Event production company Avcom plans to expand its headcount by 30 people over the next two years as event organisers demand more immersive experiences.
The agency, which says its current turnover is c.€5m, plans to increase revenue to €12m and grow to a team of 74 people. The new roles will be in the areas of technology, design, production, sales, administration and logistics.
Avcom research conducted in October found that there is an appetite among professionals who attend corporate events to experience more.
Some 44% of corporate event attendees said that they would be more likely to attend events with enhanced production values supported by new technologies such as the metaverse, or augmented and virtual reality.
The research also found that professionals are becoming more selective about the events that they attend in-person. One in three of survey respondents who attend corporate events said they will only go in-person if they know they are going to have a very good experience.
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“This data reflects Avcom’s experience of the changing attitudes and expectations for events, which was central in influencing our new business direction,” said managing director Paul Murphy.
“Events and people have changed. The aftermath of Covid has put a greater focus on work/life balance and event organisers need to ensure that they are giving people something special in exchange for their time, a truly immersive experience that will stay with the attendee long after the event has finished.
“We have invested significantly in our business to provide premium design-led production services that use technology to engage and excite audiences.
“Our knowledge of design and technology is helping us to win major contracts in Ireland and across the globe. Now, we will expand our team to support and drive further success and build on our reputation as a game-changer in the events industry,” Murphy added.
Avcom clients include Fáilte Ireland, Croke Park Meetings & Events, PepsiCo, PwC and Opel.
The agency recently established a design department to include animators and motion graphics specialists, which Avcom expects will enable it to increase creative revenue streams, while also appealing to clients looking for a full service from one provider.
The Avcom operating company booked a net profit of €270,000 in 2021 after a profit of €17,000 in lockdown-impacted 2020. The company received €300,000 from the Sustaining Enterprise Fund, half of it a grant repayable from 2025.
Warehoused tax debt in December 2021 was €380,000 and net worth was €1.3m, including €1.4m cash.
