Leading channel marketing and event management company Euro RSCG Skybridge’s revenue fell by 31 per cent during 2009 and produced losses of £9,000, according to latest accounts filed at Companies House, and Event solutions sales almost halved.
Turnover fell from £10 million to less than £7 million but results were “in line with expecations”, according to the directors’ report. The result was similar to the previous year’s trading performance when Skybridge showed profits only because of a £2 million inter-company debt “forgiven” by owning company Havas. The 2009 losses came despite a robust cost-cutting exercise during which £1 million was cut from overheads which reduced from £3.4 million to £2.4 million. Directors’ emoluments were halved as part of that process.
The business’s net assets remain relatively strong and unchanged at £2.2 million but the cash position has weakened considerably from £1.3 million to just £350,000.