Leeds tech startup boosts turnover by 164% as demand builds

A Yorkshire tech startup has announced that its turnover has exceeded 100 per cent for the third year in a row.

Principle Networks, based in Leeds, has reported that its turnover has increased by 164 per cent across the past year, reaching £2.35m.

The company said that during the year, demand for its services has accelerated, and it had grown its team accordingly, creating seven new jobs.

The team, which is now made up of 13 employees, is expected to grow further in the near future.

Russell Crowley, co-founder, said: “When we set up Principle Networks we had a vision and a reason “why”.

“We knew the technology landscape was evolving rapidly, we knew there was a need for change, and we hoped we could lead the way.

“However, we never anticipated a global pandemic and that the demand for our flexible networking solutions would surge in the way it has done.

“We’ve been incredibly fortunate to be able to continue our work during the pandemic, enabling our customers to embrace the change to a more dynamic working environment.

“We have huge ambitions for what can be achieved in this industry. We’re willing and able to innovate. Financially, we’re in a strong position to invest and further enhance the services we provide to our customers, and we truly believe in what we’re doing.

“We have a challenge on our hands to educate the market and develop our brand – I don’t want to be the best kept secret in the IT Network Industry – but we need to scale in a way which is non-disruptive to our existing customers. Getting that balance right will be crucial to our success in the coming years.”

Alex Steer, also co-founder, added: “The way businesses are operating today is presenting a big challenge for legacy network providers. Workforces tend to be mobile, working from anywhere at any given time.

“Businesses want to host their systems and applications in a multitude of locations. For the most part, this doesn’t suit the rigid, static nature of traditional branch office networks.

“We take a holistic approach, with solutions that provide a consistent experience and security posture for workers and business applications, wherever they happen to be located. We’ve gone as far as investing in this technology for our own business, with all of our employees working remotely, so we know it works well.

“Our strategy is to keep investing in the right people and technology, and to stay true to our principles. We’re currently planning how, as a service provider, we can leverage data intelligence and advanced technologies to further enhance the customer experience which we think could be very compelling. Watch this space.”