BI Worldwide reports 94% slump in pre-tax profits

BI Worldwide has reported a 94% fall in pre-tax profits but said its performance was still better than expected.

BI Worldwide
BI Worldwide

The Milton Keynes-based company's pre-tax profits fell from £509,070 to £28,049 in the year to June 2009, according to newly-published financial figures.

BI Worldwide chief operating officer Mike Davies said: "It is disappointing that after five years of continuous growth our profits should fall, but entirely understandable given the economic environment.

"Last year was a very tough year for the events industry, and we had initially forecast a significant loss. However, the talent we have within this business and the sheer determination of our associates meant we were able to return a satisfactory result and remain in the black."

Davies said the development of BI's press-launch and performance-improvement business had helped prevent a significant drop in turnover, which was down 7% to £19.3m.

He added: "We remain a strong and stable business that is investing significantly in new product development for 2010. We are already seeing indications that confidence is returning to the events market, although 2010 will remain tough for this sector."

The publication of the BI's UK business results follows the announcement that BI Worldwide Holdings has reported losses of £2.1m for the same financial year.

This followed the group's acquisition of Mint businesses in the UAE, Asia and Australia.

The group said the losses were "a result of the amortisation of goodwill, property revaluation, bad debt provision and adverse exchange rate movements" involved in the acquisitions.

A financial report submitted to Companies House said: "Overall, Mint continues to represent a ‘no regrets' acquisition for BI, with relatively little exposure, but a substantial long-term upside."

 

 

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