This deserves more investigation but I don't have time right now to do it justice (anyone else?).
It is interesting because I know of a few regional firms here in Yorkshire that were approached for acquisition and PR Week in the UK was awash with buy-out stories.
But in apparent contrast to this, here's a stark precis from the report:
"Roughly two companies in five experienced falling sales last year. One quarter are in serious financial difficulty. On average, firms in the poorest-performing quartile suffered a 25% fall in sales, while their invoices took on average 79 days to be paid."
The Lighthouse post gives some possible reasons for the report's findings such as saying "PR firms are often short on financial prudence" - although they obviously haven't worked for Yorkshire agencies ; )
I'm not going to get embroiled in the old ' PR flacks are crap' / 'hacks are crap' debate. There's good, bad and ugly in both trades and the internet is changing it all anyway!
Speaking of which, if the internet is killing off PR and journalism then what's left for me? Industry analyst?