Aspire Technology Solutions reports a significant increase in revenue, nearing the £40 million mark.
- Organic growth remains the primary driver behind Aspire’s revenue increase, complemented by strategic acquisition.
- The tech firm has expanded its workforce and strengthened its capabilities, especially in cyber security.
- Minority investment from LDC has reinforced Aspire’s growth strategy, focusing on Scottish market expansion.
- CEO Chris Fraser emphasises Aspire’s commitment to innovation and customer-centric growth, highlighting future ambitions.
Aspire Technology Solutions, a leading tech company based in Gateshead, has achieved substantial revenue growth, as its latest financial statements reveal a rise of nearly 25% to reach £39.6 million for the fiscal year ending February 2024. This impressive figure underscores the company’s strategic focus on organic expansion, although it has also ventured into acquisitions, notably purchasing Cloud Cover IT Services last year to bolster its service offerings and market reach.
The company’s growth trajectory has been further evidenced by its upward shift in operating profits, which have reached £3.5 million. This financial achievement is mirrored by an increase in human capital, with the staff count climbing to 250 by the end of the fiscal year and surpassing 280 just a few months later. Such expansion highlights Aspire’s dedication to enhancing its service delivery and support capabilities.
Aspire has reported particularly robust growth in the field of cyber security for the second consecutive year, catering to an expanding clientele across several sectors, including transport, professional services, finance, and the public sector. This growth has been a significant contributor to the increase in recurring revenue, which has risen by 24.5% and now constitutes 85.6% of the total revenue base.
The firm’s strategic direction has been bolstered by a minority stake investment from private equity firm LDC, which valued the business at £85 million in March 2022. This backing has provided the necessary resources for Aspire to pursue growth, particularly within the Scottish market, which it has earmarked for further expansion.
CEO Chris Fraser has articulated a clear vision for the company’s future, focusing on continual innovation and the delivery of customer-centric solutions. “We are proud of our robust performance,” he stated, reflecting on the firm’s achievements and its positioning to meet the evolving needs of its diverse customer base. Aspire’s commitment to cyber security and modern workplace solutions remains a central tenet of its strategic priorities as it looks forward to the upcoming fiscal year.
Aspire Technology Solutions’ strategic growth and innovation position it for continued success in the competitive tech sector.
