Annodata eyes more growth as revenues pass £70m

Hertfordshire-based firm banks its highest-ever profit in FY14

Annodata has seen its profits soar to record highs, as it continues its quest to become a £100m business by 2016.

The comms, print and IT services provider saw its group operating profits at a record high for the year ending 30 June 2014, reaching £5.2m, up 682 per cent year on year.

Sales also rose, up nine per cent from the previous year's figure of £52.7m to £57.3m this time out.

The Hertfordshire-based company acquired infrastructure provider Keltec, which has annual revenues of about £15m, in November, and claims this addition plus continued growth since the end of FY14 gives the group combined annual run-rate revenues approaching £80m.

Annodata has previously set itself the goal of becoming a £100m-turnover company by 2016. Joe Kelly, Annodata's group finance director, who was appointed in January, attributed the growth to Annodata's customers.

"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," he said.

"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."

Martin St Quinton, Annodata's non-executive chairman, said: "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."

The company also indicated it is looking to make further "strategically important acquisitions".