit before tax up 9% to £11.0m (H1 2017: £10.0m)
·
Strong growth in Healthcare from Medical and Immersive divisions
·
Acquisition of two agencies in the Marketing division adding key additional capabilities

o
AboveNation Media LLC
o
Giant Creative Strategy LLC acquired post-period end

·
Interim dividend increased by 27% to 0.7p (H1 2017: 0.55p)

Proposed acquisition of Navience Healthcare
RNS
RNS Number : 2335C
Huntsworth PLC
27 September 2018


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.


27 September 2018

Huntsworth plc
("Huntsworth" or the "Company" or the "Group")

Proposed acquisition of Navience Healthcare Solutions LLC for an initial cash consideration of $24m and proposed placing to raise approximately £18m

Huntsworth plc, the healthcare and communications group, today announces it has entered into a conditional agreement to acquire 80% of Navience Healthcare Solutions LLC ("Navience"), an independent payer advisory and marketing agency, for an initial cash consideration of $24m (the "Initial Consideration"). It is intended that the Initial Consideration will be funded by a placing of new ordinary shares in the capital of the Company (the "Placing"), to raise approximately £18m, with any proceeds in excess of the Initial Consideration to be used to pay expenses relating to the acquisition and the Placing.

Transaction highlights

Navience is a payer advisory and marketing agency, based in Princeton, New Jersey, in the US. Navience operates in the fast-growing payer marketing segment by helping its clients develop and execute a market access and pricing strategy for their products. Its client base is predominantly big-cap pharmaceutical companies.

Navience is wholly owned by its founder, John Shamsey, who will remain with the business.
The consideration for 80% of the equity of Navience consists of an initial cash consideration on closing of $24m, subject to adjustment for working capital, together with deferred consideration based on a multiple of earnings for the two years ending 31 December 2019, which is subject to a cap of $40m. The remaining 20% of Navience's equity will be subject to put and call rights that are exercisable in May of each calendar year commencing in 2022 (the "Put and Call"). The value of the 20% of Navience's equity that is subject to the Put and Call will be determined based on a multiple of Navience's earnings over the two calendar years that precede the exercise of the Put and Call. Huntsworth is entitled to settle any deferred consideration and any consideration due under the Put and Call either in cash, by the issue of ordinary shares in the Company ("Shares") or by a mixture of cash and the issue of Shares. The maximum aggregate consideration (excluding any adjustment to the initial consideration for working capital) payable by Huntsworth for 100% of the equity of Navience will be capped at $94m.

In 2017, Navience delivered revenues of $6.4m (2016: $3.0m) and adjusted EBITDA (before vendor remuneration) of $3.8m (2016: $0.9m). The strong margins are a result of its consulting-type work, combined with fixed fees that allow for efficiencies within the fee structure. The Directors believe the combined offering will allow the Marketing group to access larger, broader and more international assignments.

The Group expects the acquisition to be accretive to the Group's earnings in the next financial year. Navience's gross assets were $2.5m as at 31 December 2017.

Rationale for the Placing and use of proceeds
Huntsworth plc announces its intention to undertake a placing of new ordinary shares in the capital of the Company (the "Placing Shares"). The Placing is intended to raise gross proceeds of approximately £18m (before expenses).

The Placing is being undertaken to fund the Initial Consideration, as detailed above. The Company intends to use any proceeds of the Placing that are in excess of the Initial Consideration to pay expenses related to the acquisition and the Placing. The placing will allow the Group to maintain its conservative gearing policy. Management expect leverage to be below 2.0x as at 31 December 2018. [1]

The acquisition is expected to be completed on or around 3 October 2018, conditional upon, amongst other factors, completion of the Placing. In the event that the Company defaults in completing the acquisition, the Company will be liable to pay a break fee of $1m.
Details of the Placing

Numis Securities Limited ("Numis") and Dowgate Capital Stockbrokers Limited ("Dowgate") are acting as joint bookrunners ("Joint Bookrunners") in connection with the Placing.

The Placing is subject to the terms and conditions set out in the Appendix (which forms part of this announcement, such announcement and the Appendix together being the "Announcement"). The Joint Bookrunners will today commence a bookbuilding process in respect of the Placing (the "Bookbuilding Process"). The price per ordinary share at which the Placing Shares are to be placed (the "Placing Price"), and the number of Placing Shares to be issued, will be decided at the close of the Bookbuilding Process. The book will open with immediate effect following this Announcement. The timing of the closing of the book, pricing and allocations are at the discretion of the Joint Bookrunners and the Company. Details of the Placing Price and the number of Placing Shares will be announced as soon as practicable after the close of the Bookbuilding Process.

The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. The maximum number of Placing Shares will not exceed 33,017,000, being the maximum number of ordinary shares for which the applicable disapplication authorities were granted at the Annual General Meeting held on 24 May 2018.

Application has been made for the Placing Shares to be admitted to the Official List maintained by the UK Listing Authority and to be admitted to trading by the London Stock Exchange plc on its market for listed securities (together, "Admission"). Admission is expected to take place on or before 8.00 a.m. on 2 October 2018 and settlement for the Placing Shares is expected to take place on the same date. The Placing is conditional, among other things, upon Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. The Appendix sets out further information relating to the Bookbuilding Process and the terms and conditions of the Placing.

This Announcement should be read in its entirety. In particular, you should read and understand the information provided in the Appendix.

Current trading
On 24 July 2018, the Group announced its interim results for the six months ended 30 June 2018. The Board confirmed it expects to see a good performance across the Group in the second half of the year, which has been enhanced by the acquisition of Giant Creative Strategy LLC in July and will be further enhanced by the first-time inclusion of Navience. The Board remains confident in the full year outcome and the longer-term prospects of the Group.
Commenting on the acquisition, Paul Taaffe, Huntsworth CEO, said:

"We are delighted to welcome Navience into Huntsworth. As one of the leading specialists in the fast growing area of payer marketing, Navience meets a healthcare marketing need especially for drugs in the run up to launch.
This expansion of Huntsworth Healthcare Marketing's offering to include leading agencies in the healthcare industry, direct to consumer and now payer marketing, along with media consultancy and public relations, makes the Group an even more compelling alternative to the traditional holding company networks."
The statement regarding management's views as to the accretive nature of this transaction is not a profit forecast and should not be interpreted to mean that the Group's earnings per share will necessarily match or exceed the historic earnings of the Group.

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

Huntsworth plc - www.huntsworth.com
www.evokehealth.com
www.giantagency.com