Freshwater, the Cardiff and London based communications group, enjoyed a strong recovery from the impact of the first Covid-19 lockdown in its year ending 31 August 2021.
The group’s audited results for 2020-21 show revenue rising 28% to £3.18 million from £2.49 million the previous year when trading and client activity was severely curtailed for six months by Covid-related restrictions.
Freshwater’s consultancy divisions – including content creation, media relations, digital marketing, stakeholder engagement and event management – led the recovery with a monthly revenue run-rate that was 15% higher than the pre-pandemic level.
The business’s conference subsidiary, Waterfront, saw revenue recover to 65% of the pre-pandemic level, having had to cancel all its events during the first lockdown and develop a new online and hybrid offer for 2020-21.
Chief executive, Angharad Neagle, said:
“Our teams have worked wonders to not only maintain services but develop new ones to meet client needs in these difficult times.”
“The innovative culture that we’ve always fostered really came into its own as everyone adapted quickly to working from home, developed new products and services, and responded to the challenges facing existing and new clients alike.
“We pride ourselves on being a reliable partner to all the organisations we work with. That was put to the test by extraordinary circumstances, and I think we’ve passed that test with flying colours, thanks to the great team we have.”
A high client retention rate combined with a series of new business successes allowed Freshwater to increase its client roster from 55 to 61 clients and expand in its reach throughout the UK in all its target sectors.
New business wins included work for the teachers’ union NASUWT, Devon County Council and Natural Resources Wales. Freshwater was also chosen to deliver new projects for the Welsh Government and NHS organisations across England and Wales.
The year also saw Freshwater win the PRCA award for best internship programme and the PRCA Dare Award for the best employee engagement programme during COVID-19.
In its annual report circulated to shareholders, the parent company of Freshwater, Raglan House Holdings, says the positive performance “is continuing into the current year” with revenue in the first half expected to be 15-20% higher than in the same period in 2020-21.
Revenue growth has greatly strengthened the company’s balance sheet and allowed the group to resume its search for acquisitions that will enhance its sectoral strengths and its capabilities in a number of specialist areas.
Angharad Neagle added:
“We’re stepping up the search for potential partners who can add to our offering in two of the main pillars of the business – stakeholder engagement and integrated marketing.”
“One of our priorities is to make an acquisition that will give us more capacity to conduct stakeholder consultations when big changes and investments are taking place in sectors such as transport, property, infrastructure, energy and health services. For integrated marketing, we’re aiming to add to our existing in-house expertise in growth areas such as digital, data and insight.”
Freshwater has a 50-strong team who normally work from its offices in Cardiff and London but who have been successfully delivering services while working from home, in line with Welsh Government guidance.
