2 Nov 2018 07:00
2 November 2018
Porta Communications Plc
("Porta" or "the Group")
Redleaf Rebrands as Newgate Communications
Porta Communications Plc (AIM: PTCM) announces that its 100% owned subsidiary, Redleaf Polhill Limited ("Redleaf"), has been fully integrated into its global strategic communications agency, Newgate Communications, and will now operate under that brand.
Redleaf was founded in January 2000 by Emma Kane and, in December 2010, acquired and successfully integrated Polhill Communications. On 23 April 2014, Redleaf was acquired by Porta, becoming a wholly owned subsidiary in June 2018 on completion of the earn-out provisions of the acquisition agreement.
Emma Kane was appointed Chief Executive of Newgate Communications Limited and Joint-CEO of Porta on 27 April 2018; the integration of Redleaf and Newgate Communications Limited began on that date.
The merger of Redleaf and Newgate Communications Limited from an accounting perspective will result in a write off of the Redleaf brand intangible which as at 30 June 2018 had a carrying value of £0.4m. In turn this write off will reduce the annual amortisation charge on brand intangibles by £0.1m from 2019.
Additionally, Porta is centralising certain UK subsidiary back office functions in the UK which is expected to deliver annualised cost savings in excess of £0.2m.
Commenting on the rebranding, Emma Kane said:
"This is a very exciting milestone. Today we are formally bringing together two award-winning brands, two great teams, and two exceptional client bases to provide fully integrated and seamless communications under the Newgate Communications brand.
"We now have 16 offices across 7 countries and a significantly expanded range of services delivered by a team of 281 motivated and talented people, passionate about being the best. Our focus going forwards will be on solving communications challenges with evidence, enthusiasm, creativity and integrity.
"Under one brand we are able to reflect the unity and consistency of services whether we are operating locally, nationally or internationally; whatever we are doing for our client, it is one organisation, committed to excellence. I am incredibly proud of everything that the team has achieved to date and very motivated by the immense opportunity we have going forwards."
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries to:
Porta Communications Plc
Gene Golembiewski, Executive Director
www.portacomms.com
+44 (0) 20 7680 6550
Newgate Communications (Media Enquiries)
Bob HuxfordAdam Lloyd+44 (0) 20 7680 6550
porta@newgatecomms.com
Grant Thornton UK LLP (Nominated Adviser)
Samantha Harrison
Ben Roberts
Seamus Fricker
+44 (0) 207 383 5100
N+1 Singer (Broker)
Mark TaylorLauren Kettle+44 (0) 20 7496 3000
Notes for Editors
· Porta is a fully integrated communications agency, operating locally, nationally and internationally, with specialisms including financial, corporate and consumer public relations, public affairs and research and multi-capability marketing, brand and creative communications.
· The Group has offices in Abu Dhabi, Beijing, Brisbane, Bristol, Canberra, Cardiff, Leeds, Edinburgh, Hong Kong, London, Manchester, Melbourne, Perth, Shanghai, Singapore and Sydney.
· Further information on Porta Communications is available at www.portacomms.com
· Further information on Newgate Communications is available at www.newgatecomms.com