World Events records £1.3m profits

by James Thornton, citmagazine.com 04-Sep-08, 11:15

Third year in a row of £1m-plus profits for agency

Agency World Events' latest annual results have seen it announce profits of £1.3m and turnover of £21.2 million for 2007.

This is the third year in succession that the company has achieved £1m-plus profits, but the figures are down on last year. Managing director Martin Parry put the drop down to the company's investment in overseas offices. "Profit levels are slightly down, but this is due to investment in our office in Holland and our satellite offices in Bulgaria, Germany and Belgium," he told C&IT. "This year, things are looking reasonably positive considering the current economic climate and we have a lot of firm bookings for 2009. We are very pleased with these numbers, which have achieved our targets and demonstrate our capacity to deliver consistent profits in a highly competitive market."

Turnover figures were also reduced, with the agency citing clients paying venues directly rather than through its accounts as the main reason. A statement from the company said: "This is a trend the company expects to continue, potentially leading to higher margins on reduced turnover."

World Events' Netherlands hub has six staff, with two people at the Bulgarian, German and Belgian offices. Elsewhere in the business, the last year also saw the appointment of Gary Dickinson as chief executive for its US business. The group in-house creative service offer has also increased significantly with the appointment of a Creative Director and three additional team members.