UKFast hails another record £40m year...
MANCHESTER technology company UKFast has hailed another strong year as revenues reached £40m.
The internet hosting provider said an acceleration in the cloud market and high client retention rates saw revenues increase by £5.7m for 2016.
The company said there was a 40 per cent revenue increase in its expanding eCloud range – which now delivers more than £14m in annual revenue – a 6 per cent increase in customer numbers and an overall EBITDA of £17.6m.
So far UKFast has doubled turnover in the four years since 2012, achieving a compound annual growth rate (CAGR) of 18.9pc.
These figures saw UKFast rank in the recent FT 1000 index of Europe’s Fastest Growing Companies.
CEO Lawrence Jones MBE said: “It’s difficult to pin one or two successes down as the defining moments of the past year.
“Our eCloud range continues to energise the British tech community and UKFast’s growth is, as ever, down to the efforts of the whole business – from the R&D department through to the breakthroughs in the way we support people 24 hours a day.
“Our focus on training and development undoubtedly impacts hugely on the bottom line. My personal highlight is the creation of a sales and leadership academy to train young professionals and move them into exciting roles across the UKFast Group. Getting that process just right has been 17 years in the making and it’s now paying off.”
UKFast’s training and development centre represents a £4.5m investment from Jones and the firm took on 50 apprentices last year.
A growing emphasis on education also sees UKFast team up with leading educational provider The Dean Trust to launch a new high school focusing on digital literacy in Manchester.
The new school received approval from the government and is set to help tackle the growing skills gap.
Jones continued: “Whilst we are pleased with our growth to date, we are confident UKFast is set to accelerate with our expansion into public sector, cybersecurity and R&D. Some of the things we are working on are mind-blowing.”
UKFast is on track for continued success in 2017 as it prepares to expand into a second 40,000 sq ft.