BI’s live events team rallies to lead upturn

Agency BI Worldwide will confirm a significant improvement in its business performance when its annual financial results are revealed in the spring. As well as investing £1m in new technology and on restructuring the company, managing director Richard Bandell said the 2004/5 figures would still show a loss but that it would be a significant improvement on the more than £918,000 loss seen in 2003/4 and half that seen in 2002/3 when the loss totalled around £566,000. "This is great news considering we also invested heavily in the company with no outside cash injections or borrowing," said Bandell. "We budgeted to make a loss but the overall figure has more than beaten our expectations." In the company’s past financial year, which culminated in June 2005, BI has seen an increase in revenue by 10% and an increase in gross profit by just under 10%. Live events have been the most successful division of the company seeing a growth from 62 in 2003/4 to 82 events in 2004/5 and culminating in an increase in gross profit of more then 50%. Bandell said that the current financial year began with 50% more confirmed bookings than the previous year. "We are still not back to the heady heights of 2001, but we don’t necessarily expect to," said Bandell. "Now we are more focused on our core competency of high value incentives." Bandell attributes this financial improvement to the company restructure, which was shaped following full staff consultation. In the past year BI has seen its full-time staff count increase from 87 to 110, despite closing its PR division and making "a handful of redundancies ". All BI employees now have a personal career plan, are given the option of flexible hours and 85% of all employees have undergone training in the past year. These improvements were recognised last month with the company being accredited with the Investors in People certificate.

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