Positive outlook at Cheerful Twentyfirst with profit up 22%

Revenue also increases 14% and demand for live events remains high, 'despite Brexit uncertainty'.

Events and film production agency Cheerful Twentyfirst has reported a strong financial year, with total revenue and profit increasing.

Accounts filed for Aeorema Ltd (Cheerful Twentyfirst is the trading name) at Companies House show turnover was £4.8m (£4.2m in 2017) and operating profit before exceptional items was £408,597 (£332,344 in 2017).

However, profit after exceptional items decreased compared to the previous year "largely as consequence of the £173,509 associated with the departure of the two founding shareholders Peter Litten and Gary Fitzpatrick," said the directors’ statement.

Expanding on the reasons for the strong year, the statement continued: "The demand for live events agencies capable of organising large corporate events remained high during the year and the company was able to use its creative expertise to win new clients as well as maintain its existing client base.

"Despite Brexit uncertainty, the outlook for financial year 2019 and beyond remains positive with several contracts for large events and film productions already won."

The company experienced a 16% increase in revenue during the year, as a consequence of strong growth in events revenue, up 18% on the previous year.

"The growth of events revenue came from staging several new events for existing and new clients from a variety of industry sectors," said the statement.

Earlier this year, C&IT spoke to the managing directors of Cheerful Twentyfirst, Steve Quah and Andrew Harvey about the benefits of being a publicly listed company.

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