In 2014, we once again recorded stable global growth, reaching a best ever gross margin of €122 million; an increase of 5% from 2013.
Our gross margin growth was divided between organic and acquisition growth, which accounted for 3% and 2% respectively.
Acquisition growth was generated by the acquisitions of JZ Congressos in Brazil, 3Events in Turkey, Hagen Invent in Germany, Performance Improvement (PI) in the Netherlands and Yves Hunt in France. These strategic acquisitions enhanced our core services, with a focus on consolidating our creative meetings and event services for corporate clients in Europe.
Our two leading product practices, Meetings & Events and Professional Congress Organisation (PCO) continued to generate the majority of our business in 2014, accounting for 34% and 36% of the gross margin respectively.
Technical Production, Creative Communication Services, Association Management and Consulting, Destination Management Services and Performance Improvement together accounted for the remaining 30%.
Our client portfolio remained well balanced between corporate clients and association clients, and in 2014 we continued to help clients from a diverse range of industries, with the highest percentage of clients working in the healthcare sector.
Financial Figures in KEuros
|Third Party Costs||222,864||223,312|
results and taxes