First Protocol records 69% increase in profit

First Protocol has recorded a 69% profit rise and an 11.2% increase in turnover for the financial year ending September 2015.

First Protocol's Mark Riches
First Protocol's Mark Riches

Turnover at the agency grew to £8.3m, while operating and pre-tax profit increased from £141,204 in 2014 to £239,398 in 2015.


Also see:

Agency Lowdown: First Protocol

60 seconds with First Protocol's Barry Richards 


Managing director Mark Riches said he was pleased with the results, despite difficult economic conditions in the UK. "We have a three-year growth plan in place and these figures reflect our development," he explained.

He added that the growth in operating profit meant that the agency could reinvest. "In comparison to the global figures, the growth isn’t as high, but we’re pleased that we’re still seeing an increase. These figures are from September last year and, at three-quarters of the way through the current financial year, we’re expecting to record further growth for 2016."

Speaking about the impact of Brexit, Riches said it was too early to tell what the impact what would be on business. He added that the drop in sterling hadn’t negatively impacted the agency at present, due to the large US client base. "I think London will be cheaper than it once was, meaning we’ll attract more events here. However, it’s not yet clear what the wider economic impact of the decision will be as of yet." 

First Protocol, which is set to reveal its rebrand in the coming weeks, has recently expanded its US branch, with the acquisiton of Barkley Kalpak Agency (BKA) in New York.

More:

Barry Richards takes up new role with First Protocol

Trailblazers scheme is key for industry, says First Protocol's Mark Riches

60 seconds with First Protocol's Barry Richards 

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