Aeorema Communications plc, which owns Cheerful Twentyfirst and Eventful Limited, has announced that it expects 2023 to be another record year with increased revenue and profit, and a strong cash balance at the year end.

The group said in a trading update that it expects revenue for the year to 30 June 2023 to be no less than £19.8m (subject to audit), compared to £12.2m for 2022, and profit before tax to be no less than £950,000 (subject to audit), compared to £844,000 last year. It also revealed that Eventful, the venue sourcing and incentive travel agency it acquired in 2020, has returned to profitability.

Prior to year-end, Aeorema had its biggest presence to date at the Cannes Lions International Festival of Creativity 2023 including partnering with Stagwell to create ‘Sport Beach’, one of the largest brand activations at the Cannes Lions event.

The company continues to be recognised for its work and collected several industry awards during the year, picking up three awards at our recent micebook Awards including Best Product Launch, Best Creative Concept and the Grand Prix, as well as a judge’s commendation in the Best Agency (more than 40 employees) category.

The group has strengthened and grown its team both in the UK and USA, and recruited a USA President to the senior management team who is heading up and further driving the USA expansion

Steve Quah, Aeorema CEO, said: “I am thrilled to announce that, for the second consecutive year, we expect to achieve record revenue and profit for our financial year ended 30 June 2023. The material increase in group revenue has been achieved by securing contracts from both new and existing clients.

“As commented in our interim results released in March 2023, we have been investing heavily in our team, processes, and offices to ensure we are set up for sustainable and scalable continued growth. These investments are already reflecting very positive results in process efficiencies, culture, retention, and brand reputation.”

The group is confident that the 2024 financial year will be another successful year. “I am hugely excited to see what the next financial year will bring for Aeorema as we build on the momentum, investment and growth we have experienced over the past few years,” added Quah.