BI Worldwide has reported that it has seen ‘its best performance in a decade’ for the financial year ending 30 June 2011 – with an operating profit of £513k, a 172 per cent improvement compared to last year’s loss of £706k.
The Milton Keynes-based company saw turnover increase 18.3 per cent to £19.32m for the year, up from £16.3m last year. Gross profit also increased 28.5 per cent to £6.6m.
The company, which rebranded from BI in the UK to BI Worldwide earlier this year, said that the improved results were down to corporate events business growing 52 per cent, and putting a larger focus on sales and operations which improved client retention as well as bringing in new clients.
Managing director, Mike Davies,said: "Without doubt, it is the hard work, commitment to quality, and loyalty of the whole team at BI Worldwide that has returned the business to a positive financial position. We are conscious that ‘one swallow does not a summer make' and continue to work hard to deliver further growth in the year ahead. However, we are pleased with the start we have made and are 7 per cent ahead in the first quarter of the new financial year. We are also delighted that we have been able to give all associates a pay increase and bonus in line with the performance of the business."
Pictured: Mike Davies, MD, BI Worldwide