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Venues Event Management reports revenue of £4.1m

04/04/2012

Venues Event Management has reported a successful 2011, despite a 5 per cent dip in profit before tax to £263k.

CEO Anita Lowe said the results (for the 17 months ending 31 October 2011) were affected by a £300k management fee made to Expotel, which acquired the Swindon-based agency in November 2010.

“We effectively made £563,000 worth of pre-tax profit for the 17 month period. However, a £300k management fee to Expotel ate into this,” she said.

Turnover (booked on behalf of clients) for the accounting period, which is extended to bring it into line with that of Expotel’s, was £34.1m, compared with £18.4m for the year ending 31 May 2010. Turnover was split between accommodation and conferences (£17.7m) and events (£16.4m).
The agency is forecasting a further 12 per cent growth in turnover in 2012 to £45m

Revenue was £4.1m, compared with £2.3m in 2010, but administrative expenses rose from £1m to £3.8m, reflecting increased staff costs, with 13 additional staff recruited in 2011 to deliver the additional volume of business.

Mark Fry, sales director, Venues Event Management said: “In the 17 month period we have picked up a number of new clients including Lumesse, CapGemini, Jelf and Skandia. We were also re-awarded the Road Transport Media contract and large events with existing clients including Santander, Trader Media Group and BP.

“This has been assisted by market conditions which are seeing a lot of buoyancy and opportunity appearing, with larger events coming back into the throw.”

Pictured: Anita Lowe, CEO, Venues Event Management


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