Concerto Group reports 123% pre-tax profit spike

10 September 2014 by
Concerto Group reports 123% pre-tax profit spike

Events and catering firm the Concerto Group has reported a 123% increase in pre-tax profit to £822,000 for the year ended 28 February 2014.

The company, which comprises 16 brands across events and venue management, catering, and entertainment, credited the triple-digit uplift to an internal strategy for change and performance improvement that began in early 2013.

Teresa-Anne Dunleavy, who was appointed chief executive of the business that same year, said the change agenda that was initiated 18 months ago is now paying off.

"Our financial performance has improved dramatically, staff retention and motivation are excellent and client feedback is better than it has ever been. This year's results mark a step change in terms of overall performance, and are set to continue as we consolidate our strengths and address residual weaknesses," she said.

"The improved performance can be attributed mainly to a significant culture change and greater professional rigour across all disciplines."

Dunleavy said that attracting and retaining great talent was an area of focus for the firm, which has made a number of strategic appointments, including Penny Porter as the new head of bespoke events division, Mask.

A new senior management team at catering company Create has been put in place to be led by new managing director Tom Barrett, who will join the business next month following nine years in senior executive roles at business & industry caterer BaxterStorey.

He is joined by Darren Deadman, who has been named group executive chef after five years in the same role at Leith's at Excel, and new operations director Oliver Barnett.

Dunleavy said: "This is a key moment in Create's history and these appointments signal our commitment to drive change and growth across our catering offering.

"Tom, Darren and Oli come with vast experience and proven track records in driving change to deliver exceptional results. Together they bring the leadership qualities and vision to build on all that has been achieved at Create to date, and advance it to the next level."

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