Annodata, a leading national provider of communications, managed print and IT services, has announced its annual financial results for the year ending 30 June 2014, revealing a 9 per cent organic growth in sales to £57.4m. Operating profits increased by 781 per cent to £5.2m, a record for the business. The company continues to maintain a strong balance sheet with no debt.
The figures reveal that with the recent addition of Keltec, which has annual revenues in the region of £15 million, the Group’s combined annual revenues now stand at almost £80 million, putting Annodata on course to reach its stated goal of achieving an annual turnover of £100million by 2016. The managed services provider intends to make further strategically important acquisitions to capitalise on its strong financial footing.
Commenting on the financial results, Joe Kelly, Annodata’s Group Finance Director, commented: “Annodata achieved record results in the last financial year, thanks in no small part, to our stable, growing and loyal customer base. The company has been working hard to grow its offerings and to consolidate its position in the market and as we move into 2015 I fully expect the business to maintain its strong growth profile.
We are very optimistic about our future and the recent addition of the IT services provider, Keltec, further strengthens our service offerings and our ability to provide our customers with complete service solutions including hardware infrastructure, IT technologies, unified communications and on-premise or cloud-hosted solutions” he added.
Martin St Quinton, Annodata’s Non-Executive Chairman, stated: “This impressive growth is a result of the transformational work the business has undergone over the past 18 months. Our customers increasingly look to us to provide complete enterprise-grade managed ICT and print solutions for all their sites, which plays to our nationwide reach and our responsive service model.
“2014 marked the start of a new phase for the business and saw us make a number of senior hires to strengthen our management team and we completed the strategically important acquisition of Keltec. This latest set of financial results serves to demonstrate the strength of the business and sets us up for continued growth and expansion over the coming year,” St Quinton concluded.