Record year for Sedulo Group as business advisory firm reaches £15m in revenues
Sedulo Group, the financial advisory firm, has achieved record results with improved annual revenues and pre-tax profits for the year to October 2023.
The business hit £14.9m in consolidated revenues, putting the firm 18% ahead of the £12.6m figure it reported for 2022, with main areas of growth seen within the R&D, funding and corporate finance divisions.
Pre-tax profit for the same period was £1.61m, a 58% increase on the previous year’s result of £1.02m.
The group, which opened its Liverpool office in 2021 in a £1.4m investment, achieved an EBITDA of £2.192m for the same period, a 65% increase on the previous year’s figure of £1.33m.
The record figures come on the back of a strategy set in 2019, which enabled Sedulo Group to double in size to its current headcount of 192. Now the organisation embarks on its next stage of growth as the company aims to double in size again by 2026.
Over the next few years the group plans to add to its Manchester, Liverpool, Leeds and London offices with possible locations in Scotland and the South West of England. The firm is also currently looking at acquisition opportunities as it aims to hit £30m revenue by 2026.
The group recently consolidated its mid-tier status at number 70 in Accountancy Age’s published figures. Doubling in size would see the group within the Top 40 practices in the UK.
Founder, Paul Cheetham-Karcz, said: “It’s been a tough year in the market, so I am happy with the recent results.
“It has been a year of restructuring for us personally, and to some degree consolidation, as we create the business to be capable of reaching £30m revenue, which is our next major target.
“During the year we localised all of our service offerings to our four offices and recruited a large number of service heads to run these. Embedding all these people, and the new systems, has been our major focus.
“At the same time we launched our own foundation to help disadvantaged children, upgraded our investors in people accreditation to Gold, started our journey to net zero with the build of our own three-acre forest, and created a suite of softwares to help growing businesses.”
He added: “One of the tools is a client satisfaction pulse score, and we were delighted with our own Net Promoter Score of 56, which is within the range of the Big 4 advisory firms. Our aim was to become a genuine alternative to one of the Big 4 and we are achieving that.
“We look forward to the next 12 months, which should see us edge towards £20m in revenue, whilst investigating the opening of a further strategic office.”
