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BrandFuel sees profit increase as turnover rises by £4m

Pre-tax figures surged from a £762k loss in 2016 to a £760k profit for the year ended 31 May 2017

Pictured: Turnover was up more than £4m to £16.6m this year

London agency BrandFuel made a return to profit last year as turnover rose more than £4 million.

The creative agency, which also specialises in events, marketing and branding strategy, saw pre-tax figures surge from a £762k loss in 2016 to a £760k profit for the year ended 31 May 2017.

Turnover was up more than £4m to £16.6m this year, from  £12.3m in 2016, according to accounts filed at Companies House.

Founder David Ball said: “We took a decision two years ago to accelerate our investment in building the best senior leadership team for our long-term future growth.

“We are seeing the results of that now and are expanding and developing the team, bringing new skills and competencies into the company, enabling us to expand our offering across all areas. This included the creation of a business development team and an account management team, starting with the recruitment of a senior group account director. This will help us to continue to service our existing clients really well and to develop new, long-term relationships.

“In June 2017 we created a formal board to support our continuing business growth. This will allow the company to sustain its expansion and provide a clear vision for the senior business operations team to execute. The board comprises David Ball founder, Sue Sawyer COO, Jon Ross MD and Michael Mitchell non-executive director.

“As a result of these changes and others in the pipeline, we are confident that Brandfuel is well placed to continue to deliver new, exciting and high profile projects for our clients in the coming year.”

The strategic report, filed with the accounts, said: “BrandFuel has seen a significant increase in turnover this year. Investments made in the previous year started to pay off in this year. The company is well positioned for further growth in the coming year. The company was able to take advantage of the volatility in the foreign currency markets following the referendum vote in June 2016.

“As with other companies in the business, the early years of BrandFuel have been closely tied to one client. This is recognised as a positive and potential negative. The company is taking steps to broaden significantly its client base.

“The company has a strategy in place to grow the company through a combination of existing clients, new clients and appropriate acquisitions which will enhance the range of services offered.

“The company has returned to growth with every prospect of further growth in 2017/18. The board recognise that the process of onboarding new clients can take years to complete and has an investment programme which matches that plan.”

Ball put last year’s results down to a number of one-off strategic investments in the business to support long-term growth.

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