WORLD – An international events group has unveiled record results.
According to figures for 2014, The Top Right Group has posted a pre-tax profit of £85.3m (US$129m), up from £68.8m ($104m)
The group achieved revenues in excess of £300m (US$456m) for the first time.
Its three business segments – events, information services and subscription content – contributed to a pre-tax revenues of £312.7m and headline growth of 15 per cent.
Officials said revenue from the group’s largest segment – events – grew 14 per cent to £141.5m (£121.3m: 2014).
The group is headquartered in London, with offices in 16 countries and employs over 1,800 full-time equivalent employees.
Its chief executive, Duncan Painter, said the group had completed a three-year “turnaround plan”.
“Our businesses have effective growth strategies in place and clear operating priorities. I am delighted to announce that we have again grown our client base and further improved customer satisfaction and retention to industry-leading levels,” he said.
During the year, the group acquired payment and financial services innovation event Money20/20 in a deal expected to total £55.3m, of which £16.4m will be paid in 2015.
The acquisition contributed to exceptional expenses of £18m for the year, up from £13.2m in 2013. The category also included £3.6m in professional fees relating to a management incentive plan.
The company has also expanded its portfolio of events in Asia, adding: Pure, Shanghai; CWIEME, Shanghai; Retail Congress China; and Bett Leadership Summit Asia.
Meanwhile, an increase in subscription services to professional members, as well as growth in digital and live events, added to a six per cent revenue growth in the group’s subscription content and information services segments.
During 2014, the group launched data product HSJ Intelligence, revamped trend forecasting website WGSN.com to include the best of Stylesight, and created the Lions Health festival to serve the healthcare communications industry.
The board has opted not to pay final dividend for 2013, while £11.6m in dividends on preference shares were declared in 2014.
Officials said the Top Right Group’s parent company expects to make significant savings in interest payments after refinancing its borrowing facilities in April 2015.