Corporate Innovations reports 10% profit rise

Events agency Corporate Innovations has reported a 10% rise in profits for 2013.

Corporate Innovations reports 10% profit rise
Corporate Innovations reports 10% profit rise

Oxford-based Corporate Innovations saw profits rise 10% from £271,000 in 2012 to £300,000 in 2013.

Turnover fell 5% from £5m to £4.8m, while operating profit grew 4.5% to £390,000.

Gross profit increased slightly to £1.7m.

Corporate Innovations owner David Watt told C&IT: "Our 2013 results are in line with what we expected. We invested in talent and hired five new people. We also invested in new technology and opened a new office in Soho this summer. 

"Underlying profits were up around 20%, which is great news in what was relatively a tough year.

"Turnover was down a little but we made a commercial decision not to re-roster for one of our clients. We wanted to focus on adding value to our existing clients for a fair return, rather than working with clients who do not provide as much value. The focus was on the bottom line, rather than the top line." 

Corporate Innovations' clients include Westcoast Mobile Lab, McVities, Swatch, Samsung and The National Lottery. 

Earlier this year Corporate Innovations appointed Peter Thompson as executive director.

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