"Competitive" pitching and investment see Crown's profits halve

Agency Crown has reported a fall in profit of 49% for the year ending 31 December, despite a turnover increase of £300,000.

Nicky Havelaar, managing director of Crown
Nicky Havelaar, managing director of Crown

Crown's pre-tax profit financial year was £199,000, down from £392,000 in 2013. It also reported a turnover of £7.1m, up on last year's £6.8m.

While the company was not available for comment at the time of writing, the directors' report stated: "The competitive environment experienced when pitching, and the investment in time required with working with new clients, is reflected in a lower year on year net profit margin.

"The continued investment in sales and marketing has resulted in the business gaining several new clients and sales growth with existing clients. We continue to invest in our people in terms of training and personal development."

The board added it had been a "positive" year for the company, with a growth in sales attributed to new client wins.

So far in 2015, Crown has worked with clients such as Graduate Fashion Week, Peugeot and Citroën.

More: Crown recruits new executive producer

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