Group Financial Results FY07/08
Profits up 24% at Grass Roots - November 7 2008
Miami Beach, Florida - November 7, 2008 - Grass Roots Group has reported another strong set of financial results for its fiscal year end. Grass Roots, the global performance improvement leader that ensures client organizations become more effective with their employees, channel partners and consumers, today reported on its fiscal year ending June 08. Revenues increased by 20% to $421.8 million, gross profit is also up 31% to $97.9 million; and pre tax profit climbed to $14.8 million, a growth of 24%. Considerable, against a background of downbeat predictions for the economy, the company is also able to point to cash at bank amounting to $77.1 million.
The results reflect another extraordinary year for the Miami based firm, which provides services in communication, education, measurement, rewards and event management services, to an impressive client list in the top 16 economies of the world.
"Grass Roots delivered solid revenue and earnings growth in what is clearly a very challenging global economy," said David Evans, chairman and CEO, Grass Roots. In the Chairman’s statement, Evans outlines what he sees as the ingredients for success that are blended together with a long term perspective “Consistency in your code of practice, encouragement in experimentation, support and respect for the most important assets you have, human beings”.
Globalization is another theme in his commentary that follows a year when the Group has opened offices in India, China and Australia to capitalize on the growing demand for reward and recognition services in multiple markets. Evans points out that the international expansion strategy is predicated on the ability to ‘act local’.
Beyond the numbers, Grass Roots has enjoyed recognition from a number of other quarters. The firm has recently been short listed in Growing Business magazine’s Awards in the Company of the Year category and earlier this year was placed 53rd in the Sunday Times list of top 100 mid-sized companies to work for.
