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The North East Chamber of Commerce has reported a third year of losses but says it is well placed to return to profit in coming years.

Accounts for the Chamber for 2024 have been published which show that its revenues grew from £2.86m to £2.98m, but that its operating loss grew from £214,000 to £278,000. Overall loss for the year was reported at £164,000.

Chamber membership fell slightly to stand at 2,009, but chief executive John McCabe said that included more than 300 new members and that it hoped a refreshed membership strategy would attract more firms to join. The Chamber said that its membership retention rate of 82% was “a positive achievement given a significant degree of change and uncertainty in the businesses’ economic environment”.

The year saw the Chamber refurbish its offices in Newcastle city centre to make them available as flexible workspace to other businesses. It also worked with the Government to develop Local Skills Improvement Plans for the North of Tyne and Tees Valley areas in a bid to improve skill levels in the region.

In the accounts, Mr McCabe said: “2024 was the first full year of implementing our strategy for growth finalised in 2023. I therefore want to start by thanking colleagues across the business for a year characterised by creativity and innovation.

“Our performance ahead of budget was again underpinned by the staff team working hard to maximise efficiency without undermining the quality of our offer to members and stakeholders. This significantly reduced our reported deficit to £164,000, performing ahead of expectations against our strategy, which aims to return the business to an operating profit in future years.

“For the second year running we welcomed more than 300 new businesses into our network and launched an ambitious programme to redefine our membership proposition to make it more inclusive, more flexible and even more relevant to the needs of contemporary business and employers. We launched our plans with a clear message - put simply, now more than ever, we are North East business.

“From business support services to international trade, we made sure that the voices and voices of our members were at the core of this new offer, following one of our largest member surveys in recent years. I’m grateful to everyone who shared their views and shaped this important programme of work in preparation for 2025.”

The Chamber provides a regular lobbying voice for the North East business community and runs a number of awards and an event programme for local firms.

Mr McCabe was earlier this year appointed as chair of the North East Combined Authority’s business and economy board, which aims to ensure the voice of business is provided to the mayoral authority.