The accounts, which also included an operating profit drop of 34%, are for the financial year ending December 2016. Turnover decreased from £4.2m in 2015 to to £3.6m in 2016 and operating profit decreased from £250,000 to £165,000 in 2016.
Speaking to C&IT Cooper confirmed that: "Companies House requires accounts for each legal entity- these are not the consolidated figures for the UK M&E business so will not match our actual trading. For 2017 we will be providing consolidated accounts for the UK."
"We are focused on growth in the UK for the coming year, which takes us to a target of over £1m in profit up from £810,000," he added.
In July 2016, the parent company of BCD M&E acquired Zibrant. In June this year BCD reported an 8% increase in profit. Pre-tax profits increased to £810,000 for the 12 month period ending December 2016, up from £750,000 for the same period in 2015. This figure includes combined trading for both BCD Meetings & Events and Zibrant.
Cooper confirmed that this figure is accurate and that: "Acquisition years are always tricky because they mean it is not easy to decipher your performance."
Cooper also talked about how a business's success cannot be measured accurately with turnover. "Revenue should be measured not turnover, as this is a true depiction. 90% of the business does not go into turnover because we are an agency, so this figure is not an accurate depiction."
The directors report included with the accounts published on Companies House says: "The Zibrant acquisition means BCD Meetings & Events Ltd is now better placed to win larger contracts within larger contracts within the UK marketplace, in addition to its already strong global presence."
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