Worldspan forecasts £400,000 profit ahead of London office opening

Agency Worldspan has forecast a pre-tax profit of £405,000 for the financial year, as it gets ready to open its new London office in October.

Worldspan's Jason Wilcock
Worldspan's Jason Wilcock

The profit, which is based on the financial year ending June 2016, is the company's second highest profit recorded, dipping slightly from last year.

Chairman Jason Wilcock, said: "The last two years together have been very strong – the 14/15 financial year was truly a standout year, with our highest recorded profit ever. Turnover and gross margin were down against last year, however turnover was impacted directly by a payment policy change by one of our key clients, who introduced a meetings payment card for flight, venue and supplier costs, which were previously invoiced directly by us."

Last year, pre-tax profit was recorded at £571,210, which showed an eight-fold increase from the previous year. However, Wilcock points out that the true figure was lower, due to ‘exceptional items’ paid off in the 2013/14 financial year, to the sum of more than £200,000. 

Speaking about the impending new office, he said: "It’s exciting to be opening the London satellite office in Marylebone. It is an integral part of our growth strategy and we continue to look at opportunities for additional satellite offices. Our clients are predominantly based in the London and the South East, as well as Europe and further afield, and whilst we continue to service these clients from our current location, London does provide us with additional opportunities to service and further grow our event and creative client base."

Looking ahead to the current financial year, Wilcock said the company has not seen any meaningful or sustained signals from clients as a result of the EU referendum. "We are fortunate to have a wide client base at Worldspan, across both industry and association segments, and, like any business, we continue to monitor the situation and will adjust our strategy accordingly, if need be." 

More:

Worldspan expands team with new hires

Top 50 agencies: Worldspan:32

Worldspan rebrands and targets £8m turnover

• For more breaking news and in-depth features, sign up to C&IT Magazine's daily Newstracker here

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
In pictures: Events industry joins nationwide NHS tribute

In pictures: Events industry joins nationwide NHS tribute

As the UK came together to thank frontline healthcare workers, venues did their bit to mark the occasion.

Fears freelancers will be forced into debt despite UK chancellor’s intervention

Fears freelancers will be forced into debt despite UK chancellor’s intervention

Relief for freelancers welcomed by HBAA chair amid concerns many will have to take out loans before a payout in June.

How many MICE businesses have a complete travel ban in place?

How many MICE businesses have a complete travel ban in place?

Nearly 2,000 MICE professionals reveal whether their company has banned business travel in part three of C&IT's Impact of Coronavirus Report.

LIVE UPDATES: Which international events are being cancelled

LIVE UPDATES: Which international events are being cancelled

All the latest postponements and cancellations as the world deals with the spread of coronavirus.

Events industry applauds ExCeL's hospital transformation

Events industry applauds ExCeL's hospital transformation

The conference venue is expected to be ready for action as a huge coronavirus hospital by next week.

‘Kill the agenda, it gets in the way of creativity’

‘Kill the agenda, it gets in the way of creativity’

A detailed event schedule doesn’t leave much room for flexibility or self-expression, says INVNT’s Adam Harriden.

How coronavirus is changing event contracts and insurance forever

How coronavirus is changing event contracts and insurance forever

A need for more detailed contracts has been highlighted in C&IT’s Impact of Coronavirus Report, which surveyed 2,000 event professionals.

Aeorema Communications acquires Eventful

Aeorema Communications acquires Eventful

The deal marks Aeorema's 'conviction in the future and recovery of the events and MICE industry'.

Largest stimulus bill in US history agreed

Largest stimulus bill in US history agreed

A nearly $2-trillion package will boost the US economy amid the COVID-19 outbreak after both sides of the senate reached an agreement.

Industry support line launched by Stress Matters

Industry support line launched by Stress Matters

Help by phone and Whatsapp is available to event professionals who would like to talk to a trained mental health first aider.