owner of agencies Cheerful Twentyfirst and Eventful, has announced its
strongest trading year on record.
The company saw a 130 per cent increase in revenue, with trading
throughout the year ahead of management’s expectations following a very strong
last quarter of the financial year.
The turnaround is, unsurprisingly, due to the return of live
events, including Cannes Lions where Aeorema had its largest ever presence. Virtual
and hybrid events continue to be a source of revenue for the company, which has
a strong cash position in excess of £1.65m.
Steve Quah, CEO, said: “I am delighted to be reporting our
best financial performance in the history of the company, demonstrating the success
of the shift in strategy over the last two years.
“This is because despite facing headwinds with the Omicron
variant of Covid-19, which was a major disruption in the middle of our
financial year, we have once again shown incredible spirit and talent to help
our clients navigate another challenging period and deliver some of our best
Subject to audit Aeorema had an incredibly busy period
leading up to the close of its financial year on 30 June 2022, in part due to
the increasing return of live events. Cannes Lions was held in person in June
for the first time since 2019 and the company had its largest presence to date.
Coupled with a continued strong performance from the US
office along with new US client wins, and a high demand for virtual and hybrid
events, the company has produced its strongest financial performance in its
Aeorema expects to report revenues (subject to audit) of no
less than £11.8 million for FY 2022 (FY 2021: £5.09 million) and profits before
tax (subject to audit) of no less than £700,000 (FY 2021: loss £159,698).
The prospects for this new financial year remain favourable
and the company is confident that it will continue a positive trajectory into
Quah added: “We continue to support our clients to help them
achieve their strategic and communications objectives, and I am very proud that
we are also being recognised for our work. I look forward to continuing our
successes and watching Aeorema continue to grow and flourish.”
through its creative services division Cheerful Twentyfirst, specialises
in creating engaging, immersive experiences and innovative campaigns
for its clients, while through Eventful Ltd, its events division, it
specialises in global rewards and incentive programmes, event management and
M&IT editor Paul Harvey is a journalist with more than 15 years of experience. He began his career in the local press, working for various titles across the north. Since joining M&IT in 2013, he has become a trusted and respected voice in the sector, championing event professionals and reporting on all aspects of the events industry for the brand.