Astellas Pharma Europe spurs World Events to £7.25m profit

World Events’ final results have shown a £7.25m gross profit and a turnover of £34.5m on the back of an Astellas Pharma contract.

Astellas Pharma Europe spurs World Events to £7.25m profit
Astellas Pharma Europe spurs World Events to £7.25m profit
Operating profit down

The numbers, recorded from January to November 2010, are filed as World Events Group and come before the company’s name was changed to Universal World Events Group following its acquisition by United Drug last November, and the subsequent merger with Universal Procon last month.

Operating profit was £0.939m for the 11-month period, which compares to the full-year 2009 figure of £1.47m.

New offices

World Events chief executive prior to the merger Martin Parry, said: "We were pleased with this set of figures in what were tough trading conditions for the industry as a whole. They are a good indication of the resilience and strength of the business and were no doubt an important factor in United Drug’s decision to acquire our business.

"The operating profit figure is lower than last year due to the continuing investment we have been making in developing our global footprint with new office openings in Europe and Asia, which to date have all been organically funded out of profits."

In 2010 and 2011 to date the company has announced office openings in France, Italy and most recently Spain.

Procon in profit

The news comes after Universal Procon announced a pre-tax profit of more than £2m in its final set of results before its merger with World Events.

Last June, World Events was retained as the sole event management supplier by Astellas Pharma Europe after a competitive tender process.

 

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