Double-digit revenue growth at software firm
A York-based software developer has reported double-digit revenue growth following a year of expansion at home and overseas.
Mitrefinch specialises in human capital management software and has been backed by private equity firm LDC. The business confirmed a 12% growth in revenue to £16.3m (2017: £14.6m) in the year to November 2018, while EBITDA – a measure of profitability – grew 22% to £5m over the same period (2017: £4.1m).
Mitrefinch’s success was bolstered by a year of overseas expansion, with the business now operating across the UK, US, Australia and Canada, and with international sales accounting for 26% of turnover.
On home soil, the company launched a second UK office and moved into its new 6,100 sq ft space at Nottingham One.
The move is expected to create more than 100 jobs, including developers, sales, service and support staff, and enabled the business to further support its international client base.
Mitrefinch was supported by LDC in October 2016 in a deal that would support its international expansion and develop new and existing relationships in the UK.
Since then, it has built up its presence in overseas markets such as the US, and invested further in its software products.
Over the next 12 months, the firm said it would be looking to enhance its current offering and develop new software packages, including a combined HR, payroll and time and attendance product for workplaces.
Matthew Jenkins, Chief Executive at the company, said: “This has been a record year for Mitrefinch, expanding our presence internationally and opening our new office in Nottingham.
“The support we have received from LDC has played a fundamental role in helping us set our expansion plans in motion and invest in key projects.
“After such a strong 12 months, we’re keen to maintain this momentum and move into the next phase of our growth strategy.
“Our focus will be continuing to extend our footprint in international markets, while broadening the range of products we’re able to offer our clients, helping them to create efficiencies and provide them with market-leading solutions.”
Mitrefinch develops software designed for workplace time and attendance, HR, payroll and access control solutions. Its 4,500-strong client base includes firms such as Yearsley Group, British Airways and L’Oréal.
Richard Ibbett, investment director at LDC North West, added: “Mitrefinch has witnessed exceptional growth over the past year, testament to the strength and ambition of Matthew and the management team.
“We look forward to continuing to support them on this journey, as they drive forward their expansion plans at home and abroad.”
