CITY PR outfit Tulchan’s revenues tumbled more than eight per cent to £7.6m during the year to 31 March, after the firm lost clients G4S and Marks & Spencer in 2013.
“This past year has been a challenging one for the firm, best characterised as trying to walk up a down escalator,” chief executive Andrew Grant said in the results yesterday.
“Market conditions with respect to mergers and acquisitions continued at low levels and the initial public offering (IPO) market remained firmly shut.”
Tulchan’s operating profit fell 15 per cent to £2.7m, marking the second year of declines. The firm remained upbeat for its business developments in Asia, and client wins in the last quarter of 2013 such as the Royal Mail IPO.