Grass Roots cites Maritz for record year

Grass Roots Group has credited its acquisition of Maritz Europe for a record year that showed nearly 40% increase in gross profits. Results from July 2005 to June 2006 saw gross profits of £31.5m, a 38% increase on the previous year. The value of its assets increased by nearly 21% to £15.8m, following acquisitions that included US-based incentive marketing house Bit Time in February and Maritz Europe two months later. "Maritz was a high profile acquisition that attracted a fair degree of scepticism," said Grass Roots head of marketing communications Nick Wake. "It was a loss-making venture when we acquired it, and Grass Roots has been instrumental in its turnaround into a profit-making business." The company has also expanded by opening offices in a number of Brazil, Mexico, Venezuela and the USA. Group turnover has increased by 29% to £145m, while operating profit was up to £4.4m, a 21.4% increase on the previous year. Grass Roots chairman and founder David Evans said: "All the businesses added have started to make their mark and are benefiting from the financial strength of the group. Our aim is to provide high quality services around the globe, based on the strength of businesses we are parent to."

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