Ashfield Meetings & Events has reported a decrease in profit and turnover for the financial year ending September 2017.
Turnover dropped 12.7% from £32.5 million in 2016 to £28.4m in 2017, while profit fell 42.8% from £2.9m in 2016 to £1.7m last year, in accounts filed with Companies House.
The events agency, which specialises in the pharmaceutical sector, cited a reduced demand for events services from the industry as a factor behind the reduced turnover in its strategic report for the year.
Among the principal risks and uncertainties were mergers and acquisitions between pharmaceutical companies "potentially reducing the number of target clients" and "fewer products coming to market, reducing the clients' needs for product launch meetings and events".
A directors statement said: "Market conditions remain challenging with pressure on margins at each stage of the supply chain. Strong focus remains on business development to ensure the business continues to grow."
The statement also pointed out that "foreign exchange losses significantly impacted the operating margin in 2017, compared to large foreign exchange gains in 2016".
On a different note, when companies released their gender pay data earlier this year, Ashfield M&E revealed it had no gender pay gap and reiterated its commitment to "equal opportunities for all our employers".
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