Public Policy Holding Company, the government relations and public affairs group listed in London and New York, reported third-quarter revenue of $55.2 million, up 13.2% on the same period in 2025. The results, for the quarter ended 30 September 2026, were announced on 9 November and published in London on 10 November 2026.

Organic revenue growth was 5.1%, faster than the 3.9% recorded in the second quarter. Adjusted earnings before interest, tax, depreciation and amortisation rose 11.1% to $12.8 million, although the adjusted EBITDA margin narrowed slightly to 23.2% from 23.6% a year earlier.

Government relations drives the growth

Government relations, which accounts for about 58% of the group's revenue, grew organically by 7.5% in the quarter and by 6.7% over the first nine months of the year. The company said demand for government relations advice had risen as clients navigated an unpredictable policymaking and communications environment.

Revenue for the first nine months of 2026 rose 15.2% to $157.5 million, with organic growth of 4.7% over the same period last year.

Profit returns, helped by an acquisition gain

On a reported basis, the group made a small net profit of $0.2 million in the quarter, compared with a net loss of $7.4 million in the third quarter of 2025. The improvement included a $9.8 million non-cash bargain purchase gain on acquisitions completed during the quarter. The group still recorded a loss from operations of $8.3 million for the quarter.

Four acquisitions completed during 2026 added about $33 million in annualised net revenue, the company said. Net debt stood at $21.4 million at 30 September 2026.

Guidance held and a bigger credit line

Public Policy Holding reaffirmed its guidance for the full 2026 financial year: revenue of $213 million to $216 million and adjusted EBITDA of $48.5 million to $50.5 million, at a margin of 22.5% to 23.5%.

The group also announced a new $105 million senior secured credit facility with Bank of America, expanding the funding available for further acquisitions. The company is listed on the Nasdaq in the United States and on AIM in London, where it trades under the ticker PPHC.

Management also flagged that fourth-quarter project work following the election would be the main variable for the rest of the year, according to the earnings call summary. The group's London listing keeps it in view for UK investors even though most of its work is in Washington, where government relations advice is its largest business.

Read the results announcement via Morningstar and the earnings call summary from Seeking Alpha.