Motivcom has pledged to grow its gross profit by at least 20% each year, despite its latest annual accounts showing that gross profit dropped by 3% in 2009.
The firm has put the fall down to the "unprecedented economic conditions" last year, but chairman Colin Lloyd said the outlook for 2010 was "significantly more positive".
"2009 was a difficult year for many event management, hospitality and leisure bsuinesses," he explained. "Turnover on events did fall, in line with the sector, but overall net profitability was maintained through maximising supply chain and Group synergies. The outlook for 2010 is significantly more positive than the outlook 12 months ago, perhaps reflecting a more settled environment where clients do not anticipate further reductions in marketing budgets."
In the events part of the business, revenue tumbled by 6% to £41,795,000 from £44,358,000 in 2008. Meanwhile, in that sector, gross profit fell by 7% from £12,016,000 to £11,153,000.
However, the firm also reduced administrative expenses for events by £890,000 and, as a result, its operating profit came in at £1,735,000, compared to £1,728,000 the previous year.