HR software developer finds success overseas to boost profits

Matthew Jenkins, far left, at the Nottingham office opening

Nottingham-based private equity firm Mitrefinch, the developer of HR software, has recorded double-digit revenue growth following a year of expansion at home and overseas.

The firm, which is headquartered in York and has an substantial presence in Nottingham, reported a 12% growth in revenue to £16.3m in the year to November 2018, while EBITDA grew 22% to £5m over the same period.

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.

The company also 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 backed by private equity firm LDC in October 2016 in a deal that would support its international expansion and develop new and existing relationships in the UK.

Matthew Jenkins, chief executive at Mitrefinch, 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 to 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 also broadening the range of products we’re able to offer to our clients, helping them to create efficiencies and provide them with truly market-leading solutions.”

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.”

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