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Sundial to sharpen focus on diversification after pre-tax profit dips

Residential conference venue provider will continue to invest in team building and venue finding businesses

Pictured: Barnett Hill, Sundial Group's residential conference venue in Surrey

Sundial Group will push ahead with plans to diversify revenue streams after reporting an 11 per cent fall in pre-tax profit.

The company’s primary business comes from residential conferences at its three venues in Surrey, Warwickshire and Northamptonshire and in recent years has placed an emphasis on improving income from its team building arm, Teamscapes and venue finding business SOS.

In annual accounts for the year-ended 31 December 2015, Sundial reported pre-tax profit of £112k, down from the previous year’s £126k, which turnover also fell, to £8.9 million from £9.1m. The directors’ report accompanying the accounts said “margins were under pressure from competitor pricing and an oversupply of meetings space in the UK market”.

MD Tim Chudley said demand is currently flat, and had experienced a downward trend since 2007, he added Sundial had been focused on offering a broader range of services than simply being a venue provider. “There is a lot of good quality competition out there but there seems to be a bit less demand for residential meetings and day meetings,” he added. “Teamscapes and SOS are the largest areas of growth for us and we will continue to invest in those.” 

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