Full service meetings and events agency, Zibrant, has reported a nine per cent increase in operating profit. Zibrant says the profit boost is the result of significant new business wins, coupled with IT and infrastructure improvements and investments.
Operating profit (before amortisation of the Goldserve acquisition) was £1,036,000 in 2012, compared to £952,000 for 2011. Gross profit decreased by 11 per cent to £9.3m in 2012, but overheads were £1.2m lower as they returned to normal levels after major IT investments in 2011. The net effect was an improvement in operating profit.
In 2012, Zibrant was awarded three multi-million pound sole supplier contracts in the pharmaceutical and legal sectors and the agency says its robust business pipeline has led to further significant contract wins in the first quarter of 2013 from sectors including luxury brands, event management and incentives.
“We invested heavily in IT and our service delivery with the objective that this would deliver efficiencies and would maximise our value proposition,” said Zibrant’s MD Fay Sharpe. “Everyone in the business has strived hard to implement these changes and we are now seeing the benefits coming through. We’re confident that 2013 will be another good year underpinned by the cost reductions we have achieved and our revenues being bolstered by major account wins in 2012 and two more in 2013.”
In March this year, Nigel Cooper joined Sharpe at the helm of the company following Chris Parnham’s departure to Absolute Corporate Events.
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