Aspire Technology Solutions, a leading tech firm from Gateshead, is on the brink of achieving £40 million in revenue for the year.
- The company’s growth is primarily attributed to organic expansion, with key improvements in cyber security services.
- Aspire has made a strategic acquisition of Cloud Cover IT Services, enriching their offerings in the Scottish market.
- The firm has significantly increased its workforce, surpassing 280 employees to support its expanding client base.
- CEO Chris Fraser emphasised the importance of innovation and customer-centric strategies to their continued success.
Gateshead-based Aspire Technology Solutions has reported a near 25% increase in revenues, reaching £39.6 million, according to their annual accounts for the year ending February 29. Operating profit also saw a significant rise, climbing to £3.5 million, while headcount grew to 250, marking a substantial enhancement in workforce capacity. This growth was mainly driven by organic expansion, although Aspire also completed its first acquisition last year, purchasing Cloud Cover IT Services.
The acquisition has bolstered Aspire’s presence in the Scottish market, where they aim to expand further. Their customer base has grown from 1,700 to 1,900 clients. Among their offerings, the cyber security sector has experienced particularly strong growth for the second consecutive year, mainly serving clients in transport, professional services, finance, and the public sector.
A pivotal factor in Aspire’s growth has been a substantial minority investment from private equity firm LDC in March 2022, which valued the business at £85 million. This investment has enabled Aspire to move into the former Baja beach club overlooking the River Tyne, strategically positioning themselves for further expansion. Aspire is targeting strategic growth areas, including the greater emphasis on cyber security and modern workplace solutions.
CEO Chris Fraser remarked, “We are proud of our robust performance in FY24, which reflects our continued focus on innovation, customer-centricity, and strategic growth. Our acquisition of Cloud Cover IT represents a significant milestone as we expand our service offerings in Scotland, and our ongoing investments in technology and cyber security ensure we are well-positioned to meet the evolving needs of our customers.”
The company’s recurring revenue has increased significantly by 24.5%, accounting for 85.6% of their total revenues. Fraser also expressed confidence in Aspire’s future, stating, “As we look ahead to FY25, we are confident that our strategic initiatives, coupled with our relentless commitment to delivering exceptional value to our customers, will drive further growth and success.”
Aspire Technology Solutions continues to advance by strategically expanding its services and market presence, emphasising innovation and customer-focused growth.
