Diana Marszalek 15 Feb 2019 // 5:00AM GMT
MIAMI — Llorente & Cuenca, which has undergone major restructuring designed to propel the agency’s expansion in the US and across Latin America, reported global revenues rising to roughly $43.3m in 2018, a 6% net growth over the previous year.
That growth figure changes to 10.7% when excluding exchange rate depreciation seen in markets such as Argentina and Brazil.
The firm’s Latin American business, which accounts for 60% of its total revenue, grew in volume by 11%, although revenue rose just 1% due to currency depreciation.
LL&C’s offices in Spain and Portugal posted organic growth of 10%. That figure rises to 14% when including revenue generated from its acquisition of Barcelona-based Arenalia in June.
LL&C’s healthy earnings report comes on the heels of big changes at the firm, the goal of which is expanding its operations and offerings. Developing digital and marketing capabilities to help clients connect with US Hispanics is a primary goal.
In November, Mike Fernandez, former head of Burson-Marsteller’s US operations, joined Llorente & Cuenca as the firm’s US CEO. Fernandez replaced Erich de la Fuente, who has taken a new role as partner and chairman of LL&C USA.
Also in 2018, the company unveiled a restructuring of its global leadership, which included six of the firm's leaders taking on new roles in January of this year. LL&C also reorganized its Latin American operation into three regions (North, Andean and South regions), each with its own management, finance and talent structure.