Agency Crown sees profits halve

Events agency Crown Business Communications has seen its overall profit drop by almost half in 2014.

Nicky Havelaar, Crown MD
Nicky Havelaar, Crown MD

The agency’s profit before tax was recorded at £199,000, down from £392,000 in 2013.

Overall turnover was £7.1m, up from £6.8m the previous year, demonstrating growth in sales and an increase in client wins.

According to the company’s annual financial report, the competitive pitching environment and time invested with new clients was the reason behind the lower year-on-year profit margin. 

Cecilia Law, marketing manager at Crown, said: "Nurturing and developing new talent is extremely important to us. We’ve hired several new employees as a result of recent client wins and this obviously comes at a cost." She added that delivering a high-quality product was key and the company was keen to invest in its development, rather than cut corners. 

More:

Top 50 Agencies 2015: Crown Business Communications (26)

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Crown appoints new executive producer

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