UK: The live and experiential agency WRG has announced that it made an operating profit of £2.5 million before exceptional items in the last financial year, resulting in a pre-tax profit of £1.5 million.
Compared to a loss of £1.3m in 2015, the performance demonstrates a significant turnaround at the company, which was recently acquired by Huntsworth in a deal worth £24.7 million.
Gross profit was reported as £7.6 million, up from £5.6 million in 2015, and turnover was slightly down from £47.5m in 2015 to £46.7m for year ending October 31.
The company attributed its success to a strategic improvement programme that began in 2015 and gained momentum throughout 2016 following the appointment of Russ Lidstone as CEO.
WRG’s business plan included an alliance with The Moment and Just Communicate in forming The Creative Engagement Group. This move enabled the business to cross-sell services and share resources, and the benefit of this approach can now be seen in the operating results for 2016.
Russ Lidstone, Chief Executive Officer at WRG and The Creative Engagement Group, commented on the results: “WRG’s sustainable business performance is the result of a plan centred on client service, strengthening our creative output, plus attracting and retaining best in class talent across the business.
“As part of The Creative Engagement Group, WRG is able to provide a unique and innovative integrated approach to engaging audiences, which includes strategy, digital, film and immersive technologies.”
“Following our recent acquisition by Huntsworth, we’re able to provide an even richer range of strategic and creative communications services to our clients. It’s a genuinely exciting time for all the team at WRG and The Creative Engagement Group.”
