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George P. Johnson sees profit halve to £393k

Pre-tax profit more than halved at the agency, despite a 19 per cent increase to its turnover to more than £40m

Pre-tax profit has more than halved at George P. Johnson, falling from £805k in 2015 to £393k last year. However, the agency also reported a 19 per cent increase to its turnover, hitting more than £40 million.

Turnover reached £40.7m in 2016, up from £34.1m in 2015 according to accounts filed at Companies House for the year ended 31 December 2016.

In its annual accounts, the experiential marketing agency said the increase in turnover was due to the opening of a branch in Norway.

The report said: “The company’s gross margin increased from 8.48 per cent in 2015 to 8.59 per cent in 2016. The gross profit has stayed the same due to strong competition in the market.

"The principal risks facing the company include the uncertain economic climate which is affecting customers. The directors continue to monitor and review the company's performance in the light of forecasts and market expectations as part of their ongoing management of risk.

“In June 2016, the UK exited the European Union but we do not foresee any material effect due to our diversified and international client base.

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