TFI Group reports stable financial figures in "difficult economic climate"

TFI Group has seen a 6% increase in turnover in its annual accounts to the end of December 2011, while profit after tax has dipped slightly.

TFI Group has steady 2011
TFI Group has steady 2011

In his director's report to the annual accounts – filed at Companies House – chairman Peter Franks said the company has "continued to perform strongly, despite the difficult economic climate".

However, he added that the "directors are expecting 2012 to be another challenging year".

For the year ending December 2011, turnover was up to £9,480,777 from £8,905,043 the previous year – an increase of 6.46%.

Gross profit dipped to £1,724,414 from 1,737,056, and the business closed the year with profit after tax of £277,095, a small downturn of 1.28%.

Staff headcount rose, however, from 21 to 25, and TFI Group business development director Simon Maier said the team would be growing further this year. Three team members have joined this week, he added, with a further two to come.

In addition, the agency is planning to open offices in Singapore and the US in 2013.

Maier added: "The market has been much more stable than everyone thought, but the pharma market is tough. It is very procurement driven, and margins are much lower."

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