Profits more than double at Warwickshire’s largest private business
One of the Midlands’ largest private businesses has announced record results for 2023, with turnover reaching £3.9bn and profit more than doubling to £163.2m.
Consolidated group turnover was 16% higher than the previous financial year, with adjusted operating profit more than doubling from £76.6m, boosted by the sale of cyber security and networking distribution business Nuvias during the year.
Technology is the cornerstone of Rigby Group, with SCC continuing as the principal driver of growth as the group seeks to create long-term value as a technology focussed business operator and investor. The group’s newest division, Rigby Technology Investments is focusing on investments in new technology related businesses outside of SCC operations.
Elsewhere, the airports division continued its recovery from the pandemic, with revenues of £94m representing a growth of 21% on the prior year.
The Eden Hotel Collection is a well-established and widely recognised award-winning luxury hotel brand within the UK. In FY23, Rigby Group began a significant investment programme across all of EHC’s hotels to align with its strategic objectives to offer luxury boutique hotel experiences.
This financial year has seen revenues grow by 3% to £16.7m, though this did not translate into increased profitability versus the previous year, with operating loss for the year of £(2.3)m being 312% down.
Economic conditions for the UK hospitality sector combined with wider macroeconomic factors such as domestic fuel increases, food inflation and latterly interest rate rises, have affected confidence and tempered demand in the market, particularly in the corporate business market.
Steve Rigby, co-CEO of Rigby Group, said: “To achieve our best ever results as the family business approaches our 50th year in 2025 is fantastic. My father, Sir Peter Rigby, started the business in 1975 and to see where we are today is amazing. Today, we have three generations of family involved in our business, and I believe it is the combination of our ages, ability and ambition that have led us to this point, and of course the 8,500 colleagues who help us achieve great things for our customers and partners every day. Looking ahead, these results put us in an excellent position to realise our future investment ambitions and plans.”
James Rigby, Co-CEO of Rigby Group and EMEA CEO of SCC, added: “Technology is the driving force behind Rigby Group and sits at the heart of our investment strategy. Being family-owned, we are able to remain agile and throughout FY23 we have continued to take decisive action and deliver strategic initiatives that align with our long-term vision, resulting in another record year. This will remain the case as we look ahead to 2024 and beyond, and we remain firmly committed to investing in our business, our people, and new technologies for strategic and sustainable growth.”
Sir Peter Rigby, founder and chairman of Rigby Group, commented: “I am delighted to once again be presenting the best results in our Group’s history for the fiscal year 2023. Our performance right across the group is testament to an organisation that puts people at the heart of all we do, and continually reinvests in order to innovate and grow. We have continued to develop innovative new business initiatives and investment opportunities, and each of our core divisions continue to make strategic investments. My family and myself remain committed to the Rigby Group for the long term – with technology at its heart – and maintain our core principles of hard work, entrepreneurship, good governance and philanthropy.”