Event management company TFI Group Ltd is hiring new recruits in Scotland and planning new offices in Singapore and the US despite a slight dip in profits last year. Accounts to the end of 2011 showed turnover up 6.5 per cent to
£9.48m, while operating profit
fell by £17k, a drop of 5 per cent. Overall profit after tax fell by only 1 per
cent to £277k from £280k. Money owed to creditors fell 346
per cent from £4.68m to £1.35m.
Simon Maier, TFI’s
director of business development, said: “Turnover is slightly up,
profits slightly down. That they were buoyant last year surprised us;
that they did so again this year, less so. We’re optimistic – corporate
and association are increasingly investing in the live event mix, and we
have far better controls on our business.
“We hired three
new people this week in the Scottish office, with two more coming on
board soon, and there will be offices in Singapore in early 2013 and the USA later that year, probably in New Jersey, a state noted for its pharmaceutical industry."
London-based TFI’s association events division, Meeting Point, continued to make losses, posting a loss in 2011 of £83.8k - an improvement over 2010 when it lost £135k.
Maier added that while the pharmaceutical segment, driven by procurement, remains a tough market, most other segments are spending.
"We’ve seen a huge increase in interest from inbound associations, not just to London, but also to Scotland, where we also have an office, while corporate business to Europe is growing like topsy, although not so much inside the UK. Financial service companies are spending, but with care.
“Clients certainly are pitching to more businesses, and most do not want all the bells and whistles, but we believe quality will out, and those with sturdy plans are again recognising the importance of events and meetings.”
Pictured: Simon Maier