Concerto Group cites Brexit as cause of £592,000 profit fall

The agency saw pre-tax profit fall by £592,00 for financial year, while turnover also fell to £27m.

Concerto Group website
Concerto Group website

Concerto Group's profit fell by £592,000 for the financial year ending 28 February 2017, while turnover also fell from £31.2m to £27m, a total decline of almost £4m.

In the strategic report included with the accounts, finance director Mark Greaves said: "The year was badly affected by the timing of the Brexit referendum and the impact on events of the result. The 13 per cent reduction in sales was not compensated for by a corresponding fall in overheads.

"The financial year was a challenging one, but ultimately ended cash positive. Our business was adversely affected by the timing of the Brexit vote, right in the middle of our summer season, and then by the negative impact the result had on confidence for bookings up to the end of the year.  

"However, our current year is looking much more positive, we’re currently well ahead of the previous year and the business is in a strong position."

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