Thursday, 20 August 2015

WRG posts £1.6 milllion loss for 2014

AAA reports that live events specialist WRG Worldwide has recorded a financial loss despite a boost in turnover. WRG saw losses after tax for the financial year deepen from £1.5m in 2013 to £1.6m in 2014. According to documents filed at Companies House, turnover rose 15% to £55.7m in the year ending 31 October 2014. Operating profit stood at £501,000, before interest payments to shareholders and its private equity firm, and ‘exceptional items’, identified as payroll costs resulting from restructuring, and set-up costs in relation to the US office. A company spokeswoman said: “WRG is a growing business that serves some of the world’s best-known brands and the company has a solid and stable financial strategy. Our 2013-14 accounts show that year-on-year turnover is up, gross profit is up and operating profit is up. We have made an operating profit before exceptional items this year while continuing to invest in the business. The loss shown in our company accounts is after exceptional items and interest on shareholder loans. This is quite normal for a business owned by a private equity firm.”

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