Profits surge at Yorkshire IT firm
IT FIRM Esteem Holdings has posted positive annual results, featuring a 14% increase in reported EBITDA to £4m.
The Wetherby-headquartered company has also increased turnover to £34.7m for the financial year ending June 2014.
Chief executive Joe Connolly said: “These are a strong and positive set of results. 2014 marks the tenth anniversary since I joined Esteem as chief executive and in that time we have made tremendous progress on our journey from an IT reseller to a managed services provider.
“The transformation of the business is evidenced by the fact that contracted revenues now account for 52% of group turnover. Our managed services base increased nine per cent in the year, which is a reflection not only of our success in winning new business but also of our retention of existing contracts by delivering exceptional levels of customer service.”
Established in 1985, Esteem employs 225 staff across the UK with 55 in its Wetherby office. It provides managed IT services to mid-market and corporate customers across the UK and operates across a wide range of sectors including healthcare, higher education, professional and financial services. Its client roster includes Leeds Teaching Hospitals, law firm Irwin Mitchell, Paperchase, Nottingham Building Society and numerous Universities.
Mr Connolly added: “Following these positive results, and our recent refinancing deal with Lloyds Bank, we are extremely well positioned to continue to accelerate the growth of our business.
“Coupled with our ‘Maintain, Transform, Manage’ philosophy, significant new business wins and the opportunities created by being chosen for the Government’s £6bn Technology Products Framework, we are extremely confident about our prospects for the future.”
Mr Connolly discussed the contract win with TheBusinessDesk.com last year. Click here to read the story.
In 2004, a company management buy-in saw private equity group Primary invest and a new management team brought in, led by Mr Connolly. This was followed in 2010 by the acquisition of SirViS IT which complemented Esteem’s continued evolution into a full managed services provider.
