MD Events reports 28% pre-tax profit increase as turnover falls

MD Events had recorded a 28% increase in pre-tax profit and a 16% decrease in turnover for the financial year ending March 2015.

The agency made a profit of £431,660 this year, compared to £337,190 the previous year, while turnover was down to £11.4m from £13.6m.

Nick Sharma, global head of finance, said that turnover decrease could be attributed to challenging economic conditions and refocus for the business.

"The company has focused on more profitable areas of the business in addition to cost management and a focus on efficiency. As a result, operating profits have increased to £533,293 and the gross profit margin has increased from 18% to 19%."

The agency has witnessed greater investment in Asia and the US, in addition to a focus on rebranding and restructure. Although the primary focus has remained events in the life sciences sector, the company has also branched out to other areas. 

More:

MD Events targets corporate sector with senior hires

Top 50 agencies: MD Events: 31

George P Johnson sees profit drop and turnover rise

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