UK tech unicorn The Access Group reports 42% annual turnover growth, and 70% EBITDA growth
The Access Group, one of the UK’s leading providers of business software, today announced its latest financial figures which showed significant year-on-year growth in its 2018 fiscal year, with turnover rising 42% from £101.1 million to £143.1 million. The company also announced its EBITDA had risen 70% from £27.9 million to £47.6 million year-on-year. This growth was fuelled by a combination of strategic acquisitions and a rise in organic growth to 13%, with recurring revenue making up 70% of total revenue. The last financial year has also seen strategic investment from Hg into The Access Group, alongside existing investor TA Associates, giving the business an enterprise valuation of £1 billion.
Commenting on the results, Chris Bayne, CEO of The Access Group, said: “We’ve had an outstanding year and are proud of our achievements over the last 12 months. Our investments in people, products, and acquisitions have driven exceptional growth that has cemented our position as the UK’s leading mid-market cloud solutions provider.”
The privately funded company has added more than 1,500 customers in the last 12 months, meaning it has more than 14,000 customers using The Access Group’s products across Finance, HR, Payroll, Hospitality, Recruitment, Health & Social Care, Manufacturing & Distribution, Education and Not for Profit sectors. The last financial year has seen the business make three strategic acquisitions in the hospitality sector with the purchase of Designmynight, ProNett and Procure Wizard as it continues to grow its offering in the sector. The company also completed the acquisition of c360 to complement its already well-established healthcare offerings. These acquisitions and organic company growth have taken the total number of employees from 1,300 to 1,500 in a year.
Chris Bayne commented: “Acquisitions are an important part of our growth, and we will be continuing to look for innovative players that can extend our offerings in sectors as we grow the business across the industries we operate in.” The acquisitions in the hospitality sector mean The Access Group can now offer customers online booking, ticketing and event management software, as well as P2P, supply chain management, time and attendance solutions. This wider offering has already established the Hospitality sector as The Access Group’s second biggest revenue generator.