'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.

 

For more features and breaking news sign up to C&IT Magazine's daily Newstracker here

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
London venues hosted 37% more events in 2018

London venues hosted 37% more events in 2018

Year-on-year increase from Unique Venues of London shows strong demand for events in the capital.

Why you should design human-centric experiences

Why you should design human-centric experiences

At EMEC19 in The Hague, Kim Myhre of MCI Experience gave an insightful talk on design-thinking in events.

New event producer for HGA

New event producer for HGA

Becky Jones-Williams has previously worked at Event Concept and will work for clients in a range of sectors.

Stagestruck adds event producer to team

Stagestruck adds event producer to team

Sarah Saward is joining the business as a group account director, with responsibility for a portfolio of blue-chip clients.

Incentive review: Club Med Plantation d'Albion

Incentive review: Club Med Plantation d'Albion

With dinner and champagne on a paradise beach, the white sands and the turquoise coral sea ocean of Mauritius are hard to beat.

Premier Events acquires Collective Minds

Premier Events acquires Collective Minds

Acquisition of Leicester-based events agency is part of growth plan to reach £5m turnover and 50 staff.

3 reasons to run wellness incentives

3 reasons to run wellness incentives

Endellion King, incentives account director at Top Banana, makes the business case for incorporating wellness into incentives.

'Procurement and events teams work best when they swap notes'

'Procurement and events teams work best when they swap notes'

Global procurement director of Knect365 Hetal Dassani talks to C&IT about how planners can build bridges for better buying.

ILEA members reveal 'shock' over Fyre Festival failings

ILEA members reveal 'shock' over Fyre Festival failings

Members of the International Live Events Association (ILEA) give their verdict on the event planning disaster of 2017, the Fyre Festival.

Case study: MAN's Apprentice of the Year Awards

Case study: MAN's Apprentice of the Year Awards

Venues and Events International organised an awards ceremony at Liverpool Football Club.

LATEST JOBS