Corporate Innovations grows turnover to £3.9m

Corporate Innovations achieved a slight increase in turnover in 2008 despite the recession.

Corporate Innovations managing director David Watt
Corporate Innovations managing director David Watt

The Oxfordshire-based agency's turnover grew from £3.6m in 2007 to £3.9m in 2008, according to accounts filed at Companies House.

Its pre-tax profit was £238,000 in 2008 - the same as 2007.

Managing director David Watt attributed the agency's profitability to a strategy it adopted before the recession hit.

"Last year, we identified that we were going to have to get more customers because the ones that we already had were not going to spend as much as they had done in the past," said Watt. "We needed a greater breadth of clients rather than more depth with existing ones."

Corporate Innovations, whose clients include Foster's wine brand Lindemans and Danone, reduced its staff's focus on administration and bolstered its concentration on delivery and account management. It also placed greater emphasis on providing clients with incentives, promotions and communication that drove sales.

Watt anticipates the agency will achieve the same turnover and pre-tax profits as last year in the year to December 31 2009.

"There are a lot of opportunities to pitch at the moment but the customer knows that the market is competitive so you can't rely on strong relationships anymore," he said. "What really wins you the business is giving clients value for money and creativity. As an incumbent agency, if you're seen to be expensive, they won't use you anymore. We have won a bit of business from incumbents who haven't moved with the times."

 

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