Esteem Announces Record Year Of Profitability And Turnover
26th October 2004
Esteem Systems, one of the UK’s leading IT services providers, has announced impressive financial results for the year ending June 2004 - including record highs for profitability, turnover and gross margin.
The company reported an 8% increase in turnover from £28m to £31.5m and record profitability of £1.47m pre-tax. In line with Esteem’s business plan, the proportion of sales generated through software and services increased from 42% to 50% year on year, with Managed Service contracts representing an increasing proportion of the business.
The record-breaking year has meant that Esteem’s one hundred plus employees have benefited from supplementary benefits including profit related pay, bonuses and pension contributions worth nearly £600k.
Richard Doyle, Founder and CEO of Esteem Systems, said: “This year has been a record year for Esteem and this has endorsed our continued investments in people and technology. The growing confidence in business in general and the pent up demand created by the lack of investment in IT over the last couple of years has generated a slow return to the levels of investment in IT services that we would expect.”
Throughout the year the company has celebrated a number of significant achievements including being awarded Business of the Year in the North East category of the National Business Awards and receiving a seventh consecutive Deloitte Technology Fast 50 Award. Meanwhile customers have included Toshiba, United Utilities, Northamptonshire County Council and the Metropolitan Borough of Wirral.
The company has continued to invest in its staff and made a number of key new appointments during the year. It has also demonstrated continued commitment to the community through initiatives such as a charity scheme that raised almost £12k on behalf of The British Heart Foundation and education development projects with both the University of Salford and the White Rose Grid Consortium.
During the coming year, increased investment in Managed Services, IT Security and Data Management will help Esteem as it works towards achieving a further 10% growth.
If you require any further information, please contact our Press Officer on 01937 861000 or e-mail on press@esteem.co.uk
