Banks Sadler reports 18% jump in operating profit

Event management agency Banks Sadler has announced an 18% increase in operating profit for 2013 to £1.25m, but turnover for the 12 months dipped slightly.

Banks Sadler CEO Leigh Jagger
Banks Sadler CEO Leigh Jagger
Group turnover dropped by just under 2%, but profits after tax rose 31% on 2012.

Leigh Jagger, Banks Sadler CEO, commented: "We are absolutely delighted to have delivered such a strong performance despite trading conditions still being quite challenging across all of our key markets.

"To be able to achieve such positive results, whilst continuing to invest in growing our portfolio of services and network of offices, is real testimony to the committed and hard-working team we have across our whole group."

The group said it continued to generate good cash flow during 2013 despite on-going difficult economic conditions and the extending of payment terms by many of its principal clients.

Overseas operations continue to contribute to the agency’s growth, with many of the new client wins over the last 12 months attributed to its ability to deliver globally.

Despite the strong growth, Jagger remains cautious: "Although we are all hearing talk of economic optimism, we are certainly not seeing that cascade straight through to meetings and events area. Budgets are still tight, value for money is very important to our clients, and being able to demonstrate ROI on meetings and events as well as the service we offer is crucial."

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