Agency network MSQ has seen its revenue shoot up by a third in the past year, representing “much more than a ‘Covid bounce’,” according to the company.
The international marketing organisation, comprising 10 agencies including The Gate, Walk-In Media and Holmes & Marchant, reported overall revenue reached £42.6 million ($57 million) between March and August this year.
This compared with £31.64 million ($42.4 million) for the same period in 2020, representing a 35% increase.
When excluding its acquisition of digital marketing agency MBA in March, the company still reported a like-for-like boost in revenue of 30% over the period.
After general expenses have been deducted, MSQ's Ebitda (earnings before interest, taxes, depreciation and amortization) was £5.8 million ($7.7 million) for the six months leading up to August 2021.
Peter Reid, chief executive of MSQ, told Campaign that digital and earned media were key areas of growth for the organisation.
“I’m proud of how our agencies have performed across the board in 2021. Perhaps unsurprisingly, we’ve seen particularly pleasing results in areas such as digital transformation and earned media, but I’m also delighted to see our creative and media businesses performing well,” he said.
MSQ acquired Be Heard agencies MMT Digital, Freemavens and Agenda21 in 2020, the latter of which became part of Walk-In Media.
Reid added: “Our agile, client-centric model has helped us to continue the momentum that has been built across MSQ over the past few years. We have built an ambitious, joined-up, truly international group with diverse talent and skillsets, and are increasingly seeing clients embrace this model.
“These results are much more than a ‘Covid bounce’. We performed resiliently throughout 2020 and that gave us a platform to achieve significant growth in the first half of this year.
"It’s an extremely pleasing performance that will allow us to keep the momentum going throughout the second half of the year and beyond.”