Strong annual recurring revenue contributes to bumper year
Access Group (Access), the mid-market business solutions provider, continues its impressive growth journey after reporting a strong set of results for the latest financial year, with turnover growing by 25% to £85.9 million and EBITDA before capitalised development of £20.1 million, an increase of 31%. Recurring revenue now represents 58% of total turnover, up from 51% in the prior year.
Chris Bayne, CEO at Access, said, “Our latest financial results show that our long term growth strategy is delivering, we’re reporting strong organic software growth of 11% and focussing very much on recurring revenue. Our EBITDA margins remain consistently high, and outperform the rest of the market, putting us in a strong position as we continue to move forwards.”
Some of the highlights of Access Group’s financial year include:
- Total Turnover of £85.9m, growth of 25%
- EBITDA excluding capitalised development at £20.1m growth of 31%
- Organic software growth of 11%
- Recurring turnover now represents 58% of total turnover
- SaaS and subscription revenue more than doubled now representing 25% of total turnover
- Over 10,000 customers now supported across the group
Chris added; “I’m delighted that we have continued to grow over the past financial year, we have a robust plan in place to ensure we meet our strong growth targets. We’ve put a huge emphasis on our customers, increasing investment into new and existing products, and building out new customer success teams, ensuring that our customers benefit from the best software, service and support available.”
Access has been on a path of accelerated growth since its TA Associates backed SBO in January 2015 and over the past year they’ve made two strategic acquisitions with the purchase of education finance and budgeting provider HCSS Software and market leading recruitment CRM provider First Choice Software. In addition to this they have expanded their senior leadership team with three board level hires; Terry Taylor as Chief Customer Success Officer, Steve Lane as Chief Technology Officer, and Claire Scott as Chief People Officer.
“We are operating in increasingly challenging and unpredictable conditions, and we continue to succeed by investing in both people and product, and putting our customers first. Access Group’s continuing success proves that having a strong growth strategy in place and investing in the right technologies is key to success,” concluded Chris.
