Universal World Events announces £2.9m profit in merger year

Universal World Events has announced an operating profit of £2.9m for the year ending September 2011, the first financial year since the merger of Universal Procon and World Events.

Universal World Events announces £2.9m profit
Universal World Events announces £2.9m profit

Universal World Events was formed from a merger which took place in March 2011. Its equivalent turnover for the period was put at £85m.

The figures have been consolidated from seven sets of accounts covering the company's operations in the UK, US, Asia and mainland Europe. They have been calculated on a pro rata basis to reflect the 12 month financial year.

Graham McIntosh, managing director of Universal World Events, said: "The results are a good indication that we have managed the merger of the two businesses successfully. They factor in costs associated with the merger which have been offset by a combination of business development and new business wins which has underpinned our growth.’

McIntosh added that turnover is becoming an increasingly poor measure of performance in the industry due to the increasing incidence of agencies acting as a disclosed agent.

In 2011 the agency managed more than 1,700 meetings and events – an increase from just over 1,100 in the previous 12 month period. Total delegate numbers have also risen, from 100,000 in 2010 to over 145,000 in 2011, with events taking place in 47 countries throughout the world.

McIntosh said: "We are pleased with these numbers in the context of a challenging economic environment. We are still investing in a number of overseas markets and while individual performances have varied by country, we have seen good growth in the UK, US and Asia. Our new business wins should help to ensure steady growth over the next 12 month period."

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