MSQ records 57% revenue boost in full year results

MSQ, owner of Elmwood, Walk-In Media and Freemavens, has released its results for the 2022 financial year, revealing 57% total revenue growth to $104 million.

The results also reveal the creative and technology network's EBITDA has risen by 51% to $13 million for the full financial year ending 28 February 2022.

In its 10th year, MSQ now owns 10 agencies and was previously in talks to buy Engine (now House 337) before the creative agency was snapped up by Next 15 in March.

In October 2021 it acquired the creative production studio Brave Spark, and two months later it also bought design agency Elmwood, which then merged with Holmes & Marchant to create a new global design entity.

During its full-year period, the group secured a number of new global clients including CFA Institute, AXA Investment Managers and Visit Britain.

In addition, new business wins included Lego, Juniper Networks, Deloitte, Schroders, Johnson & Johnson and Guide Dogs.

The group was appointed to Shell’s global agency roster following a six-month competitive pitch in June, which pushed MSQ into the Europe rankings for the first time claiming the 17th spot in August, as the global Shell account was worth $30 million.

MSQ claims this new business performance has “maintained momentum” during the first half of its 2023 financial year, with further key wins in North America, UK and Asia.

To add to the network’s offering, MSQ has also launched MSQ Global Studios to help produce creative content for brands, and MSQ Data, which involves 60 specialists dedicated to providing brands with data, insight and martech capabilities.

MSQ has also grown overseas, opening its media agency Walk-In Media in New York and its research and insights agency Freemavens in China.

The network has welcomed ex-Leo Burnett creative director Lisa Leone as the group’s first chief creative officer in North America, and Andy Edmonds has been appointed as general manager of MSQ Studios in Asia.

“The past few years have been hugely successful for MSQ and our latest results are testament to the talent we have across the group and the client-centric joined-up model we have in place,” Peter Reid, MSQ’s global chief executive, explained.

“Our record new business performance continues, client sentiment remains strong and, with 70% of our top 20 clients now working with more than one part of MSQ, it makes me really optimistic for the future.”

Reid said that he was proud of the network’s growth and the “ever-increasing quality” of its work.

MSQ became a carbon negative business in 2020 and appointed its first chief sustainability officer, James Cannings, in 2021.

The group claims it has invested in a number of initiatives to reach an initial goal of cutting emissions per head by a further 50% by 2024, including signing up to The Million Tree Pledge and implementing a staff renewable energy scheme.