Universal Procon's £1.9m pre-tax loss limited to UK business

Universal Procon says its £1.9m pre-tax loss is limited to its UK business and consolidated figures for the US are healthier.

Universal Procon's £1.9m pre-tax loss limited to the UK
Universal Procon's £1.9m pre-tax loss limited to the UK
A financial report filed at Companies House this week showed that Universal Procon made a pre-tax loss of £1.9m in the year to September 30 2009, compared to a pre-tax profit of £76,788 in the nine months to September 30 2008.  

A Universal Procon spokeswoman said the figures excluded the agency’s US operation.

The consolidated UK and US business made an operating loss of £779,000 in the year to September 30 2009, and turnover of £42m on a pre-tax profit of £2.17m, she said.

The reporting period was the first financial year since the former Universal CIT merged with sister agency Procon in October 2008 following its acquisition by United Drug.

The UK business’ financial performance was significantly influenced by the "exceptional cost" of £2.1m spent on restructuring.

This cost was anticipated and planned for," she said. "It was an investment to ensure Universal Procon’s future growth domestically and internationally, as the company is planning to expand into Asia."

"Our events management business has increased its customer base," she said. "In the UK in particular, we have leveraged existing relationships to add a number of new clients and we anticipate double digit growth in 2010."

 

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