TIDMPPHC
RNS Number : 0632D
Public Policy Holding Company, Inc.
19 June 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Public Policy Holding Company, Inc.
("PPHC", the "Group" or the "Company")
Business Update
Public Policy Holding Company, Inc., the government relations
and public affairs group providing clients with a fully integrated
and comprehensive range of services, is pleased to provide an
update on its M&A pipeline, current trading and employee
shareholding.
M&A pipeline and strategy
Following the successful completion of the earnings accretive
acquisitions of KP Public Affairs in October 2022 and MultiState
Associates in March 2023, the Group has seen a marked acceleration
in its pipeline of M&A opportunities and looks forward to
updating shareholders in the second half of the year to the extent
these current opportunities crystallise.
The Group's stated M&A strategy includes its desire to add
certain complementary specialisations to its portfolio, as well as
to expand its footprint both in the United States and
internationally into the EU and UK.
The Group continues to adopt a disciplined approach to its
M&A strategy with a focus on:
-- Best in class ethical and compliance standards in place at target companies;
-- Resultant market share and diversification benefits;
-- Attractive financial profiles;
-- Long term revenue synergy potential;
-- Sufficient level of scale and institutionalisation; and
-- Negotiating deal structures that align the owners of the
target with the Group in the long term and deliver shareholder
value.
Current trading
The Group reiterates existing guidance for FY23 and expects
organic growth for the year to be 5% to 10%. Overall, management
expects revenue growth for the year of between 20% and 30%,
factoring in the incremental contribution from KP Public Affairs
and Multistate Associates.
The Group continues to manage the business such that the
Underlying EBITDA margin is expected to be between 25% and 30% on a
full year basis. The Group saw moderated growth in Q1 primarily as
a result of delays in U.S. Congress formation, however Q2 to date
has been strong. H1 margins are therefore anticipated to be
marginally below 25%, which is expected to reverse through H2.
Management retains immediate and long-term confidence in the
Group's growth and margin prospects.
Dividend and cash
Following the payment of the FY22 final dividend of $10.6m on 2
June 2023, the Group had gross cash on its balance sheet of $4m and
$13m debt outstanding under its $17m credit facility with Bank of
America, N.A., resulting in a net debt position of $9m. The Group
continues to accumulate cash on a monthly basis and the next
dividend is due to be paid in October 2023 following the
announcement of the interim results for the six months ending 30
June 2023.
The Group views its current dividend policy and the payment of
semi-annual dividends as a key tool in the alignment of its
internal (employee) shareholders and external shareholders and as
validation of the strong free cash flow generation of the
business.
The Group expects to announce its interim results for the six
months ending 30 June 2023 in September 2023.
Employee Shareholding
As at the date of the Group's IPO on 16 December 2021, an
aggregate of 80,354,500 shares (74.2% of total issued shares at
admission) were held by employee shareholders and subject to a
five-year vesting schedule with vesting occurring in equal
instalments on each of the first five anniversaries from admission.
Following the first vesting on 16 December 2022, no employee-owned
shares have been sold and those employees are now unable to sell
due to the current blackout period until after the release of the
Group's interim results. Management views this stable employee
shareholding situation as a testament to the belief the Group's
employees hold in the Group's future prospects.
Enquiries
Public Policy Holding Company Inc.
Stewart Hall, CEO
Bill Chess, CFO
Thomas Gensemer, Chief Strategy Officer
Roel Smits, Deputy CFO +1 (202) 688 0020
Stifel (Nominated Adviser & Broker)
Fred Walsh, Tom Marsh +44 (0) 20 7710 7600
Buchanan Communications (Media Enquiries) +44 (0) 20 7466 5000
Chris Lane, Toto Berger pphc@buchanan.uk.com
About PPHC
Incorporated in 2014, PPHC is a US-based government relations
and public affairs group providing clients with a fully integrated
and comprehensive range of services including government and public
relations, research and digital advocacy campaigns. Retained by
over two-thirds of its 1000+ clients, including corporates, trade
associations and non-governmental organisations, the Group is
active in all major sectors of the U.S. economy, including
healthcare and pharmaceuticals, financial services, energy,
technology, telecoms and transportation. PPHC's services support
clients to enhance and defend their reputations, advance policy
goals, manage regulatory risk, and engage with US federal and
state-level policy makers, stakeholders, media and the public.
PPHC operates a holding company structure and currently has
seven operating entities comprising Crossroads Strategies, Forbes
Tate Partners, Seven Letter, O'Neill & Associates, Alpine Group
Partners, KP Public Affairs and MultiState Associates. Operating in
the strategic communications market, the Group has a strong track
record of organic and acquisitive growth, the latter focused on
enhancing its capabilities and to establish new verticals, either
within new geographies or new related offerings.
For more information, see www.pphcompany.com .
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