Opencast, a leading tech company in Newcastle, reported substantial growth in 2023 despite market challenges.
- In 2023, Opencast’s turnover surged by 38% to £49.9 million, illustrating robust financial progress.
- Operating profit saw a slight decline due to significant investments in workforce expansion and talent acquisition.
- The company secured a £32 million contract with the Department for Work and Pensions, strengthening its public sector footprint.
- Opencast’s strategic focus remains on deepening government ties while exploring opportunities in healthcare.
Opencast, a prominent technology firm based in Newcastle, has recently disclosed an impressive financial performance for the year 2023. The firm reported a significant increase in turnover, reaching £49.9 million, marking a 38% surge compared to previous figures. This remarkable growth occurred amidst what the company termed a ‘year of consolidation’.
Despite this revenue increase, Opencast experienced a slight fall in operating profit, which recorded a decline to £3.3 million. This drop is attributed to the company’s strategic investment in expanding its workforce. Opencast increased its staff numbers significantly, growing from 258 employees to an impressive 431.
The company’s success is further exemplified by its ongoing work in digital transformation for government sectors, highlighted by a substantial £32 million contract with the Department for Work and Pensions. Such contracts underscore Opencast’s commitment to strengthening its relationships with government departments and enhancing its footprint within the public sector.
In addition to consolidating its presence in government work, Opencast is actively seeking to expand into the healthcare sector. The company remains open to exploring other new opportunities as well. Executive Chair Charlie Hoult noted the challenges faced due to volatility in the operating and macroeconomic environments, yet emphasised the firm’s strategic perseverance and adaptability.
Chief Executive Tom Lawson reflected on the year’s achievements, recognising the firm’s growth amid broader economic challenges impacting the tech sector. Lawson reiterated Opencast’s commitment to delivering essential services across various sectors, including government, healthcare, utilities, and renewable energy, with a focus on crafting solutions that are ‘simpler, more sustainable, and fairer for everyone’.
Throughout the year, Opencast maintained its people-focused, purpose-driven business approach, allowing it to deliver positive social impact while achieving financial growth. The company expanded its virtual hubs in Manchester and Birmingham while sustaining its physical locations in key cities.
With the departure of co-founder Mike O’Brien earlier this year, Opencast remains determined to uphold its independent business ethos, continuing to forge significant contributions to the tech community and wider society through a balanced model of growth and social responsibility.
Opencast has adeptly navigated 2023’s challenges, achieving revenue growth while prioritising workforce development and public sector engagement.
