Security integrator Vistorm posted impressive sales growth during its most recent fiscal year, but one-off integration costs in excess of £4m dragged the company into the red.
The Warrington-based VAR filed figures for the 16 months to the end of October with Companies House last week. Revenue stood at £82.5m, up from £50.6m in the 12 months to 30 June 2008. This represents an increase of 63 per cent, which the directors' report claims "translates to an annualised growth rate of 22 per cent".
The report goes on to state that this is well above the market average of five to 15 per cent yearly growth. The integrator attributes its success to "an improving profile towards larger projects with follow-on work as client relationships strengthen". Average staff numbers rose by more than a fifth to 253 during the 16-month period.
Vistorm posted an underlying operational profit of £3.3m during FY09, but exceptional items cost the company more than £4m. These costs related to the VAR's integration into HP. Vistorm was acquired by services monolith EDS in 2008, which itself was acquired by HP just a month later.
Looking ahead, the security specialist claimed HP's power and reach will allow it to compete for big-ticket contracts and expand into new markets.
"While the company will continue to stay focused on being the leading provider of information security services and technology in the UK, its role as HP's primary provider of specialist security services will enable Vistorm to benefit from the wider group's capabilities and further expand its client base into the European market," said the directors' report.
"The existing scale of HP together with Vistorm's leverageable tools, intellectual property and delivery platforms will give the combined businesses the ability to truly compete globally for the largest security projects across all key market sectors, including defence, government and finance."
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