- EBITDA increased 17% from £5.8m in 2014 to £6.8m in 2015
- Turnover increased 11% from £46.1m to £51m
Target Group, the financial services outsourcing and software provider which announced last month that it is to be acquired by leading global information technology specialist Tech Mahindra, has reported a third consecutive year of strong growth in its annual results.
The figures from the 2015 financial year reveal EBITDA increased 17% to £6.8m while turnover reached £51m and assets under management were up to £24bn. The continued growth of the company and the backing of the Indian tech giant provides a strong platform for Target to further develop and grow the products, services and solutions it provides to clients and customers.
The growth in the past financial year was underlined by a 24% increase in the number of employees within the organisation. Target employed a further 130 people over the last 12 months, taking the total number of staff from 543 to 673. A further 250 additions to the team are set to be made over the coming months as Target is set to bring several new clients on board.
In 2015, Target entered the U.K Structured Products Market through the Hartmoor Financial brand enabling them to both design and distribute retail Structured Products, adding to their already strong pedigree in servicing. During the year, they also secured several new clients including Goldman Sachs, innovative digital affinity provider Direct Money and underpinned the launch of the new unsecured lender Bumblebee.
Ian Larkin, Co-Group CEO Target Group, said: “This is proving to be an exciting time to be involved in the Financial Services sector. Participants across the spectrum are increasingly turning to new operating models and partnerships in order to keep up with the pace of the competition. In partnering with Target, organisations get a high quality service and peace of mind when it comes to treatment of their customers. Indeed, having served more than 50 organisations across financial services, ranging from start-ups to traditional banks, we have proven we can deliver consistently to all our clients and their customers. As the industry evolves, we continue to see large growth in the demand for advice on process improvement, data analytics, and regulatory matters. As a result, our plan is to continually adapt and innovate to deliver these services at an exceptional standard.”
Bill Alley, Co-Group CEO Target Group, said: “Having such a diverse range of clients has allowed us to deliver operational excellence. By owning our own technology we are able to provide bespoke services in order to meet the requirements of our clients swiftly and more completely than many of our peers. To drive success it is increasingly important that we continue to source high quality people and equip them appropriately to succeed in this environment. The aim of our recent recruitment drive was to do just that and we expect our expansion to continue into the future.”
Steve Robertson, Group CFO Target Group, said: “Our strong financial performance over the last 3 years is ultimately down to the development and investment in our people, proprietary software and infrastructure. Target Group has taken significant steps forward this year and following the acquisition by Tech Mahindra, we are in a great position for further expansion over the next twelve months and beyond.”