31 Apogee

Revenue: £127.7m (-28%)

Net profit: -22.5% Staff: 985

This HP-owned managed print giant saw revenues tank by over a quarter in its year to 31 October 2020 as lockdown saw clients "significantly reduce" print volumes and thwarted deliveries. Despite admitting that volumes have failed to fully recover, Apogee is aiming to "outpace competition during the post-Covid recovery" via a new three-pillar growth strategy. This includes investing in new segments including managed IT services. In March 2021, Apogee acquired fellow Kent-based MPS outfit Direct-Tec.

Covid impact

Although Apogee benefitted from having a large NHS and public sector install base, it was forced to take multiple measures to reduce costs last year. This included furloughing staff and mothballing a number of properties (leading to £3m in exceptional costs).