Chairman Mike Kershaw called 2012 "a year of progress", but said he is cautiously optimistic, despite the continuing economic backdrop, about the outcome for the current financial year.
"We had a great start to 2012 and despite the competitive market place, we still expect to post a profit for the year. We have increased sales by 19% and gross profit by some 12% in the first eight months of this financial year. Our business model continues to deliver high quality, value for money events and should enable us to offer clients what they need in what continues to be challenging times for our industry".
Kershaw continued: "To grow sales by 17% against the economic backdrop, while investing behind our team in readiness for the London’s Olympics in 2012, is a really creditable performance. I am delighted by the progress made."
Concerto Group's other key results:
- Gross margin as percentage of turnover – 26.9%
- Profit before tax and exceptional items increased by £114,000 from £475,000 to £589,000
- Profit is before exceptional items of £190,000. After such items, underlying profit before tax increased to £393,628.
- Shareholders’ funds at £1.6m
- Cash-flow from operations (EBITDA) up from £768,000 to £939,000