BI Worldwide Holdings,
which owns BI Worldwide Ltd, has turned around a £4.5m loss in 2010 by selling
its interests in four other companies to US parent company Schoeneckers Inc
After disposing of its
shares in BI Worldwide Australia, Coalition Marketing Europe, Mint Shanghai and
Mint Singapore, BI Worldwide Holdings finished the financial year ending 30
June 2011 with a profit before tax of £981k.
Group turnover increased
from £19.6m to £25.4m and gross profit rose from £6m to £8m, but after
administrative expenses total operating loss stood at £1.9m.
According to the directors’
report, all of the businesses were loss making except UK-based BI Worldwide,
which delivered £519k profit before tax on a turnover of £19.3m (a loss before
tax of £738k was recorded in 2010).
The report said: “The only
remaining operating entity, BI Worldwide Ltd, has recorded an acceptable profit
for the financial year. The company is appropriately scaled to remain
profitable going forward with profit level ratios on par with its main
Milton Keynes-based company has set a number of key performance indicators
(KPIs) for the current financial year, which include ‘modest growth’ in turnover
to £20.1m and gross profit of £6.8m. Profit before tax is forecast at £660k
and the agency hopes to acquire £1.4m in new business.