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New clients see drp increase turnover to £16.6m

Agency sees profit and turnover on rise as it expands its customer base

Pictured: the drp team

Drp increased its turnover by more than £2 million last year as it took on 16 new clients.

Turnover rose from £14.5m to £16.6m for the year ended 31 December 2016. Pre-tax profit rose from £606k in 2015 to £654k last year, according to accounts filed at Companies House.

Writing in the strategic report accompanying the accounts, group CEO Dale Parmenter said: “2016 was a year of investment, innovation and growth. All areas of the business encountered considerable investment and innovation; the most significant was the doubling of the building floor space and production areas. Our tenant requested to break their lease; we took the decision not to replace them but to take over the other half of the building. This has meant significant improvements across all areas of the business.

“2016 also saw continued growth, fuelled largely by an expansion of our account teams with existing clients and the acquisition of 16 new clients. This took our revenue to £16m. A great foundation year, which we believe, will be significant in growing the business further through 2017/18.

“The main area of risk is considered to be the current economic client. The company aims to limit its risk to a management level by expanding its customer base.”

Earlier this month drp announced it had acquired Penguins for an undisclosed amount. Parmenter also revealed that the firm is aiming for £21m turnover in 2017 and that the figure is currently at around £18m.

He said: "Our target for 2020 was £30m, but with Penguins on board we’re looking at anything around £35m. It’s quite a steep trajectory of growth but we’re confident we’ve got everything in place in terms of teams, facilities and clients. It’s an exciting time.”

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