BrazilLlorente & Cuenca posts double-digit growth in Latin America
Llorente & Cuenca, a public relations, communications and reputation management consulting firm with a presence in Spain, Portugal and Latin America, has grown its fee income by 6% to $43 million. The offices in South American powerhouses Brazil and Argentina booked double-digit growth.
The consulting firm looks back at strong performance in Latin America. Whilst the firm walked away from a number of award shows – including the Stevies and the SABREs – with multiple awards, Llorente & Cuenca’s 2018 was defined by a number of strategic decisions in the region. In November 2018, the consultancy pushed through a transformation in its Latin leadership, in a move that is set to better position the firm’s regional and local teams to capitalize on growth opportunities. The business unit now has distinct and separate management structures: North Region, Andean Region and South Region.
“Meeting the challenges of growth of our customers requires management closer to the front line of the business, which this new structure will facilitate both in Europe and in Latin America,” explained founding partner José Antonio Llorente.
Llorente & Cuenca also invested in its senior team in Latin America. Julieta Suárez was named a Senior Director in the firm’s Miami office, he however also supports the Latin American operations; Juan José Tirado was appointed a Senior Director in Peru; and an advisory board consisting of high-profile leaders was established in Argentina.
In 2018, business volume in Latin America grew by 11%. However due to the depreciation of local currencies against the Euro – for instance in Brazil and Argentina, and more notably Venezuela – growth was stinted by net revenue growth of 1%. With offices in nine Latin American countries, as well as in Miami and Latam Desks in New York and Washington, operations by Llorence & Cuenca in the region currently account for 60% of total revenue for the company.
Commenting on overall performance, Llorente said: “2018 was a year in which we achieved major goals from our Strategic Plan that will allow us to move forward with a clear focus on our clients. I’m talking about the consolidation of our region-based structure in Latin America, the increased strength of our executive structure and the acquisition of Arenalia in Barcelona.”
Meanwhile, the offices in Spain and Portugal (Barcelona, Lisbon and Madrid) posted organic growth of 10% (14% including acquisitions). “To this can be added some outstanding work by our almost 600 professionals, who have grown the business of our clients and Llorente & Cuenca to position the firm among the best in the world and the leader in Spain. This growth allows us to continue betting on talent, promoting new partners and increasing the number of our staff.”
According to a recent analysis, the management consulting industry of South America is worth $2.6 billion.
