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Grass Roots Meetings and Events sees turnover almost halve

Turnover fell 48 per cent to £13.8m in 2015, while pre-tax profit was down 25 per cent to £1.5m

Pictured: David Taylor

Turnover at Grass Roots Meetings and Events fell 48 per cent to £13.8 million in 2015.

Pre-tax profit at the firm was down 25 per cent to £1.5m in the same period, according to accounts filed at Companies House for the year ended 31 December 2015. 

“Turnover from ongoing operations has decreased from £26.3 million to £13.8 million,” said MD David Taylor in the strategic report accompanying the accounts. “Gross profit decreased by 19.6 per cent to £11.4m, the gross profit margin improved to 83 per cent from 54.3 per cent. The operating profit is £1.5m in comparison to £2m in the prior year.

“Shareholder funds have increased by £2.1m during the period which is the profit for the year.”

This year, Taylor revealed that the firm has adopted a “refined” approach, shifting focus from one-off small events to longer-term relationships as part of a five-year plan.

Meanwhile, Grass Roots Group, the firm’s parent company, reported a turnover rise to £283m for the 2015 financial year, while pre-tax profits dropped by 2.5 per cent to £7.8m.  

The group, which includes Grass Roots Meetings & Events, recorded a 9.7 per cent increase in turnover for the financial year ending December 2015, up from the previous year’s £258m. Overall profit dipped slightly from 2014’s £8m. 

According to the global financial report published on Companies House, the UK remained one of the strongest regions and biggest profit generator for the group. The company incurred one-off losses due to the over-redemption of a consumer promotion in Europe. But for this, the group’s operating profit for 2015 would have been one million pounds higher at £8.5m compared to the previous year.

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