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Public Relations Industry Has a Strong First Quarter,
According to Council of Public Relations Firms
New York, NY (May 28, 2008) – U.S. public relations firms had a strong first quarter, according to a business benchmark survey conducted by the Council of Public Relations Firms (Council). Surveyed firms averaged a 7.5% increase in first quarter revenues over Q1 2007. Additionally, 68% of those firms expect revenues to increase again in 2008. Revenues increased an average of 12.3% in 2007, according to a different Council survey conducted in January. The sectors generating the most revenue for firms in 2007 were, in order, consumer products and services, healthcare and technology. Just about half of firm revenues were generated in marketing communications (49%), followed by corporate communications (26%) and public affairs (13%). “It is encouraging that firms performed well in the first quarter,” said Kathy Cripps, President of the Council of Public Relations Firms. “And despite the broader macroeconomic uncertainties, we hope that this report augurs well for the PR agency business for the rest of the year. Firms that are dedicating efforts toward new business development, enhancing digital capabilities and, as always, delivering superior client service should be well-fortified going forward.” The Council’s Business Practices Benchmarking Study, conducted in March and April, was completed by 70 public relations firms. Other findings included: • New business was strong: 56% of firms reported an increase in the number of Requests for Proposal (RFP) in 2007 vs. 2006 • Average profitability increased for the fifth consecutive year: Double digit profit margins were reported • The U.S. cities with the most representation in the study include, in order: New York, Washington, D.C., San Francisco, Los Angeles, Boston and Chicago. The Council of Public Relations Firms is comprised of America’s leading public relations firms. Its membership represents the premier global, mid-size, regional and specialty agencies across every discipline and practice area. The Council’s mission is to advance the business of public relations firms by building the market and firms’ value as strategic business partners. For more information about the Council, visit www.prfirms.org ###
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