An award-winning North East technology business has set its sights on £100m turnover after a year of revenue and profit growth.
Gateshead firm Aspire Technology Solutions has released accounts for the year ending February 28 in which revenues rose from £39.6m a year earlier to £50.9m. Over the same period, operating profit almost doubled to just under £7m.
The company, which provides managed IT, cyber security and other services, received a Royal Warrant in May in recognition of its services to the royal household. And having hit the £50m revenue target two years ahead of schedule, it has now set its sights on reaching revenues of £100m by 2030.
The company is backed by private equity firm LDC, part of Lloyds Banking Group, which invested in 2022 for a significant minority stake that valued the business at £85m. The company’s growth has included a number of recent acquisitions, including a deal to take over Leeds firm CloudCoCo last October that increased its presence in the Yorkshire area.
CEO Chris Fraser said: “Our strategy continues to focus on delivering measurable value for our customers. From staying at the forefront of service innovation to expanding our regional presence, every decision this year has built on our strengths, making us even faster, more responsive, and easier for customers to work with. We’re proud of the growth we’ve achieved, but even more so of the trust our customers continue to place in us.”
Aspire, which was named North East Company of the Year in 2020, moved into offices created from the former Baja Beach Club in Gateshead four years ago. Over the last year, the company’s headcount has grown from 250 to 283 while its customer base went from 1,900 to 2,150.
The company said that it was investing in its in-house R&D efforts, focusing on cloud platform development, secure communications and billing tools based on customer feedback and market demand.
CFO Tom Howard said: “We’ve continued to invest where it has the greatest impact for customers, focusing on the platforms, processes and teams that keep our service running smoothly as we grow. Innovation has played a key role, helping us work more efficiently and maintain consistently high standards at scale. This approach is central to our mission to deliver technology like no other.”
