UK: Hampton Medical Regains Profitability Following Restructure
The MD of Hampton Medical Conferences’ parent company Rapiergroup says diversification and ‘embracing procurement’ have been key factors in its turnaround.
Hampton, which specialises in medical association meetings, posted pre-tax profit of £83k, 12 months after filing a loss of £70k, according to accounts filed at Companies House for the period ending 31 December 2013. The company was restructured as it moved from offices in west London to Rapiergroup’s HQ, in Ware in Hertfordshire, while staff costs were reduced by a quarter to £338k through redundancies.
Helen Seaman, MD of Rapiergroup, a full service agency delivering conferences and exhibitions, said most jobs were shed through voluntary redundancies.
She said: “We did have to restructure Hampton’s business because times have changed. It was quite clear that during the recessionary times, we could not carry on the way we were. We had to move and there were redundancies as a result. As most event agencies will tell you, the largest overhead cost is salary. We returned to profit and saw an increase in turnover.”