Chillisauce sees drop in profit on higher turnover

Agency Chillisauce has said it is on track to record a £19m turnover next year, following a £280,000 profit loss due to one-off payments for the year ending September 2015.

Chillisauce's James Diment
Chillisauce's James Diment

The agency recorded a turnover of £17.2m for the 2015 finanical year, an increase from the £16.7m reported in 2014. Meanwhile, earnings before interest, taxes, depreciation and amortisation (EBITDA) were recorded at £470k. A one off write down of some capitalised technology costs contributed to a £280k loss before tax.

The company also announced that it has seen strong growth across its divisions, with an increase in bookings on both the consumer and corporate sides of the business. The biggest area of growth for the company overall has been in overseas events, with a 30% increase in bookings year-on-year. The agency is also reporting a 4% increase in growth within its corporate events division, despite the challenges to the meetings and events industry caused by uncertainty surrounding ‘Brexit’. 

James Diment, head of corporate at Chillisauce, said: "It’s encouraging that the uncertainty over Brexit hasn’t had any major negative effects on our day to day business so far. The majority of clients still feel confident about investing in their people and their events. Keeping teams motivated and focused during potentially difficult times is crucial."

Matt Hull, commercial director at Chillisauce, added: "Our plan is to become the go-to place for group events, which will require commitment and investment. In order to progress towards this goal, we have been looking for ways to streamline the business over the past couple of years to increase our online capabilities and efficiency.

"A huge focus for the company has been to make a significant investment in the development of our front and back-end systems in order to achieve this. The directors believe that this investment in technology will form a platform from which the business can scale up and increase profitability. With our turnover target of £19m on track, the company will see a healthy return to profit in 2016."

The agency has witnessed heavy investment in the past year, with considerable growth in the corporate team. At the end of 2014, Chillisauce moved its offices to London Bridge, following a major recruitment drive. 

More:

Chillisauce announces eight new senior hires amid recruitment boost 

Chillisauce to recruit 25 new staff in biggest ever expansion 

Chillisauce sees 25% growth in corporate bookings

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