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Profit increases by £1million as BI Worldwide reveals start-up acquisition

Pre-tax figures hit £3.6 million, although MD Mike Davies says exchange rate uncertainty 'inflated' profit

Pictured: BI Worldwide MD Mike Davies

Pre-tax profit has soared by almost half at BI Worldwide.

The Newport Pagnall-based agency has announced profits of £3.6 million for the year-ended 30 June 2016 – a 43 per cent increase on the previous year’s results. Sales increased too, says MD Mike Davies, to £45.2m, while staff numbers swelled to 230 and the company invested in new technology and an office refurbishment.

BI Worldwide is also moving into the pre-paid card incentive space, with the acquisition of start-up business Black and White Consulting.

Davies added that exchange rate uncertainty in the immediate aftermath of the Brexit vote inflated the figures.

“It’s a great result and we are delighted with a performance that is very much in line with our expectations and forecasts," he commented. "We continue to invest in our long-term strategies and our philosophy of building the best culture and environment to enable everyone at BI Worldwide to do their very best work for our clients.

“We continue to be optimistic and have budgeted for small gains in the year ahead, although it is likely to be a very different year. The uncertainty following the Brexit decision created a significant foreign exchange gain which inflated our PBT number. This is highly unlikely to repeat in 2017. Brexit itself is not yet having any impact, although we are exercising caution in the coming months and have already assessed likely risks and opportunities arising from potential changes in economic activity.”

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