Olympics contribute to 11% profit leap at Concerto Group

Concerto Group has reported an 11% increase in annual profits to £9.3m in 2012/13, compared to £8.4m in the previous financial period.

Concerto Group's Dunleavy says Olympics helped profits rise in 2012/13
Concerto Group's Dunleavy says Olympics helped profits rise in 2012/13

Concerto Group filed its latest accounts with Companies House on 29 November for the year-end 28 February 2013.

It reported a 14.5% rise in operating profits to £465,111 as well as a 21% lift in turnover to £37.6m, which was attributed to an increased market share and activities surrounding the London 2012 Olympic Games.

Teresa-Anne Dunleavy, chief executive of Concerto Group, told Event: "Significant improvements in turnover are largely down to the return on investment over the years in an Olympic sales team - greater event management and catering fees from the London Olympics and related business more than compensated a loss of normal summer revenue in 2012 - including work for the Japanese and US teams amongst others."

In the report, Concerto Group said: "The results were also boosted by a 19% increased contribution from the group share of income from associated undertakings and joint ventures."

Mark Greaves, group finance director, said it has been a positive year for the company as a result of a greater focus on the core business . 

"The Concerto Live business has substantially contributed to turnover, with the help of managing director Nick Robinson who has been the driving force of the business," he added. "The company has also been able to build a successful business in Scotland as well as London."

Greaves said the company has forecast as much as a 100% increase in profits for the next financial period.

Concerto Group also reported financial results since the year-end have shown "a marked improvement" over the same period in the previous year.

Since the year-end, the company in July, which was renamed JD Concerto, and the group sold a 50% stake in its experiential arm Concerto Live to its management team. Assets of catering business Touch of Taste were folded into Create Food and Party Design.

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