Apogee sees turnover rocket after Balreed buy

Managed print services specialist eyes further growth as acquisition strategy pays off

MSP Apogee has seen turnover leap 31 per cent in its FY2015 as its acquisition of rival Balreed bears fruit.

The two firms came together last August in a move Apogee claimed made it the "UK's largest independent Europe-wide provider of managed services for print, document and process technology".

Preliminary results show the managed print specialist's turnover hit £89m in 2015, up from £68m in 2014, excluding the eight months of trading Balreed did before being acquired.

But once Balreed's pre-acquisition turnover is taken into account, the newly consolidated Apogee Group UK saw turnover soar on a pro-forma basis to £112m, a whopping 65 per cent increase on the previous year.

In addition, the firm reported consolidated pro-forma profits of £20m. Martin Randall, group finance director at Apogee, said the achievement was notable because it had happened at the same time as the challenge of integrating the two businesses.

"Apogee UK outperformed every budget we set ourselves in 2015, which is a terrific achievement, particularly given the scale of the acquisition and subsequent integration," he said.

"The consolidated group's pro-forma results of £112m turnover give a very clear indication of just how much Apogee has grown in scale in the past 12 months, and it has been very reassuring to see that we have continued to grow over the four months since the acquisition, winning more new clients and installing over 14,000 new devices."