Target Group reports strong growth in 2015
Financial services outsourcer Target Group has reported a third consecutive year of strong growth in its annual results, with its earnings before interest, taxes, depreciation and amortisation (EBITDA) increasing by 17 percent from £5.8 million in 2014 to £6.8 million in 2015, and its turnover increasing by 11 percent from £46.1 million to £51 million.
Target Group is also to be acquired by IT specialist Tech Mahindra, which is expected to be finalised in the second quarter of the financial year of 2017.
According to Target Group, the growth in the past financial year was underlined by a 24 percent 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 acquire more clients.
In 2015, Target entered the UK Structured Products Market through the Hartmoor Financial brand.
It also secured several clients throughout the year including Goldman Sachs, Direct Money and underpinned the introduction of the unsecured lender, Bumblebee.
Ian Larkin, co-group chief executive officer of Target Group, said: “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.”
Steve Robertson, group chief financial officer of Target Group, commented: “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.”
