MSQ continues record growth as like-for-like revenue increases 30% and EBITDA rises 51%

  • MSQ celebrates tenth year with market leading financial performance and strongest results yet
  • Figures for FY22 reveal 57% total revenue growth and 30% like-for-like revenue growth
  • Momentum continues with strong start to FY23 thanks to record new business performance 
  • MSQ eyes further growth with international expansion plans and launch of key new group services

We’re pleased to say that MSQ has reported record growth in its latest set of results, with revenue increasing 57% to £91.3m and EBITDA rising 51% to £11.4m for the full financial year ending 28 February 2022. 

Celebrating our tenth year, MSQ has firmly established ourself as one of the largest UK-based independent marketing groups, with ten agencies providing joined-up thinking to help businesses get closer to their customers. 

We managed to secure a number of new key global clients during FY22, including CFA Institute, AXA Investment Managers and Visit Britain, whilst agency new business wins included Lego, Juniper Networks, Deloitte, Schroders, Johnson & Johnson and Guide Dogs. This strong new business performance has maintained momentum during the first half of FY23, with MSQ reporting substantial, double-digit organic growth and further key wins in North America, UK and Asia.

MSQ, who are supported by LDC, the UK’s leading mid-market private equity firm, continued to add to our growing group offer during FY22 to provide clients with more agile, diverse and deeper specialisms. In October 2021 we acquired the creative production studio Brave Spark, and followed that up two months later with the acquisition of leading design agency Elmwood, which was merged with Holmes & Marchant to create a new global design business fit for the multi-platform age. 

In addition to agency acquisitions, MSQ launched a number of group services to better serve client needs in the current climate. We have introduced MSQ Global Studios, connecting craft skills, insights and technology to help brands create culturally relevant content at speed and scale, whilst MSQ Data joins-up more than 60 specialists dedicated to providing global and local brands with leading data, insight and martech capabilities. 

If the FY22 results are normalised for the full year impact of the acquisitions, MSQ had annual revenues of £101.1m and EBITDA of £13.0m, representing a more than doubling in size in the last 3 years. 

At MSQ we have also invested significantly in our international model, opening our media agency Walk-In Media in New York and research & insights agency Freemavens in China. Ex-Leo Burnett Creative Director Lisa Leone has been appointed as the first Chief Creative Officer in North America, whilst Andy Edmonds has been appointed as General Manager of MSQ Studios in Asia.

Our Global Chief Executive Peter Reid says: “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. 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.

“As we celebrate our 10th anniversary, I’m not just proud of our growth but of the ever-increasing quality of our work, too. Last year we won our first haul of Cannes Lions, we’ve been recognised by everyone from WARC to The Marketing Society for our Effectiveness and MSQ B2B is now the UK’s number one B2B network. And perhaps best of all, we remain committed to our core strategic pillar of Doing the Right Thing. We have industry-leading sustainability practices in place and are well on our way to achieving our Science-Based Targets for 2030.”

MSQ became a carbon negative business in 2020 and appointed our first Chief Sustainability Officer in 2021. We’ve invested in a series 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, implementing a Staff Renewable Energy Scheme and applying formal Science Based Targets. MSQ’s first Sustainability Report, outlining all progress, ambitions and learnings from being a carbon negative business, can be accessed at