Worldspan reports strong growth as profit tops £300k despite uncertainty
Worldspan has hailed a second consecutive year of strong growth against a backdrop of economic uncertainty, as the agency saw increases in both turnover and pre-tax profit in 2019.
Turnover rose to £6.5 million in the year ended 30 June 2019 from £6.3m in 2018, according to accounts filed at Companies House. And pre-tax profit increased from to £301k from £207k in the same period.
Worldspan chairman Jason Wilcock told M&IT: “We are delighted to have recorded another year of strong growth, with a near 8 per cent increase in gross profit to £2.4 million, and a 45 per cent increase in operating profit. Once again, our team delivered true excellence for our clients around the globe and across a wide range of corporate, PCO, creative and live event projects.”
Reviewing the agency’s highlights of the year, Wilcock added: “We opened our fourth UK office in Liverpool, as our creative production hub. Our in-house AV and creative production offering has been incredibly well-received, by both new and existing clients, and we have already expanded our Liverpool team, with further recruitment underway.
“As we reach the halfway point of our current financial year, we remain committed to long-term growth and investment in our team, and our agency as a whole, especially as we move towards celebrating our milestone 50th year in business in 2022.”
The strategic report accompanying the accounts said that the agency achieved sales growth in most of its business segments last year, driven by both new client business and increased activity within its existing client base.
The report said: “The financial results show a second consecutive year of strong growth against a backdrop of ongoing economic uncertainty. Sales growth was 3.6 per cent in the year, supported by the addition of our live production department in January. Our core events business also experienced significant sales growth delivered by new client business and increased activity within our existing client base.
“We generated a 7.9 per cent increase in gross profit last year which was driven primarily by increased sales, we achieved overall gross profit margin targets with all business segments contributing well.
“In summary, we have generated another healthy net profit this year and maintained our robust balance sheet and cash reserves which improves our financial strength moving forwards.”
Published Date: 03/01/2020