31. Onnec

Revenue: £128.4m

Global technology partner Onnec had a mixed FY23. The UK-HQ business specialises in end-to-end connectivity solutions—ranging from structured cabling to managed services—that enable seamless business operations for blue-chip clients across the globe.

Onnec’s core expertise lies in delivering robust data infrastructure—both copper and fibre—for hyperscale technology companies and multinational financial services firms. Its offering spans data centre IT design and support, workplace technology solutions, and smart building innovations including occupancy management, integrated CCTV, and in-building cellular.

Despite macroeconomic headwinds in 2023, which led to a £5.7m post-tax loss and a 14 per cent decline in UK turnover, Onnec’s international strategy paid dividends. Revenues grew 16 per cent across Ireland, Germany, Singapore, and the US, with standout growth of 191 per cent in Sweden. The business also improved gross profit margin to 22.3 per cent, up from 21 per cent in 2022.

Challenges in the UK—including customer delays and bad debts following contractor failures—were offset by Onnec’s expanding international footprint, with operations now spanning Europe, Asia-Pacific, and North America. As of August 2024, trading conditions have improved markedly, with UK bookings up 19 per cent and further margin gains realised through strategic cost rationalisation.

Onnec continues to invest in scalable infrastructure and service delivery, supported by a traditional centralised management model and operational teams embedded at client sites. Its strategic objective remains clear: to achieve above-market growth by expanding geographically and enhancing its technical capabilities, both organically and through targeted acquisitions.

As customers reassess IT needs in a hybrid work era, Onnec’s strategy remains centred on supporting evolving infrastructure demands. The group is focused on long-term value creation while delivering reliable, high-performance connectivity solutions worldwide.