Events and catering specialists The Concerto Group says an 18-month agenda of change and restructuring lies behind a 123 per cent increase in profit before tax and a 68 per cent uplift in Group operating profit.
In new figures released, profit after tax rose by 74 per cent from £369k to £822k year on year and group operating profit rose from £685k to £1.15m. Profit after tax rose from £307k to £533k. EBITDA improved from £804k to £1.172m.
CEO Teresa-Anne Dunleavy said: “The change agenda we initiated at Concerto 18 months ago is now paying off. Our financial performance has improved dramatically, staff retention and motivation are excellent and client feedback is better than it has ever been. This year’s results mark a step change in terms of overall performance, and is set to continue as we consolidate our strengths and address residual weaknesses.”
Dunleavy attributed improved performance to a significant culture change and greater professional rigour across all disciplines at the group’s 16 brands.
“Attracting and retaining great talent has been an area of focus and we have made a number of key strategic hires including Penny Porter as the new Head of bespoke events division, Mask, and a new senior management team at catering company, Create, where Tom Barrett (pictured) has been appointed Managing Director and will join next month.”
Barrett joins after nine years in senior executive roles at BaxterStorey where he headed up the brand’s entry into Ireland and successfully delivered the London 2012 Olympic Games contract.
Also new to Create is Darren Deadman who has joined as Group Executive Chef following five years in the same role at Leith’s at Excel.
Last year’s regional strategy giving the company footholds in Birmingham, Manchester and Liverpool through acquisition of JD Concerto has also led to further regional opportunities that are set to boost the Group’s performance going forward, with the launches this summer of the Liver Building in Liverpool and the Halle in Manchester.
“It is an exciting time for Concerto as growth of this scale has brought opportunity for people at all levels. That’s set to continue which makes for a great buzz and energy across the Group,” Dunleavy added.
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