The group, which owns the Harrison Cowley regional PR network and City PR shop Counsel, said it has slashed nearly 50% of its workforce and reduced its property by almost half. The core business now employs 92 people, down from 189, and occupies 14,500 square feet, down from 32,000.
In a statement, chairman Jon Foulds said that the group had won new business from Boeing, Bristol Myers Squibb and Carlsberg, among others. It has also said that existing clients such as Heinz and Kraft have assigned new accounts to the company.
"When you read our annual results in a couple of months' time, you will read that trading has been satisfactory," Foulds said.
Huntsworth was floundering when Lord Chadlington staged a boardroom coup in September 2000. Since then, it has acquired four new agencies. Foulds said in his statement that these acquisitions had settled into the group quickly, despite some individuals "being unaccustomed to the rigours of being a part of a public company".
The group posted its first profit for three years when it unveiled its half-year results in September 2001. Shares in Huntsworth leapt by 6.8% when the market opened this morning, to trade at 23.5p.
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