Grass Roots Meetings & Events sees drop in turnover and profit

Pre-tax profits has also dropped for the agency from £2m to £1.4m. In the director’s report, published on Companies House, managing director David Taylor said: "Gross profit decreased by 19.6% to £11.4m, though the gross profit margin improved to 83% from 54.3%." 

The firm's parent company Grass Roots Group, which was recently acquired by global prepaid and payments company Blackhawk, reported a turnover rise to £283m for the 2015 financial year in early August, while pre-tax profits dropped slightly to £7.8m. According to the global financial report, the UK remained one of the strongest regions, and biggest profit generator for the group. 

See also:

Blackhawk Network to acquire Grass Roots for £90m

Grass Roots records 2.5% profit drop on turnover rise

The company incurred one-off losses due to the over-redemption of a consumer promotion in Europe. According to management, group operating profit for 2015 would have been one million pounds higher at £8.5m compared to the previous to the year ahead of the one-off losses.

Last year the meetings and events business saw a £2.6m turnaround in operating profit, after the closure of its Marlow office. This represented an increase from the £1.1m loss the company recorded in 2013.

More:

David Taylor appointed as MD for Grass Roots Meetings & Events

President Barry Richards leaves Grass Roots Meetings & Events

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