A leading London-based app services firm has forecasted a turnover exceeding £40m for the year 2019 as it broadens its services across the UK.
The firm, which currently facilitates connections between over 15,000 clients and 2,000 professionals on a monthly basis, anticipates a significant rise in its customer base due to new ventures in several areas.
Impressive Growth and Projections
Last year, the company delivered over 425,000 services, achieving a turnover of £32m. Monthly active users of its app grew by 45.5 per cent between August 2017 and August 2018. Additionally, the number of bookings via the app saw an 85 per cent increase, with in-app revenue growing by 76.6 per cent over the same period.
The company’s CEO and co-founder, Rune Sovndahl, highlighted their strategy of reinvesting all profits into improving their domestic and commercial services. Investment in service quality remains a priority for the firm as it aims to sustain a growth rate of 30 per cent this year.
Expansion Across the UK
The company plans to establish its services in ten new areas, including Manchester, Chester, Birmingham, Sheffield, and the South West. This expansion is expected to drive a substantial increase in the customer base, potentially reaching nearly 200,000 by the end of the year.
Sovndahl mentioned that investors have shown interest in funding the company, but the firm prefers to reinvest its profits to ensure long-term growth and service enhancement.
Focus on Innovation and Training
The CEO articulated a vision of becoming the leading service provider by prioritising customer experience and operational efficiency.
Innovation is centred on enhancing service quality.
The firm sends all its 2,000 UK-based experts through its ‘Fantastic Academy’, which offers extensive training and career progression within the company. Such initiatives reflect the company’s commitment to its workforce and service standards.
Founding and Early Struggles
Rune Sovndahl and Anton Skarlatov launched the firm in 2009 with minimal resources—just two laptops, a sofa, and a shared mobile phone.
Despite these humble beginnings, the company has since grown exponentially, providing over 25 different services throughout the UK, ranging from cleaning and handyman work to waste removal and landscaping.
Technological Advancements
The app offers bespoke services that clients can customise and book 24/7, enhancing user convenience.
The introduction of real-time availability technology has dramatically reduced average processing time per booking.
This technological advancement has cut support time by 30 per cent, saving the company 10,800 work hours per year.
Reinvestment Over Immediate Profit
Sovndahl stressed the importance of reinvesting profits into service improvements rather than marketing. According to him, this approach ensures the firm meets both supply and demand efficiently.
The firm’s strategy involves spending less on marketing and more on refining the product and service quality. This reinvestment is seen as crucial for maintaining competitive advantage.
Commitment to Service Quality
The company aims to be the go-to provider for any home service need, focusing on both customer satisfaction and employee well-being.
The London-based app services firm’s forecast of £40m turnover reflects its steadfast commitment to growth and service quality.
By focusing on reinvestment and innovation, the company aims to set new standards in the industry, thereby ensuring long-term success.