Event management and venue booking agency Banks Sadler has reported growth for a seventh consecutive year. The agency’s unaudited results for the period ended 31 October 2016 showed the underlying comparable gross margin for the group had improved from £10.9m to £13.3m, representing a 22% increase and an improvement in profits from £1.475m to £1.619m, an increase of just under 10%.
The agency added that recent changes to UK accounting standards (FRS102), would see Banks Sadler’s actual reported financial accounts for the year showing a higher profit however.
Chief executive officer Leigh Jagger, commented: “This has been another great year. Our international subsidiaries are now contributing significantly to our profits and, despite heavy investment in the back half of 2015/16 in senior headcount within the group, we have yet again been able to post exceptional results.
“Our business has not only improved its performance in terms of profit, but is also more efficient than ever before. Huge thanks has to go out to our brilliant teams across all of our offices who have worked exceptionally hard to deliver these impressive results.
“We’re in a great place to capitalise on this investment in 2016/17 and have had a strong start to our year, with multiple client extensions and new signings. This all bodes well for us to continue what has been an impressive run of ever-increasing performance.”
Banks Sadler employs 300 people worldwide through seven international offices in five. The agency reports running 500 events and almost 15,000 venue sourcing solutions each year, equating to a spend of over £90m per annum on meetings and events.