WFCA Group reveals overall losses for 2011 despite client retention
WFCA has announced a pre-tax profit for the second half of 2011 of £530, following a loss of £91.167 for the previous half of the year, despite having picked up a number of projects in 2011 and avoided any client losses. In announcing its interim financial results for the six months ended 31 December, the agency highlights cost cutting measures and the development of its client base as having turned its fortunes around. The inclusion of an exception credit of £109,926 was also highlighted, arising from the collection of previously written off amount from its interim statement last year. The second half of 2010 saw the WFCA incur a loss of £316,450, which made it necessary for the agency to impose cost cutting measures in the early stages of 2011. This led to the acquisition of a number of projects from Threadneedle, Asset Management, Attwoods Solicitors, Saga Services and Central Homecare, alongside increase services to a number of retained clients, none of which left the agency in 2011. “We anticipate that this improvement, together with a series of current opportunities moving forward, will allow the Group to continue with its recovery in the current year,” the agency stated. It also revealed that the group remained ‘in dialogue’ with a number of strategic opportunities, although the acquisition of WBR in June was the only completed so far. Further developments are anticipated this year, it added.