Suffolk: Fall in profits at Marcus Evans conference company
THE main conference management arm of Ipswich Town FC owner Marcus Evans’ network of companies has posted a near-50% fall in profits in its latest annual accounts.
In accounts newly filed with Companies House, Marcus Evans Ltd reported a pre-tax profit of £270,677 for the year to Sepember 30, 2011, down from £536,543 the previous year.
Turnover also fell, by nearly 20%, from £11.519million to £9.311m, which the directors’ report attributed to a “recessionary market which has seen a reduction in the number of customer sales during the year”.
At an operating level, gross profit (before administrative expenses) fell from £5.714m in 2010 to £3.636m and the company’s gross profit margin fell from 50% to 39%.
However, judged against key performance indicators of the number of attendees or delegates at its events and the number of events held, the directors says say the company’s peformance was in line with the expectations of its management.
As was the case the previous year, the directors do not recommend the payment of any dividend.
The directors’ report also reveals, however, that the company made political donations during the year of £19,939, compared with zero the previous year.
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Besides Marcus Evans Ltd and Ipswich Town FC, Mr Evans’ business interests also include the theatrical agency Ken McReddie Associates and THG Sports, which specialises hospitality at sporting and music events.