Zibrant sees turnover increase 54%

Events agency Zibrant has reported a 54% turnover increase for the period January - November 2014, although its full accounts have yet to be revealed.

Nigel Cooper sealed an MBO in September 2014
Nigel Cooper sealed an MBO in September 2014

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."

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