UK. WorldEvents™ Group today announced its 2008 results which show an operating profit of 1.6 m euros and turnover of 38.1 m euros.
Group turnover increased by 43% from 26.5 m. euros in 2007 to 38.1 m euros in 2008 as a result of increasing business from existing clients and global new client wins during the year. Underlying Operating Profit, excluding first year investment in setting up the new Amsterdam office, increased by 30% from 1.2 m euros in 2007 to 1.6 m euros in 2008.
The significant growth in turnover is a reflection of continuing business development success and gain in market share. Operating profits have been invested in the planned strategy of increasing the WorldEvents™ global presence in a measured and manageable way that adds value to the client offer to deliver a seamless operation on all continents. A 20% increase in staff across all offices and continuing development of its in-house delegate management software supports the re-investment strategy adopted by the Board some five years ago.
WorldEvents™ was presented with 11 major awards in the last 12 months including “2009 Agency of the Year” at the Eventia International Awards ceremony in London. Other awards include IVCA LiveCom Awards – Best Internal Experience Category, EIBTM Awards – Highly Commended for Best Conference over 250 Attendees, and the coveted IMEX Commitment to the Community Award for the second consecutive year.
The European mainland office was set up in Amsterdam at the beginning of the year with a central team of 10 staff, supported by full time employees working on a satellite basis across Europe. The agency also continued the development of its AgoraLive® delegate management and marketing communications software system by investing significantly in additional functionality. This has now been rolled out successfully and is used by the majority of clients.
Commenting on the results Martin Parry, Managing Director said, “We are very pleased with these numbers which have again achieved our targets and demonstrate our capacity to deliver consistent profits in a highly competitive market. Whilst our financial performance is a key measure of our success, the strength of the Group as a whole is reflected in the growing list of blue chip clients and the recognition through awards of the high quality events we deliver on their behalf.”
Executive Chairman, Graham Keene concluded, “Naturally, we are cautious about the potential impact of the current economic climate on our business in the short term, however we remain optimistic that by investing in our staff, our global offer and our technology we will ensure that WorldEvents™ is one of the strongest agencies post the current tough trading conditions”. www.worldevents.com