TFI growth plans on track, with increase in profit margin

TFI Group recorded a net profit of £16,518 in 2012, despite the upheaval caused by a major restructure at the business.

TFI Group CEO Peter Franks
TFI Group CEO Peter Franks

The agency sought last year to diversify the products and services it offers with a reorganisation of the business. Changes included the departure of director and general manager William Jeavons in April.

The various changes and refocus of the business led to an expected decrease in turnover and net profit. However, the business’s gross profit margin increased to 38%.

The agency said that its mid-term plan for "substantial growth by 2015 is on track". Changes have included the appointments of a key accounts director and a commercial director.

The group said that it has become much more sales-led, which it attributes to director Simon Maier.

TFI Pharma has grown its client base over the year; TFI Corporate has experienced a slowdown since 2011, inline with overall market trends, and is not seeing a surge in business; while TFI Meeting Point "continues to do well in delivering association conferences and exhibitions".

Peter Franks, TFI Group’s chief executive, said: "2012 was hard and it was also a time when we began a process of change which is really now beginning to benefit the business. We will see the results of this in 2014."

Looking ahead, TFI expects turnover and gross profit levels in 2013 to be similar to 2012.

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