Integrated event production company Smyle has announced a 539 per cent increase in profit for 2010/11. The Hertford-based agency posted pre-tax profits of £294k for 2010/11 on turnover of £4.8m, up from £46k on turnover of £4.1m the year prior.
Managing director Rick Stainton said the growth was due to both closer relationships with clients and an ‘internal evolution’ following the early days of the company, when the pressures of the recession saw it post a net loss of £300k on £3.2m turnover in 2008/9.
“We’ve become more efficient internally and matured strategically. We’ve been able to service clients across a wider range of services – events and smaller technical production projects and there has been a healthy increase in media-oriented services including video and graphic design.
“We’ve had several key client relationships which have matured and we’ve done work with them ourselves and into the Far East, so hopefully that will continue next year.”
Stainton said last year’s growth had come from a key focus on industries “that best match our personality and skill set” – automotive, IT and telecoms, media and retail.
“There’s been an increase in experiential activity in those sectors over the summer months.
“With the opportunities in the next year for the Olympics we’re very excited. Our target for this financial year is £6m turnover and profit of £400k and we’re very positive we can reach that.”
Smyle's client list includes BMW, Citroen, ITV, Edelman PR, Jack Wills, Red Bull and Live Nation.
Pictured: Rick Stainton