Banks Sadler's gross profits increase

Banks Sadler Group has reported a 12% increase in gross profits despite a 9% drop in turnover in 2008 to £25.5m.

Banks Sadler's gross profits increase
Banks Sadler's gross profits increase

Banks Sadler chief executive Leigh Jagger said the company was pleased with the results despite some clients cancelling events and cutting meetings budgets at the end of last year.

"We are pleased with the increase in our gross profit and had always forecast for pre-tax profits to dip in 2008 as we made some significant investment decisions in our European offices and about our IT systems," she said.

Banks Sadler's UK profits were up by 10% in 2008, excluding its IT investment and European set up costs.

Banks Sadler secured its first global client account servicing 60 different countries last month, Jagger added. Account teams are currently being set up in each of its four offices to manage the account.

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