Operating profit and turnover up, despite loss for WRG

WRG Worldwide has recorded a £1.7m loss, despite increased turnover and operating profits.

David Sharrock, WRG
David Sharrock, WRG

The company recorded £55.7m turnover for the 2014 financial year and a £501,000 operating profit. WRG attributed the total loss to ‘exceptional items’, including restructuring costs and interest paid on shareholder loans.

"Our 2013-14 accounts show that year-on-year turnover is up, gross profit is up and operating profit is up," said a WRG spokesperson. "We have made an operating profit before exceptional items this year while continuing to invest in the business. "The ‘loss’ shown in our company accounts is after exceptional items and interest on shareholder loans."

The group has now established a Swiss and US operation, as well as strengthening management in Asia. Following the closure of its Qatar office and UK job cuts earlier this year, David Sharrock, CEO of WRG Live said the company had restructured its operations in the Middle East to increase efficiency, whilst maintaining a presence there to continue to deliver for its key global clients.

"The principal risks facing the business continue to centre on the uncertain economic indicators both in the UK and abroad. There are, however, early signs of a more positive economic climate," said Sharrock.

"The group grew rapidly during 2012 on the back of the London Olympics and several large product launches. Management have now focused the company on growing sustainable accounts in a number of sectors, whilst managing job profitability and staff utilisation." 

At the end of 2014, Sharrock told C&IT that he expected significant growth for the WRG in 2015. He said: "We had a strong year last year where we opened offices in the US and in Basel and grew in size by 30%. In 2015, we are targeting 20% growth and to take our staff numbers to more than 200 people in the UK."

In May, Shell appointed WRG to design and deliver its Global Commercial Competition 2015 as part of a three-year contract.

More:

WRG launches academic partnership with Ashdown Academy

Top 50 Agencies 2015: WRG Creative Communication (8)

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