STOCKHOLM: Cision’s third quarter earningsreported today, October 23, show a 3% drop in organic growth in local currency, the Swedish kroner. Operating revenue totaled $167.2 million with an exchange rate that negatively impacted revenue by $8.64 million. Cision recently appointed a new CEO, Hans Gieskes. At the same time it had announced that it anticipated poor Q3 results. As stated previously, the results attribute the poor showing to the UK business, which had an operating cash flow of $10.7 million, a drop of $386,653.
“Cision’s results during the first none months of the year was disappointing, mainly due to the ongoing challenges in the UK operations,” Gieskes said in the statement. “Turning the UK business around is the top priority for me during my initial time at Cision, focusing on returning the region to organic growth in parallel with reviewing further cost cuts.”