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January 7, 2015
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UK: Smyle Targets Acquisition 'This Year' Despite £400k Fall in Turnover

Rick StaintonSmyle has reported an increase in gross profit despite a £400k fall in turnover as it eyes up acquisitions.

The Hertfordshire and London-based agency said GP hit £2.56 million in figures for the year ending 31 March 2014, up by 6 per cent on the previous 12 months, although a combination of the last minute cancellation of a ‘significant’ £2.5 million event and investment in new staff hit both turnover (£8.24m) and earnings before interest, taxes, depreciation, and amortization (EBITDA) figures, which fell to £548k from £872k.

MD Rick Stainton said Smyle was on course to pass turnover of £9m if the major event had not cancelled, while £250k has been invested into in attracting new staff to help the agency become ‘more relationship driven rather than just delivery focused.’ As Smyle embarks on a three-year plan to double the size of the business, announced last summer, head count has increased by more than 25 per cent in each of the last two years  to 40 employees, and the company moved into new ‘client focused’ London offices last year at a cost of £100k.

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