Accounts for the year ending 31 December 2016 showed that turnover fell from £9m in 2015. Pre-tax profit was also down, falling from £21,000 in 2015 to a loss of £405,000 in 2016.
The strategic report included with the accounts said: "Finding growth in the corporate sector is difficult and performance in the year has declined. Whilst clients have remained loyal and repeat business has been good the business has struggled to secure new clients and new business in an ever increasingly competitive market in the UK.
"The company’s turnover has decreased by 45 per cent. This is due to a reduced amount of business in the corporate sector and a different mix of PCO contract types leading to reduced 3rd party costs and hence cost of sales compared to last year."
However, association management and PCO performance remained ‘comparable to previous years’, with the report commenting that: "Business indicators suggest that this is a trend in the association sector that will continue with many clients choosing to extend current mandates and commit in the medium term."
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