Trinity Expert Systems edged closer to the £50m sales barrier in its 2012 fiscal year after a group reorganisation that sees sister company Eurodata geared towards product sales.
According to documents recently filed with Companies House, Coventry-based Trinity grew turnover for the year to 31 October 2012 by almost a third year on year to £31.5m. Operating profit dropped by £500,000 to £3.7m, but favourable tax calculations meant that the net bottom line rose 38.8 per cent annually to £4.4m.
Eurodata Systems, the London VAR acquired by Trinity two years ago, posted FY12 revenue of £15.45m. The firm's net loss for the period spiralled from £319,000 in the prior year to £2.3m in FY12. According to the directors' report for the year, the decline in profitability was chalked up to a group reorganisation which saw managed services contracts handed over to its new owner, with Eurodata now strongly geared towards product fulfilment services.
The two firms closed the year with combined net assets of £11.6m, an increase of more than £2m on the figure for the preceding year. The duo employs a cumulative total of about 400 people.
Trinity's directors' report claims that half of the company's sales now come from long-term annuity deals, predominantly with "high-quality blue-chip clients". FY12 is characterised as "a year that has been transformational for the company" with "a number of large-scale clients [now] on our cloud solution platform".
"The major investment we have undergone behind our cloud computing platform gives us a scalable base for expansion into the market and [to] continue to grow this business during 2013," adds the report. "The base infrastructure will enable us to expand [services offered to] existing clients and add new clients with very little further investment beyond the base transformation."
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