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

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