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July 14, 2009

WorldEvents posts strong results, despite downturn

With much of the meetings and events industry facing falling revenues as the recession bites ever harder, one agency recently reported an exceptional financial performance under the circumstances. WorldEvents Group’s 2008 results reveal an operating profit of £1.3 million and turnover of £30.3 million – that’s 43% up on 2007!
The company puts the success down to increasing business from existing clients and global new client wins during the year. Underlying operating profit, excluding first year investment in setting up the new Amsterdam office, incredibly increased by 30% from £1.0 million in 2007 to £1.3 million in 2008.

“The significant growth in turnover is a reflection of continuing business development success and gain in market share,” the company reported.

“Operating profits have been invested in the planned strategy of increasing the WorldEvents global presence in a measured and manageable way that adds value to the client offer to deliver a seamless operation on all continents,” it continued.

A 20% increase in staff across all offices and continuing development of its in-house delegate management software supports the re-investment strategy adopted by the WorldEvents board five years ago.

Winning ways
The outstanding results come on the back of a number of accolades that the company has picked up within the last year, when it was presented with 11 major awards. These included Agency of the Year at the 2009 Eventia International Awards, the IVCA LiveCom Award for Best Internal Experience and the IMEX Commitment to the Community Award for the second consecutive year.

The company’s European mainland office was also set up in Amsterdam at the beginning of the year, with a central team of 10 staff, supported by full-time employees working on a satellite basis across Europe. WorldEvents also continued the development of its AgoraLive delegate management and marketing communications software system by investing significantly in additional functionality. This has now been rolled out successfully and is used by the majority of clients.

Happy, but cautious
Unsurprisingly, managing director Martin Parry is a very happy man.

“We are very pleased with these numbers which have again achieved our targets and demonstrate our capacity to deliver consistent profits in a highly competitive market,” he said. “While our financial performance is a key measure of our success, the strength of the group as a whole is reflected in the growing list of blue chip clients and the recognition through awards of the high quality events we deliver on their behalf.”
Despite WorldEvent’s strong performance, executive chairman Graham Keene was more than aware of the danger still presented by the downturn.

“Naturally, we are cautious about the potential impact of the current economic climate on our business in the short term,” he said. “However, we remain optimistic that by investing in our staff, our global offer and our technology we will ensure that WorldEvents is one of the strongest agencies post the current tough trading conditions.”

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