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Profit up by 30 per cent at MD Events despite turnover decline

Turnover falls by 16 per cent, but tight cost control ensured profits rose by £94k in 2015

Pictured: MD Events has posted £430k pre-tax profit

Life sciences specialist agency MD Events has reported a pre-tax profit of £430k, an increase of 30 per cent.

Although turnover fell 16 per cent, from £13.6 million to £11.4m in accounts for the year ending 31 March 2015, greater cost management and improved profit margin boosted the bottom line by £94k. 

In the director’s statement accompanying the accounts, founder and CEO Miriam Dervan said: “Turnover has decreased to £11.4m, which the directors feel is acceptable considering the challenging economic conditions. The company has focused on more profitable areas of the business in addition to cost management and a focus on efficiency. The year has also seen more investment into the Asia and US operations and investment in the restructure and rebranding of the business.”

Berkshire-based MD Events, which also has offices in Philadelphia, Hong Kong, St Petersburg, San Francisco and Singapore, underwent a rebrand in March 2015, extending its services from the traditional pharma and life sciences into corporate and destination management.

“While the company continues principally within the core activity of managing corporate events in the life sciences sector, the company is diversifying and enhancing the business,” Dervan added.

“The retained profit for the year has strengthened our position which has facilitated the company to focus on developing, diversifying and growing the business the enhancing its profitability further.”

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