At times it's nice to bathe in the warm glow of good news and be a little self-indulgent. So, we're delighted that the dedication of our associates, the trust of our clients and our pursuit of delivering measureable business results for them, has resulted in our best set of results for a decade.
Our filed accounts confirm the expectation of our best year in a decade with turnover, profit and productivity all vastly improved, despite a challenging economic environment. Highlights are:
- Turnover up by 18.3% to £19.324m
- Gross profit up by 28.5% to £6.603m
- Overall operating profit improved 172%, rising sharply to £513k from last year’s loss of £706k
The key drivers for the improvements were:
- A renewed focus on core deliverables of Events and Performance Improvement – corporate events business grew 52%
- A much sharper focus on sales and operational excellence delivered improved client retention and new client acquisition
- A considerable productivity improvement of 23%, as measured by the ratio between gross profit and overheads
Managing Director, Mike Davies, comments: “Without doubt, it is the hard work, commitment to quality, and loyalty of the whole team at BI WORLDWIDE that has returned the business to a positive financial position. We are conscious that ‘one swallow does not a summer make’ and continue to work hard to deliver further growth in the year ahead. However, we are pleased with the start we have made and are 7% ahead in the first quarter of the new financial year. We are also delighted that we have been able to give all associates a pay increase and bonus in line with the performance of the business.”
On with the good work and the mission to improve our clients' businesses.