UK: George P Johnson Sees Turnover and Profit Decline From Olympic Highs
George P Johnson saw turnover fall by almost 25 per cent in 2013, from £34.6 million to £26.1m, largely because it couldn't maintain the level of events it organised during the London Olympics in 2012.
The experiential marketing agency also saw its gross margin decrease slightly from 13.1 per cent in 2012 to 11.05 per cent in 2013. Profit after tax was £81,553, compared to £911,341 in 2012 - a drop of 91 per cent.
Gross profit fell from £4.5m in 2012 to £2.9m in 2013, while operating profit (which reached £1.2m in 2012) totalled £211k last year.
In a report, the directors noted: "The decrease in activity was primarily as the result of the 2012 Olympic Games where the company was involved in organising a number of large events, and this was not replaced in 2013."
Shareholders' funds stood at £232,911, according to documents filed with Companies House, and a £600k interim dividend was paid during 2013.