'Very good year' for We Are Vista with gross profit up 9% to £4.65m

Agency reports decrease in turnover but paints largely positive picture for the financial year.

Credit: Instagram @WeAreVista
Credit: Instagram @WeAreVista

Agency We Are Vista has described 2017 as a "very good year" in accounts submitted to Companies House, with "strong profit growth ahead of budget".

For the year ending 31 December 2017, gross profit increased by 9% (compared to 2016) to £4.65m and profit before tax increased 35% up to £2.1m, up from £1.55m the previous year. Net profit rose from £1.2m in 2016 to £1.64m in 2017. 

However, turnover was down £1.8m from £18.27m in 2016 to £16.43m in 2017. 

A statement by the directors said: "Sales for the period are lower than 2016 due to the mix of work being carried out by the company. The current year saw more strategic, campaign-led work with higher fee content, as compared to previous years where large-scale events led to higher turnover on lower margins.

"This is seen in the gross profit margin increasing five percentage points from 23% in 2016 to 28% in 2017."

The report struck a largely positive note, with the directors noting that "The team is delivering on the business plan and actions set in our five-year plan have been achieved within three years." 

"[Last year included] the introduction of a number of new clients. New projects for British Airways, Vodafone and LinkedIn have been happening alongside continuing work with Lloyds, BMW, BT and TSB to name a few."

"Our venue business saw a reduction in trading with a lower number of large-scale events, highlighting an evident trend in the industry for clients looking to deliver their messages in new and innovative ways. This doesn’t concern the directors as it is not part of our core revenue."

In last year’s Top 50 Agencies list produced by C&IT, We Are Vista ranked in 16th place.

 

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