Hasgrove reports 9.3% turnover increase for 2010
European marketing firm Hasgrove has announced a growth in turnover for last year of £35.4 million (9.3%).
The company, which owns agencies such as Amaze, Odyssey Interactive, Interel and The Chase, has reported its year-end figures for 2010, which includes a 1.5% increase in gross profit to £27.2 million and a headline operating profit of 20.7% at £3.5 million.
Pre-tax profits rose by 40% to £2.1 million also, but the group’s net debt also rose from £6.5 million in 2009 to £6.7 million in 2010.
Hasgrove group chief executive Rod Hyde (pictured) described 2010 as ‘a period of continued recovery’ for the group amidst public sector cuts.
“The progress made in 2010 is continuing into 2011 with encouraging contract wins and a strong new business pipeline. There is a significant opportunity for growth in digital, where we are already well positioned,” added Hyde.
The company highlighted the performance of its digital and communications services, delivering £22.2 million in revenue last year, an increase from 2009 when it brought in £19.2 million, an operating profit £2.1 million (a fall from the previous year, which recorded an operating profit of £2.3 million.) Gross income rose to £16 million from £15.4 million.
The results also reveal that last year Amaze worked with clients such as Bridgestone, Coca-Cola, the Co-operative Group, Dyson, Eurocamp, Henri Lloyd, Lexus, ODEON Cinemas and Toyota, and also stated that the severity of the public sector cuts in 2010 had ‘a severe impact’ on the agency.