UKFast has announced an exceptional year of growth, reaching a turnover of £40 million. The company’s expansion in the cloud market and firm client loyalty have been instrumental in this achievement. This milestone represents a significant leap forward for the company, highlighting its strategic initiatives and market adaptability.
Unprecedented Growth in Turnover
UKFast has reported exceptional financial growth, with a turnover reaching £40 million for the year 2016. The figures represent a £5.7 million increase in just one year, showcasing the company’s remarkable progress. This growth has been attributed to the rapid acceleration in the cloud market, coupled with high client retention rates. Such achievements have allowed UKFast to double its sales over four years, underlining the success of its strategic initiatives.
Innovation in eCloud Services
The eCloud range has been a significant contributor to UKFast’s revenue, boasting a 40% increase in revenue alone. Now delivering more than £14 million annually, this service has seen a 6% rise in customer numbers, indicating a growing demand for cloud solutions. The firm’s EBITDA stood at an impressive £17.6 million, reflecting its financial stability and operational efficiency. These results place UKFast among Europe’s fastest-growing companies, as recognised by the FT 1000 index.
Leadership and Vision
CEO Lawrence Jones MBE emphasised the company’s collective efforts in driving growth. He cited the establishment of a sales and leadership academy as a pivotal highlight, focusing on training young professionals for dynamic roles within the organisation. Jones remarked, “Our focus on training and development undoubtedly impacts hugely on the bottom line.” The academy represents a £4.5 million investment, aligning with UKFast’s long-term vision for talent cultivation and corporate excellence.
Strengthening Educational Partnerships
Beyond financial metrics, UKFast has invested in education to bridge the skills gap in the tech industry. The collaboration with The Dean Trust to launch a new high school in Manchester exemplifies this commitment, aiming to enhance digital literacy. This educational venture, recently approved by the government, underscores UKFast’s dedication to societal contributions alongside business growth. Such initiatives are critical as they prepare the next generation of technology professionals.
Strategic Expansion and Infrastructure
UKFast is poised for further expansion with plans to occupy a new 40,000 square foot building at Manchester Science Park. As the workforce has tripled over the past three years, this expansion is timely and essential to accommodate the growing team. Jones anticipated the October completion, remarking on the necessity given the current space constraints. The strategic site enhancement aligns with the company’s expansion goals into public sector, cybersecurity, and R&D sectors.
Future Prospects
Looking forward, UKFast is confident of sustaining its growth trajectory. Jones revealed ongoing projects with the potential to revolutionise the industry, stating, “Some of the things we are working on are mind-blowing.” The company’s readiness to explore new markets showcases its adaptive strategies and commitment to innovation. UKFast’s future plans are expected to further bolster its position in the competitive tech landscape.
Conclusion
UKFast’s record-setting financial performance is a testament to its strategic foresight and operational prowess. The company’s focus on innovation, education, and expansion highlights its commitment to growth not only financially, but also in contributing positively to the community. As it moves forward, UKFast is set to continue its trajectory of success by leveraging its strengths and exploring new opportunities.
UKFast’s achievements underscore its commitment to innovation and expansion. With a strong focus on education and infrastructure, the company is well-positioned for future growth. UKFast is set to maintain its upward trajectory, contributing significantly to both the tech industry and wider community.
The company’s strategies reflect a balanced approach towards financial success and societal contributions. By fostering talent and enhancing infrastructure, UKFast continues to strengthen its presence in the competitive market landscape.