Banks Sadler hit by poor performance from European offices
, 29 July 2010
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Banks Sadler's annual accounts have revealed the agency's profits were hit by the poor performance of its offices in France and Germany.
However, the firm is "optimistic" the overseas offices will achieve improved results in 2010 after winning "significant new business" in the past six months.
Banks Sadler's annual accounts show the agency recorded a post-tax profit of £178,726 for the year ended October 2009.
The figure is up from £163,989 the year before, despite turnover dropping from £25.6m to £23m.
The full accounts have now been filed at Companies House, following Banks Sadler’s announcement that its operating profit had increased 19% earlier this month.
Its operating profit was £313,348 in 2009, up from £262,986 in 2008. Banks Sadler chief executive Leigh Jagger said the results were in line with expectations.
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