The period represents the 11 months of Motivcom PLC’s ownership, before chairman Nigel Cooper’s management buyout (MBO).
The group also announced a £400,000 trading profit and a gross profit of £8.4m, up 9% from last year.
Event is awaiting the agency’s full accounts, however Zibrant also stated that the MBO saw significant changes to its balance sheet, resulting in £684,000 of ‘exceptional administrative costs’ including the financial impact of separation, and clearing old amortisation and balance sheet debts.
Cooper explained that after the MBO, the business sought a ‘clean’ set of accounts, which resulted in an 11-month financial year. He also emphasised that "these results don’t really have any bearing on the future as there were always a series of cross charges and benefits between P&MM and Zibrant that clouded the real performance".
He added: "We finished the year where we expected to. Going forward we will be announcing our 2015 performance in mid-2016 and I am currently very happy with the progress we are making."
Comment below to let us know what you think.
For more in-depth and print-only features, showcases and interviews with world-leading brands, don't miss the next issue of Event magazine by subscribing here.