InnerWorkings Announces Select Preliminary Fourth Quarter and Full-Year 2017 Results

InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced select preliminary and unaudited fourth quarter and full-year 2017 results, and provided guidance for 2018. The Company also announced that it has rescheduled its fourth quarter and full year 2017 earnings release and conference call to allow additional time to complete the Company’s 2017 financial close and audit. The extended timeframe for closing 2017 is due to resource demands associated with implementing new revenue recognition standards effective January 1, 2018.

“The fourth quarter rounded out a solid year of growth for InnerWorkings in 2017,” said Chief Executive Officer Eric D. Belcher. “With $130 million in client contracts signed last year, plus another $31 million signed in January with three global brands, we enter 2018 highly confident in our financial expectations for this year.”

Select Preliminary Unaudited Fourth Quarter 2017 Highlights
• Gross revenue is expected to be between $303 million and $308 million in the fourth quarter, an increase of 12 to 14% compared with $270.4 million in the fourth quarter of 2016.
• Gross profit (net revenue) is expected to be between $74 million and $75 million in the fourth quarter, an increase of 8 to 9% compared to $68.7 million in the same period of 2016.

Select Preliminary Unaudited Full Year 2017 and Recent Highlights
• Gross revenue is expected to be between $1,138 million and $1,143 million in 2017, an increase of 4 to 5% compared with $1,090.7 million in 2016.
• Gross profit (net revenue) is expected to be between $281 million and $282 million, a 7% increase compared to $263.5 million in 2016.
• InnerWorkings signed new client contracts during 2017 totaling $130 million of annual revenue at full run-rate. This growth is a blend of expansions with existing accounts as well as the addition of a number of first time clients.
• InnerWorkings also signed new client contracts in January 2018 totaling $31 million of annual revenue at full run-rate.
more detail at:  http://investor.inwk.com/releasedetail.cfm?ReleaseID=1058743

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David Ritchie has been named CEO of Bonnier Corp., it was announced today by Jens Mueffelmann, Executive Chairman of Bonnier Corp. His appointment is effective August 1. Ritchie is succeeding Eric Zinczenko, who will be departing the company. “David’s track record and deep understanding of all facets of the company as former COO and CCO make him the right choice to lead Bonnier Corp. into the future,” Mueffelmann said. “What impressed me working with David in the past couple of months was his true passion for our brands, paired with a strong business acumen and a structured and hands-on approach to execution. These qualities will be critical to us in this pivotal time as we conclude efforts on mergers and acquisitions opportunities for our media properties, transform and restructure operations, and execute a clear go-forward plan for our nonmedia activities. On behalf of the Board of Directors, I wish Eric the very best and thank him for his 14 years of service at Bonnier.

Bloomsbury’s Audited Preliminary Results for the year ended 28 February 2021

Financial Highlights: *Revenues increased by 14% to £185.1 million (2019/20: £162.8 million) *Profit before taxation and highlighted items4 grew by 22% to £19.2 million, up from £15.7 million in 2019/20 *Profit before taxation grew by 31% to £17.3 million (2019/20: £13.2 million) *Net cash of £54.5 million at 28 February 2021, up 74% (2020: £31.3 million) *Cash conversion of 142% (2019/20: 111%)
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