Reasons to Smyle as turnover reaches nearly £27m

Agency plans to increase office capacity after year which saw 'growth in volume and magnitude of events'.

Smyle's homepage
Smyle's homepage

Smyle has reported a year-on-year increase in turnover of 63%, to nearly £27m.

In accounts filed at Companies House, the group’s accounts show turnover of £26.9m (up from £16.5m in 2017) and an operating profit of £2.3m (up from £984,580 in 2017) for the year ending 31 March 2018.

"However the gross profit margin decreased slightly as a result of lower margins earned on some of the larger projects, where venue hire, accomodation and logistics spend attracts standard mark-ups only," said the director’s statement with the accounts.

The statement goes on to say that at the beginning of that financial year (1 April 2017), "the company’s subsidiary Pump House Productions International Limited hived its trade and assets into Smyle Creative Limited and the subsidiary became dormant."

On the back of a strong year, there are plans afoot for expansion: "Because of the growth in volume and magnitude of events, the group continued to invest in people, technology and resources. This included the acquisition and refurbishment of an adjoining warehouse to the existing Hertfordshire headquarters, which was available for use by June 2018.

"With an increase in the number of staff, the directors are planning to increase office capacity, including the possibility of expanding the London office."

In May 2018 (the following financial year) Smyle sold a majority stake to Rockpool Investments and in December was included in the Sunday Times Virgin Atlantic Fast Track 100, along with C2 Events.



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