Public Policy Holding Company AIM:PPHC
- Founded
- Washington DC, USA
- Incorporated
- United States
- Chief executive
- Stewart Hall
- Employees
- 426
- Reports in
- USD
Washington DC based government relations and public affairs group owning a stable of lobbying, advocacy and strategic communications firms serving corporate clients on US federal policy. Unusually for AIM, a pure-play US political consultancy; grows by acquiring partner firms.
Read straight from the annual reports
820c at close on 5 Oct 2026 · 6 reported years, 2020–2025
| Line | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Operating profit | |||||||
| Adjusted operating profit | — | — | |||||
| Net finance cost | |||||||
| Profit before tax | |||||||
| Tax charge | |||||||
| Profit for the year | |||||||
| EBITDA | |||||||
| Basic EPS | — | ||||||
| Diluted EPS | — | ||||||
| Adjusted EPS | — | — | — | — | |||
| Dividend per share | — | — | — |
USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
6 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Retainer-based fixed-fee consulting contracts
In 2025 more than 91% of client revenue was retainer-based, billed in advance, with 5-10% project-specific revenue
page 7M&A-driven growth (TrailRunner and Pine Cove acquisitions)
Revenue from acquisitions contributed $27.7m of the $37.0m revenue increase in 2025; organic growth contributed 6.2 percentage points of the 24.7% total growth
page 44Post-combination compensation and share-based accounting charges from acquisitions
GAAP net loss widened to $(39.0)m in 2025 from $(24.0)m in 2024 primarily due to a $29.6m non-cash share-based accounting charge and a $9.7m increase in post-combination compensation from Lucas/Pagefield/TrailRunner/Pine Cove
page 53Pagefield goodwill and intangible impairment
$9.1m combined impairment charge ($6.2m goodwill + $2.9m intangibles) recognized against Pagefield reporting units in 2025 due to client attrition and employee turnover
page 53$29.6m charge: Share-based accounting charge (Retained Pre-UK IPO Shares vesting)
page 53"Every political problem is an instant reputational problem, and every reputational problem is an instant political problem." — Stewart Hall, CEO PPHC
page 13Nasdaq listing completed in 2026 under symbol "PPHC"; US IPO raised gross proceeds of $45.8m (net ~$36.1m) at $12.25/share
page 39Intends to pay dividends at ~30% of Adjusted Net Income, subject to board discretion; dividend rate was cut by ~half in January 2025 to retain cash for M&A; FY2025 dividend paid per share $0.344 (down 51% from $0.702 in 2024); FY2025 full-year dividend declared $0.355 (interim $0.115 paid October 2025, final $0.240 payable May 2026)
page 9No explicit going concern qualification identified in sections reviewed. Company identified material weaknesses in internal control over financial reporting: (1) FY2024 cash-flow misclassification and incorrect loss-per-share computation, and (2) FY2025 aggregate material weakness relating to insufficient qualified technical accounting/financial reporting personnel and IT general control deficiencies (change management, user access, segregation of duties). Remediation efforts ongoing; auditor's name and opinion type were not located in the sections read
page 29- Client relationship/concentration dependency — loss of a major client relationship could adversely affect revenue despite low individual client concentration (top 10 = 9.2%)p.22
- Reputational risk from conflicts of interest, litigation, or negative publicity associated with clients or member companiesp.22
- Key person dependency — loss of senior executives or revenue-generating employees, especially given no non-compete enforceability in some jurisdictions (e.g., California, Washington D.C.)p.23
- M&A execution risk — inability to identify, complete, integrate or realize expected benefits from acquisitions; earnout structures create compensation/retention complexityp.23
Read from C001047-AR-2025-sec-ars.
6 annual reports read, FY2021 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: SEC EDGAR (1), Company website (5)
FY2026Next report expected 1 May 2027