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We are Vista profit up by a third to £2.1m

Company achieves five year plan two years early by delivering strong profit growth ahead of budget

Pictured: MD and owner James Wilkins

Pre-tax profit rose by more than a third at We are Vista as the agency achieved its five year plan inside three years.

Profit for the year ended 31 December 2017 increased 35 per cent to £2.1 million, up from £1.55m the previous year, according to accounts filed at Companies House.

Turnover fell by almost £2m in the same period, from £18.3m in 2016 to £16.4m in 2017.

Writing in the report accompanying the accounts, MD and owner James Wilkins said: “2017 has been a very good year for We are Vista with strong profit growth ahead of budget.

“The directors are pleased with the results and the relationships that have been built over the year to move the business forwards into 2018. The team is delivering on the company business plan and the actions set in our five year plan have been achieved inside three years.”

He added that turnover was lower due to the mix of work being delivered by the company.

“The current year saw more strategic campaign led work with higher fee content as compared to previous years where large scale events led to high turnover on lower margins. This is seen in the gross profit margin increasing 5 percentage points from 23 per cent in 2016 to 28 per cent in 2017.”

Wilkins said that the improved bottom line performance was down to an increase in projects while continuing to rationalise its operating infrastructure.

“Three consecutive years of solid growth has led to a very healthy balance sheet with cash balances and reserves better than in any previous year – net current assets are more than double what they were at the end of last year,” said Wilkins. “This now gives us a platform to invest from over the next few years as we continue with our plan.”

Last year saw the company deliver new projects for British Airways, Vodafone and LinkedIn, alongside continuing projects with firms including Lloyds, BMW, BT and TSB.

Wilkins added that the firm’s venue business saw a reduction in trading last year with a lower number of large scale events, something he said highlighted a trend in the industry for clients looking to deliver their messages in new and innovative ways.

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