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NYS Corporate hails 'excellent' year despite £400k loss

York-based agency saw a downturn in profit of more than £1 million in year before acquisition by Capita

NYS Corporate has hailed 2016-17 as 'another excellent year' - despite recording a £434k loss.

The York-based event, conference and travel management agency saw a downturn in profit of more than £1 million, after a pre-tax profit of £750k in 2016 turned into a loss of £434k for the year ended 31 March 2017, according to accounts filed at Companies House.

The agency also saw a slight fall in turnover, from £2.8m in 2016 to £2.7m this year. The agency was acquired by Capita in May, after the period covered by the accounts ended.

The strategic report accompanying the accounts said: “NYS Corporate continued its successful growth and development with another excellent year.

“The company continues to make significant investments in innovation, cost reduction, development of new business and enhancing the level of service it provides to its clients. Investments in software and systems development, technology improvements and productivity programmes have all contributed to reductions in its cost of sales and strengthened its ability to provide competitive pricing.

“Further investments in IT systems, in employee development and in the sales and customer support team have resulted in continued market leading levels of service, and improved ability to provide bespoke management information to clients and a further strengthening of the company’s ability to provide a highly personalised service.

“We are pleased that the continued investment in the business has been recognised by the company’s clients, suppliers and the industry and has resulted in excellent client feedback, excellent client retention and record levels of new business and a record number of industry awards.”

Capita Travel and Events CEO James Parkhouse, divisional finance director Niall McCallum and executive director Peter Hepworth were appointed as directors at NYS Corporate, while Margareth Gschnitzer and MD Oliver Garside both left the board. Garside acquired NYS Corporate in December 2013 after working with the agency for 12 months as a consultant.

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