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Zibrant sets new target as operating profits increase by 60 per cent

Agency chairman Nigel Cooper eyes £600k operating profit for 2016 after better than expected 2015

Pictured: Nigel Cooper

Zibrant chairman Nigel Cooper has increased profit targets by £100k following a "better than expected" 2015, the first full year since its split from Motivcom, which saw operating profits rise 62 per cent.

Cooper has promised to split all profits over £600k among staff this year, up from the £500k target in 2015 which saw employees share more than £130k in bonuses. This was after the agency reached an operating profit of £624k, up from £386k in 2014.

Zibrant's accounts for the year-ending 1 December 2015 also reveal a 3 per cent increase in turnover to £17.6 million. Gross profits were down from £8.4m in 2014 to £8.2m, but without the exceptional costs of 2014 (namely the cost of separation and clearing old amortisation), pre-tax profit amounted to £500k. Cooper purchased Zibrant at the end of 2014 when the agency's then-parent company Motivcom underwent an acquisition by Sodexo. The 2014 accounts comprised an 11-month period to allow the company to start with a clean slate.

Cooper said: "We're very pleased with the results. It's our first year of private ownership and making profit is fantastic, hitting target is even better, and we've gone way over target and paying out significant sums in bonuses. I couldn’t be happier.

"This is a result of the people wanting to achieve, to feel they've done a good job for the clients and a good job for the company. We've invested in the people and spent a lot of money on IT infrastructure and a new office. We're delighted to have written some really big cheques as a result."

Cooper said 2016 targets involved a "small increase in net profitability" which would be rewarded with the bonus scheme. He added: "This is about recognising and rewarding people for their effort and commitment, and it's a collective celebration of success. If we don't get to target, we don't get a bonus. If we do, the guys who have delivered it should be rewarded."

The agency's plans to diversify its markets continues after adding professional conference organiser services in 2014.

Cooper added: "We're looking at growth in a range of sectors. We're developing our PCO and association management services. We're developing our online event accommodation services and partnering with some major players in that space. We still continue to look to improve activity within our Zibrant Live environment."

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