Provider of employee and customer engagement solutions Grass Roots’ 2013 before-exceptional-costs profit of £2.6m has been described as ‘in line’ with the previous year.
Grass Roots’ turnover was £277m, compared to £289m in year ending 2012.
The company’s 2013 results reflect a period of ‘significant restructuring’ throughout the business in which loss-making businesses were closed.
One-off costs were incurred for 2013, as the new leadership team led by CEO Richard Bandell (pictured), re-focused the business on “core areas of expertise”.
Grass Roots Chief Operating Officer Andy Lister said: “2013 was a ‘one-off’ year in every sense; and whilst exceptional costs and other one-off items have affected the overall result, the underlying profitability for 2013 was broadly in line with the previous year.
“A reduced cost base and a streamlined business structure going into 2014 have given us a strong platform on which to return to growth.“ He singles out the consolidated Meetings & Events division in particular for a turnaround.
Grass Roots Chief Executive Officer Richard Bandell added: “I can see greatly improved performance around the Group and, having paid particular attention to consolidation and cost reduction, we are now in very good shape for 2014 and ready for growth. Every one of our overseas businesses around the world is now trading profitably, which demonstrates the strength of our proposition and the value we add to our clients.”
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