Executive duo and £600k services investment boost Intrinsic
VAR adds experience of Plucknett and Browell as annual figures show solid growth
Intrinsic Technology has made a brace of recent senior hires and invested a six-figure sum in its managed services play as annual accounts show double-digit growth.
The Merseyside-based VAR recently filed annual numbers for the fiscal year which closed on 30 November 2011. Turnover was up 13.5 per cent to £31.3m, while operating profit before exceptional items grew 14 per cent to £2.6m. Some £7.4m in share option charges and the £512,501 write-off of an employee benefit trust loan put the recorded operating loss for the year at £3.2m.
Average monthly staff numbers rose by more than a quarter over the course of the year, increasing from 86 to 110. Sales and operational ranks both saw sizeable increases.
As of the start of FY12, revenue from Dataplex Systems, which Intrinsic bought out of administration in January 2011, will be included on the VAR's balance sheet. For the 11-month period to 30 November 2011, Dataplex Systems Limited turned over £4.4m, with operating profit at more or less break-even level. The company has now been wound up, with all trade and assets transferred to its new owner.
Recently appointed Intrinsic chief executive Adam Jarvis told ChannelWeb this summer that revenue run-rate for the current fiscal year is about £40m. The three-year plan is to organically grow sales to £70m, with M&A activity swelling the top line to £100m.
A few new faces have appeared in the firm's senior executive line-up of late, with Gregg Spooner promoted to director of cloud and managed services in July. Companies House filings also reveal that former RedSky IT man Carl Plucknett has joined the company's board, having been appointed as chief financial officer. Incumbent finance chief Alistair Johnston is no longer a director of the firm.
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Former Insight EMEA services boss Steve Browell has also joined Intrinsic, assuming the chief technology officer role on an interim basis.
Jarvis (pictured) said: "Intrinsic is really driving towards a cloud and managed services-led future, and it is especially important for us to make sure that security capabilities are excellent. Steve brings particular expertise in that field, which is why he has joined us. I'm sure he will have a great impact on the team."
The VAR has also committed a further £600,000 investment to its Fusion managed services play. The cash will go towards funding more technical tools and staff for the monitoring and maintenance service. Intrinsic is keen to build an offering that is pre-emptive, rather than reactive.
Spooner said: "We recognise that in order to grow as a business, we have to invest. These improvements will go a long way to helping us achieve our ambitious growth plans. Intrinsic's ethos is built around service and support, so Fusion really is the cornerstone of the business."