Live events specialist WRG Worldwide has recorded a financial loss despite a boost in turnover.

WRG saw losses after tax for the financial year deepen from £1.5m in 2013 to £1.6m last year. According to documents filed at Companies House, turnover rose 15% to £55.7m in the year ending 31 October 2014.

Losses on ordinary activities before taxation improved from £1.51m in 2013 to £1.49m.

Operating profit stood at £501,000, before interest payments to shareholders and its private equity firm, and ‘exceptional items’, identified as payroll costs resulting from restructuring, and set-up costs in relation to the US office.

In 2013, exceptional items were incurred through the relocation of the group’s Manchester and London offices.

Turnover from the UK business increased from £21.8m to £31.7m while business from the rest of Europe fell from £4.08m to £423,000.

David Sharrock, chief executive, said the directors will continue “to make the necessary changes to the business to bring about long-term sustainable growth and profitable trading.

“The group grew rapidly during 2012 on the back of the London Olympics and several large product launches. Management have now focused the company on growing sustainable accounts in a number of sectors while managing job profitability and staff utilisation.”

A company spokeswoman said: “WRG is a growing business that serves some of the world’s best-known brands and the company has a solid and stable financial strategy. Our 2013-14 accounts show that year-on-year turnover is up, gross profit is up and operating profit is up. We have made an operating profit before exceptional items this year while continuing to invest in the business. The loss shown in our company accounts is after exceptional items and interest on shareholder loans. This is quite normal for a business owned by a private equity firm.”