P&MM records £1.8m drop in pre-tax profits

Former Motivcom subsidiary P&MM has recorded a 57% drop in pre-tax profits to £1.4m for the 2014 financial year.

Despite a 12% rise in turnover from £58.8m to £66.2m, the agency’s overall pre-tax profit dipped from £3.2m in 2013 to £1.4m this year.

P&MM, formerly part of Motivcom, was acquired by Sodexo in 2014, while events agency Zibrant was purchased by Nigel Cooper. P&MM now specialises in staff rewards, incentives, employee recognition and marketing services.

A dividend of £1m was paid in January 2014, when P&MM transferred its event management business, P&MM Live, to fellow subsidiary, Zibrant, to form Zibrant LIVE.

While administrative expenses decreased slightly and new business wins contributed to growth in the employee benefits division, performance in sales promotions were ‘below expectations’, contributing to a profit shortfall of £750,000. In addition, the business moved offices in December 2014, costing £60,000 in dilapidation charges. There was also a £195,000 loss recorded for the Treatme business. 

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