Events agency TFI Group has announced a small net profit for 2012 despite what it says “was a tough year for some industry sectors which affected the events market”.
TFI says it is confident its mid-term plan for “substantial growth by 2015” is on track, however.
Late 2012 saw the business begin a major restructure, focussing on growth and on diversifying the product and services range.
Nine months into the restructure programme and a more sales-led strategy has been driven largely by Business Development Director Simon Maier who played an instrumental role in reorganising the agency following the departure of former General Manager William Jeavons in April.
Although turnover and net profit (£16,518) were down slightly, the gross profit margin has increased to 38 per cent, the agency reports. The Group also expects another challenging year with turnover, direct costs and gross profit for 2013 coming in flat. However, the TFI says it is now beginning to generate enhanced levels of business, the benefits of which it expects to flow through to profitability in 2014 and future years.
The agency says its TFIPharma division has grown its client base over the last year, while TFICorporate has slowed since 2011 in line with the overall market. It reports TFIMeeting Point continues to do well in delivering association conferences and exhibitions.
New appointments include an HR Director, a Key Accounts Director and a Commercial Director.
TFI also says its strategy is to become a full service events agency by the end of 2014.
Peter Franks, TFI’s founder, assumed the role of Group CEO in December 2012, and says: “2012 was hard and it was also a time when we began a process of change which is really now beginning to benefit the business, and we will see the results of this in 2014. The market place is, for all our channels, actually buoyant and we are gaining very high levels of appreciation for TFI’s levels of creativity, service and delivery.
“Like a number of SME’s in this industry, we are matching caution with a desire to grow. At TFI we are being bold and, as part of our strategy to become a full service agency, we are widening our offer with services that reflect the TFI brand.”
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