First Protocol’s strategy to increase its market share and reinvest in the business over the past few years has paid off, as the company posted a £258k net profit for 2011, compared to a loss of £5k in 2010.

The event marketing agency’s CEO, Richard Waddington, said that since 2008, it had been “a time to look at our customer base and market share".

"We didn’t need to make money. We retained our core client base and we have grown our market share of their businesses which is great for us. It’s about keeping things steady and having solid moments. It’s not about the big event, but getting on and doing it well.”

Accounts filed with Companies House for the year ending September 30, 2011 showed that turnover was up 55 per cent, from £8.5m in 2010 to £13.2m last year. Gross profit was also up significantly to £4m, an increase of 87 per cent on 2010’s figure of £2.1m.

Waddington said that First Protocol’s focus remains in the financial market and that the company is set on developing in the UK, Europe and internationally. Six weeks ago the Singapore office was opened with three staff. First Protocol is also incorporated in Hong Kong, but business is currently channelled through the Singapore office. Waddington also hinted that there may be future expansion in the US, adding to the company's existing offices in New York and Los Angeles.

First Protocol now employs 100 members of staff across the business, and is seeing further growth through its managed events services where staff are implanted in an organisation.

Looking at trends for the year ahead, Waddington added: “We are looking at integration of technology for a wider reach for live events and strategies to looking to deepen customer relations. Experiential B2B marketing is also important – it’s about bringing value to the attendee and not just being about what the client wants to get out of it.”

Pictured: Richard Waddington