Motivcom reports 54% surge in pre-tax profit

Motivcom's interim results for the six months ending 30 June 2010 have shown a 54% leap in pre-tax profit after contract wins and an increase in existing client spend.

Motivcom reports 54% surge in pre-tax profit
Motivcom reports 54% surge in pre-tax profit

The group’s pre-tax profits have jumped from £1.6m to £2.5m since the end of 2009, while basic earnings per share increased 66% to 5.73 pence.

Motivcom executive director Nigel Cooper said that the performance in the events sector had exceeded his expectations and he expects to see "significant double digit growth" in volume business for 2010.

"We have witnessed major existing clients increasing and extending their activity and this growth has additionally been supported by several significant new client wins in our P&MM Events & Communications and Zibrant divisions whilst AYMTM has performed strongly across the board," he added.

In June this year, Motivcom committed to increasing gross profit by 20% each year, despite its 2009 accounts showing a 3% drop in gross profit.

In its latest results, Motivcom’s interim dividend increased by 25% to 1.00 pence per share and net cash is up to £5,044,000 after a net debt of £202,000 in 2009.

The contract wins are across sectors including pharmaceutical, industrial, financial and retail, with pharmaceutical named as a new area of business for the group.

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