IBM and Microsoft help TBT achieve increased profit

Top Banana Team (TBT) achieved an 8% increase in gross profit in 2009/10 despite turnover dropping by 20%.

IBM and Microsoft help TBT achieve 8% profit increase
IBM and Microsoft help TBT achieve 8% profit increase

Microsoft, IBM and Intel are among companies that have contributed to agency TBT’s increase in profit over the financial year ending 31 January 2010.

Gross profit increased to £1.218m from a total of £1.12m to the end of January 2009.

Meanwhile, net profit rose 9% to £296,448 over the accounting period, up from £272,000 the previous year.

TBT managing director Pete Saunders said: "We are delighted with these results and already our results for 2010/11 are significantly ahead of last year. Turnover last year was down on the previous year, but profit was up."

He added the higher level of turnover to the end of January 2009 - £3.6m compared to £2.88m to the end of January 2010 – was because of a higher percentage of venue booking costs.

"In 2008/9 we had a large £1.3m project that included about £600,000 of hotel costs, but that was very much a one-off," said Saunders.

TBT has appointed an additional eight staff this year, taking the total to 30, and moved to new headquarters in Frome.

The agency will celebrate its 10th anniversary in February 2011and is revamping its website to focus on its new brand name TBT, rather than Top Banana Team.

Saunders added that he expected next year's results to see a 10% turnover jump, with greater increases in profit.

 Watch the C&IT Cribs team explore TBT’s headquarters.

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