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Concerto Group blames Brexit after £592k loss

Turnover fell 13 per cent in year "badly affected by the timing of the Brexit referendum and the impact on events"

Concerto Group has blamed Brexit after it made a loss of £592k last year.

The agency saw a pre-tax profit of £301k in 2016 turn into a £592k loss this year, according to results filed at Companies House for the year ended 28 February 2017.

Turnover fell by more than £4 million in the same period, from £31.2m to £27m.

Writing in the strategic report accompanying the accounts, finance director Mark Greaves said: “The year was badly affected by the timing of the Brexit referendum and the impact on events of the result. The 13 per cent reduction in sales was not compensated for by a corresponding fall in overheads.”

He added: “The financial year ending 28 February 2017 was a challenging one, but ultimately ended cash positive. Our business was adversely affected by the timing of the Brexit vote, right in the middle of our summer season, and then by the negative impact the result had on confidence for bookings up to the end of the year.  However, our current year is looking much more positive, we’re currently well ahead of the previous year and the business is in a strong position.”

Greaves said: “When we were approached earlier this year about joining CH&Co Group, we were delighted that they saw the benefit and potential that the merging of our two groups would bring and we’re very excited about the future."

In May 2016 Concerto Live rebranded as Clive after a share purchase by MD Nick Robinson. 

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