Gateshead-based Aspire Technology Solutions has reported a significant increase in revenues, nearly reaching the £40 million mark, according to newly released accounts for the year ending February 29.
Aspire Technology Solutions, a notable technology firm, has reported an impressive rise in revenues by almost a quarter, culminating at £39.6 million. The company, previously recognised as the North East Company of the Year, also saw its operating profit ascend to £3.5 million. Furthermore, the firm expanded its workforce to a total of 250 employees.
This robust growth was primarily driven by organic expansion. However, Aspire Technology Solutions also marked its first acquisition last year by purchasing Cloud Cover IT Services. The firm experienced a notable surge in demand for its cyber security services for the second consecutive year, with a growing customer base across various sectors including transport, professional services, finance, and the public sector.
In 2020, Aspire relocated to a new office space overlooking the River Tyne. The company’s growth trajectory has been further supported by a significant minority investment from private equity firm LDC in March 2022, valuing the business at £85 million. Aspire is now targeting expansion within the Scottish market.
CEO Chris Fraser stated, “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. As of February, at the close of FY24, our headcount was 250, and just a few months later, it has now surpassed 280, further enhancing our ability to deliver exceptional value and support to our customers.”
Aspire has reported an increase in its customer base from 1,700 to 1,900 clients, with recurring revenue increasing by 24.5%, accounting for 85.6% of total revenues. Fraser added, “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. Our focus on cyber security and modern workplace solutions remains a top priority, as businesses increasingly rely on secure and accessible data in an ever-evolving threat landscape.”
Aspire Technology Solutions continues to demonstrate strong financial and operational performance, driven by strategic growth initiatives and a dedicated focus on cyber security and technology services.
