Porta Communications Redleaf Integrated Into Newgate Communications

LONDON (Alliance News) - Porta Communications PLC said Friday its 100% owned subsidiary Redleaf ...

Alliance News 2 November, 2018 | 10:21AM
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LONDON (Alliance News) - Porta Communications PLC said Friday its 100% owned subsidiary Redleaf Polhill Ltd has fully integrated into its strategic communications agency Newgate Communications.

Redleaf will now operate under the Newgate Communications brand.

Redleaf founder Emma Kane was appointed Newgate chief executive and Porta joint-chief executive in April.

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."

Redleaf fully integrated and acquired Polhill Communications in 2010 and then was acquired by Porta in 2014, becoming a wholly owned subsidiary in April 2018.

Porta will write off the Redleaf brand, which at June 30 had a carrying value of GBP400,000. This write off will reduce Porta's amortisation charge on brand intangibles by GBP100,000 from 2019.

Porta is also centralising some back office functions in the UK which is expected to deliver annualised cost savings of over GBP200,000.

Kane added: "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."

Shares in Porta Communications were untraded Friday but last closed at 1.41 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Porta Communications PLC 1.25 GBX 0.00 -
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