Newcastle-based tech company Opencast has reported a remarkable increase in its revenues, edging closer to the £50m mark.
Despite describing 2023 as a ‘year of consolidation,’ the firm achieved a 38% increase in its turnover, reflecting its strategic efforts and expanding client base.
Opencast’s 2023 financial accounts reveal a striking increase in turnover from £36.3m to £49.9m. Although operating profit saw a slight dip to £3.3m, this was attributable to the company’s significant investments in staff. The workforce grew from 258 to 431, showcasing Opencast’s commitment to bolstering its human resources.
The company has seen substantial success in delivering digital transformation services for Government departments. Recently, it secured a £32m contract with the Department for Work and Pensions. Opencast aims to deepen its collaborations with Government entities and other public sector areas, considering new opportunities within the healthcare sector.
Despite these hurdles, the company’s people-focused approach remained a cornerstone. Investments were made into virtual hubs in Manchester and Birmingham, while maintaining physical sites in Newcastle, London, Edinburgh, and Glasgow.
Tom Lawson, the current CEO, has taken the reins, leading the company through this transitional phase while maintaining its growth trajectory.
Their purpose-driven model not only focuses on business growth but also on contributing positively to the tech community and society at large.
Looking ahead, the firm plans to further its engagement with Government projects and explore new sectors to diversify its portfolio.
Opencast’s enduring focus on its people and societal contributions positions it distinctively within the tech industry. By nurturing an independent, purpose-driven model, the company continues to balance growth with positive social impact.
Opencast’s revenue growth to nearly £50m marks a significant achievement, reflecting its strategic resilience in a challenging economic landscape.
With ongoing investments in staff and new sector opportunities, the company’s future looks promising as it continues to make impactful contributions to society.