Next Fifteen Communications has agreed to acquire Upstream Asia (UPS), the trading business of Upstream Marketing and Communications, for up to $1.1 million. 

PR company Next Fifteen Communications has agreed to acquire Upstream Asia (UPS), the trading business of Upstream Marketing and Communications, for up to $1.1 million (£680,000).

UPS has offices in China, Singapore and Australia and will be integrated into Next Fifteen’s Bite Communications Group. The company specialises in corporate communications for the technology, finance and travel sectors.

UPS generated turnover of $2.1 million and a loss before tax of $400,000 in the six months ending June 2009. Stephen Smith, non-executive chairman of UPS, said: ‘The proposed sale by UPS of its public relations businesses is a positive development for shareholders. The historic performance of those businesses has been disappointing and has had an adverse effect on UPS’s share price.’

In the six months ending January, London-based Next Fifteen reported an increase in revenue of 10 per cent to £33.5 million, while pre-tax profits were up 15 per cent to £3.55 million.