100. Meridian IT

Revenue: £19.5m

Meridian IT UK shrugged off industry headwinds in FY24 to post solid profit growth, as the IBM-aligned solution provider leaned into managed services and hybrid cloud to keep its strategic trajectory on course.

The firm grew its EBITDA 3.2 per cent to £2.87m, accounting for nearly 15 per cent of revenue, while operating profit climbed 4.8 per cent to £2.44m – defying a backdrop of rising energy costs and a softening IBM market. Directors described the performance as “ahead of expectation,” attributing it to a “balanced approach” between on-prem infrastructure and growing services lines.

Security, automation, AI and software development were flagged as strategic focus areas alongside Meridian’s expanding managed services play. The VAR also doubled down on its hybrid cloud portfolio and aims to build on its IBM ecosystem credentials to deliver more cost-effective, high-quality solutions to customers in FY25 and beyond.

That said, the directors struck a note of caution for the current financial year, forecasting margin pressure from inflation, lower rebates, and a heavier cost base due to the ramp-up of several major new contracts. While these deals are expected to drag on growth in FY25, the business anticipates a return to stronger performance in FY26 once their benefits begin to materialise.