Event management company TFI Group Ltd has recorded a 13 per cent increase in gross profit, rising to £1.74m for the financial year 2010. Turnover rose by 7.3 per cent to £8.9m and profit before tax grew by 6.2 per cent to £359k.
The balance sheet shows a figure of £4.68m for creditors falling due within one year, but £3.31m of this is deferred income. Overall the P&L looks strong with net current assets of £735k, including £2.33m cash at bank and shareholders’ funds increased by 41 per cent to almost £1m.
The consolidated accounts of TFI Holdings Ltd, which also include other undertakings - Meeting Point Conferences (Europe) and Events.com - show a 6.5 per cent increase in turnover (to £9.23m), but profit before tax, although up on 2010, falls below that of TFI Group at £228k, due to the continued poor performance of Meeting Point, which made a loss of £135k (£157k in 2009).
General manager William Jeavons said the overall results were strong and attributed the growth to an improved focus on the management of direct costs, as the company celebrates its 30th year in business.
“As part of a long term growth strategy TFI Group continues to invest in its people, systems, product development and sales and marketing,” he said. “This is reflected in a 6.8 per cent increase in administrative costs. However at an operating level TFI (Holdings) realised a 26.3 per cent increase in profit to £194k.”
Jeavons added that TFI Meeting Point, which delivers PCO services in the association event sector, had lowered its deficit compared to 2009 through effective cost management.
He said: “In the association segment of the events industry, business is generally signed up far in advance and it is therefore clear that for 2012 and onwards, the company is positioned well to further reduce the deficit. With this projected improved performance the TFI board continues to support this sector and recognises its value in the overall group’s service offering.”
The negative shareholders’ funds within TFI Meeting Point are guaranteed by TFI Group.
Jeavons continued: “Growth during last year has given the group a strong position to capitalise on any market upturns, and has also enabled TFI to position itself to expand its business, through supporting existing and new clients with additional services. This is the right time to propose a deeper product offering to our clients, and also to focus on winning new business and building partnerships with them that will last many years.”
Pictured: William Jeavons