37. Claranet

Revenue: £113.1m

Claranet ended its 2023 financial year roughly on par with the previous year, posting revenues of £113.1m – only a slight dip from £116m in FY22 – and a modest rise in adjusted EBITDA to £15m. The UK-based managed services provider credited the number to the integration of entities hived up at the end of FY22 and a sharpened focus on customer needs, segmentation and cross-sell potential.

Behind the scenes, FY23 was a transformative year. Claranet overhauled its operating model, ditching its legacy structure of three distinct business units in favour of a more customer-centric functional setup. The reorg, which resulted in some redundancies, aimed to create a unified portfolio, break down silos, and strengthen technical specialisation across its cloud, network, comms, and cyber practices.

The new structure is already showing promise. Claranet reported a strong sales pipeline and closed several high-profile deals and renewals during the year, with names including Pets at Home, Enstar, L’Occitane, Microsoft, and Santander. Its hybrid cloud and cybersecurity arms – covering everything from cloud strategy and migrations to penetration testing, MDR, and AWS managed security – remain central to its UK growth story.

While inflation, interest rates, and talent shortages continue to challenge the market, Claranet’s reports cite confidence in the resilience of its diversified client base. No single managed services customer accounts for more than £5m, and the top ten combined contribute less than 20% of revenue. The business is also investing in operations in India to access a broader talent pool.

Looking ahead, Claranet expects further organic growth and deeper cross-border collaboration across Europe, especially in Cloud and Cyber. Key initiatives for FY24 include enhancing the customer experience, developing an optimal hybrid working environment, and making strategic acquisitions to scale. Efficiency drives – including a rationalisation of its datacentre footprint – are also underway, with the aim of making Claranet leaner, faster, and more competitive.

With a stable financial base, a refocused model, and a critical role in customers’ IT ecosystems, Claranet is positioning itself as a formidable contender in the UK managed services space.