Salans has boosted its turnover by 20 per cent in the first three quarters of 2008, bringing in e150m (£117.97m) in its first year of reporting in euros. For the same period last year the firm’s revenue was £94.38m.
Salans chairman Stephen Finch said the firm was on course to beat last year’s haul of $282m (£161.97m) by 20 per cent, bucking the market trend for bearish financial expectations.
Finch said the firm’s strong presence in Central and Eastern Europe had helped Salans avoid most of the consequences of the financial crisis engulfing the Western economies.
“I think for us this year we’re cautiously optimistic,” he said. “The slowdown in Russia hasn’t been as deep as elsewhere and the other markets in Eastern Europe have been slower to react.”
Finch added that Salans is still looking to grow rapidly in London despite the prospect of a recession in the UK.
“At the moment our growth and position will make us more attractive to the kind of partners that we want to attract,” he said.
This year will be the first in which the firm has reported its results in euros. Finch said: “It’s partly because the dollar has become less elemental for us – we only have a small New York office – and also because most of our bills are in euros so we took the majority currency.”
A ;boom ;in ;Eastern European economies over the past few years has helped Salans achieve rapid turnover growth. At the end of 2007 the firm posted a turnover hike of 37 per cent, adding $76m (£43.65m) to its revenue.