Marketing service group Cello has reported a growth in headline operating profit for 2010 of 21% to £7.3 million.
The company, which owns Tangible Group and its agency The Leith Agency, Farm, MRUK, Stripe and Blonde, has reported an increase of £1.3 million from last's year's figure of £6 million.
A slight increase of £600,000 on the gross profit figure in 2009 has also been reported, at £60.3 million for 2010, with communications division Tangible increasing its headline operating profits by 9.2% (£2.2 million) and matching its previous gross profit margin of £23.4 million despite the slowdown in public sector spend.
Allan Rich, non-executive chairman of Tangible also revealed that the company was to open an office in Beijing which would serve as a hub for its research and consulting business and claimed that the group was ‘optimistic’ of more active client activity, highlighting the research sector as a growth area.
The company has also revealed that it plans to aggressively grow the Tangible brand outside of the UK over the next two years, especially across the insight and consulting area.
Cello has also recently completed the acquisition of UK based consultancy Red Kite which will merge with the group’s existing pharmaceutical consulting business, MSI.
The acquisition will also see Jonathan Dancer, founder of Red Kite join the Board of MSI as managing partner.