MCI UK records £20,794 profit after loss turnaround

MCI UK has recorded a pre-tax profit of £20,794 profit before tax for the 2015 financial year, following a £229,444 loss in 2014.

The agency also reported a turnover of £9.1m, up from the previous year’s £5.3m. Operating profit for the year was £30,766, compared to a loss of £196,585 in 2014. The agency has also recently appointed Pete Matthews as financial director, who will replace Mark Wheeler.


See also:

MCI launches Black Flower agency  

MCI launches MCI USA


According to the director’s report, there was an increase in corporate services during the year, leading to rise in turnover and cost of sales. "The underlying growth in business is better represented by gross profit, which has increased by 19.8 to £3.5m," said managing director Jennifer Jenkins in the report.

The company turned around its previous loss figure by undertaking a series of cost reduction initiatives in 2014. "We launched new services in 2014 and there was some investment in new staff to boost our brand experience and our digital offers. That investment has paid off and we are seeing growth in our digital services to both corporate and institutional clients," Jenkins told C&IT. 

"We are increasingly delivering for global clients who use more than one MCI office for their event planning and delivery. And, of course, we support other MCI offices and their clients when they come to the UK. So an increase in inbound business from the group too. Gucci, Bayer, Novartis and HP were all clients we supported in this way in 2015."

She added that the company would continue to grow across all sectors, as well as investing in digital and online content. "Regionally, we are investing in Scotland too," Jenkins explained.

More from MCI:

MCI partners with ICCA to launch sustainability index

MCI launches MCI USA

Events industry needs sustainability focus, says MCI's Guy Bigwood

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