The Grass Roots Group PLC finished 2014 ahead of expectations, a substantial improvement on the prior year, resulting in an EBITA of £9.3m (2013 £7.9m). Operating profits, after amortisation of goodwill and depreciation were £6.8m.
The UK market continued to deliver the most significant profit for the Group, but a greater proportion from growing overseas markets helped to boost the overall results. Amongst the highlights were a stand-out performance from market-leading cycle-to-work provider Cyclescheme, and the UK Meetings & Events business which delivered an outstanding result bouncing back strongly from a loss-making result in 2013.
Consolidation was a key focus for Grass Roots throughout 2014, and an improving UK economy coupled with securing a number of large and long-term client contracts enabled the organisation to realise one of the most successful trading years in its history.
Richard Bandell, Chief Executive Officer for Grass Roots, is delighted to confirm the 2014 results and comments, ‘2014 was the first step towards our ambitious vision. We have outlined our mission, our strategic priorities and our long-term financial targets and we are well on our way to achieving our 2020 goals. 2015 sees us entering an investment phase and we are focusing on doing business better; ensuring we have the best products; and getting ready to expand our global reach. The 2014 financial achievement can be clearly attributed to the passion, professionalism, and willingness to go the extra mile of our people in our offices around the world; and the continuing trust placed in us by our clients to deliver value to them.’