The new chief executive at North East e-commerce company Visualsoft has hailed rising revenues in a “challenging” year.
The digital agency, which has offices in Newcastle, London, Stockton, Dubai and Manchester, has published accounts for the year ended June 30 2022 showing turnover increased from £19.1m to £20.9m. Operating profit, however, dropped from £2.6m to £1.5m and profit for the year more than halved - from £2.8m to £1.2m.
Staff numbers increased from 291 to 340 employees in the year, which also saw the opening of its central London base. Exceptional administrative expenses of £868,000 were recorded, relating to the recruitment of senior and executive management as well as short-term consultancy fees and legal and professional fees relating to Livingbridge making an investment into the company in 2021.
