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BCD Meetings & Events sees 43 per cent rise in profit

Pre-tax profit up 43 per cent to £250k in 2015, despite drop in turnover

Pictured: BCD Meetings & Events EMEA MD Marc Lammens

BCD Meetings & Events saw pre-tax profit up 43 per cent to £250k for the year ended 31 December 2015.

Although turnover at the firm's UK operations decreased by 13 per cent to £4.3 million from £4.9m in 2014, operating profit margin, adjusted for non-recurring items, grew by £51k to £185k in 2015 compared to £134k in 2014.

The director’s report says: “This growth was achieved through efficient account management, processes and activity expansion. Growth on operating profit margin is expected to continue year-on-year whilst adding value for our clients through process improvements will continue to be a priority.

“Reduction in turnover is mainly attributed to one of our key clients consolidating their UK operations into our European offices to give in country/local support. This has seen a transfer of revenue from the UK to EMEA.”

Net income, including non-recurring items, increased by 50 per cent to £195k from £130k in 2014, while shareholders’ funds grew by 7 per cent to 50 per cent from 43 per cent in 2014.

And the firm, whose UK office is based in Maidenhead, has set a target of growing operating profit by 10 per cent in 2016.

The report says: “Our financial objective is to grow operating profit generated from recurring business activity by at least 10 per cent year on year. We anticipate growth to be driven by securing new clients for both strategic meetings management and event level business and continuing to maximise return on the existing business.”

It comes after a number of changes within the company over the last 12 months. In July 2015, BCD Meetings & Events was created by a merger of BCD Meetings & Incentives and BCD Travel Groups, while in September Marc Lammens joined as MD of the EMEA region.

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