Callcredit hails "remarkable" growth in its business
CREDIT reference business Callcredit Information Group today announced that it saw a 40% leap in operating profits to £17.3m last year.
The Leeds-based private equity backed firm, which also provides marketing services and analytics for businesses and consumers, saw revenues increase 25% year-on-year in 2012, when it also completed a refinancing.
Callcredit continued its expansion, setting up an IT support and development operation in Lithuania and now has a workforce of close to 900 people across the group.
Chief executive John McAndrew said: “These results demonstrate that Callcredit continues to ‘buck the trend’ enabling us to grow our business in uncertain trading conditions. The fact that we have achieved this in a year where we renewed a substantial proportion of our IT infrastructure, relocated parts of our business and opened a new IT development operation in Lithuania is nothing less than remarkable.
“In addition, with the help and support of our private equity partners, Vitruvian, we successfully re-financed our business, which in the current economic climate serves as a real testament not only to the strength of our business but also to the aspirations we have for it. The facilities will provide Callcredit with additional supportive funding to enable our strategy of continued growth and development.”
David Nahama, founding partner at Vitruvian Partners commented: “Callcredit Information Group’s continued momentum to deliver strong performance and growth is again very pleasing and is clear evidence that our strong partnership continues to help deliver innovation and service. With the addition of the significant strategic initiatives put in place during 2012, I am sure that Callcredit will be ideally placed to continue to increase its market share, improve margins and grow in scale in 2013”.
Vitruvian supported a management buyout of Callcredit in 2009.
Mr McAndrew added: “2013 is set to be another year of change within the marketplace which will provide ever evolving challenges for our business, but challenges which I am confident we are well placed to meet.”
