Medical communications agency KnowledgePoint360 Group Ltd has recorded a 20 per cent drop in pre-tax profits in the UK.
The Cheshire-based company, which also has offices in the US and was formerly called The Gardiner-Caldwell Group, saw profits fall from £6.6m in 2008 to £5.25m for the year ended December 31, 2009.
Turnover rose fractionally from £38,678m to £38,955m, but cost of sales rose by 7 per cent, resulting in a 12 per cent reduction in gross profit from £13.13m to £11.54m Turnover by geographical market amounted to £21.83m in Europe, £14.22m in the USA and £2.9m in the UK.
The number of employees was reduced from 350 to 328 during the year and administrative costs were reduced by 3 per cent from £6.5m to £6.3m. Net current assets increased by 30 per cent from £9.82m to £14m, with £3m cash at bank.
Company director Jon Bigelow stated in the company report: “Demand for the company’s services in education and communication programmes continues to be high and business prospects for the coming year remain promising.
“During 2009 we have continued to see growth, with strong continuing business from existing clients and new business wins. We have taken steps to further differentiate our existing service offerings in the marketplace and introduce new service offerings of high value to our clients. We have also improved our efficiency, maintained a low rate of staff turnover and remained an attractive employer, recruiting high-calibre staff.”