Grass Roots Meetings & Events has recorded a £2.6m turnaround in operating profit following a cultural change and audit of the division’s working practices.
Grass Roots has reported a gross profit of £14.2m on a turnover of £26.261m in its latest figures. In 2013, Grass Roots Meetings & Events faced a loss of £386,000 but a turnaround of £2.548m in 2014 has seen the division succeed in a complete turnaround both financially and structurally, achieving a net profit of £2.1m.
“The latest results have been achieved by unifying the division and re-focusing the core of the business,” comments Des Mclaughlin, Divisional Director of Grass Roots Meetings & Events. “The results of 2013 forced us to metaphorically take some of our own medicine and look at how we can improve things. When I took over at Meetings & Events in 2013 we began the restructure immediately and the closing of our live production office in Worcester affected profitability. Since then we have essentially unified four separate businesses into one division and overseen a complete turnaround of the finances. There has been a real effort from everyone associated with Grass Roots to make this happen and these results offer real positivity moving forward into 2015.”
A growth across all of Grass Roots Meetings & Events’ services has seen turnover highlights such as:
– Strategic Meetings Management – 18% growth of £737,037 to £4,797,000 – Event Delivery – 43% growth of £1,394,094 to £4,643,000 – Delegate Management – 27% growth of £958,143 to £4,506,000
As well as a financial turnaround for the division there has also been a 20% increase in staff numbers in addition to a new apprenticeship scheme. High level appointments to manage the full meetings and event service portfolio has also provided a consultative approach to client issues and solutions.
Ongoing structural changes include the closing of the Marlow office in September which will further integrate the Meetings & Events team into just two different locations allowing all teams to work more effectively together.
Grass Roots Meetings & Events is one of four divisions at Grass Roots Group PLC. They provide stunning events from conception through to live production support; consolidate event spend through expert strategic meetings management; provide access to the very best venues; the slickest delegate co-ordination and registration services; and the most robust and innovative events technology. Learn more by visiting www.grassrootsgroup.com/web/guest/meetings-events.