LDC’s Mitrefinch reports double-digit growth
LDC-backed Mitrefinch, one of the UK’s leading developers of human capital management (HCM) software, has recorded double-digit revenue growth following a year of expansion at home and overseas.
The York-headquartered business reported a 12 per cent growth in revenue to GBP16.3million (2017: GBP14.6million) in the year to November 2018, while EBITDA grew 22 per cent to GBP5million over the same period (2017: GBP4.1million).
Mitrefinch’s success was bolstered by a year of overseas expansion, with the business now operating across the UK, US, Australia and Canada, and with international sales accounting for 26 per cent of turnover.
On home soil, the company also launched a second UK office and moved into its new 6,100 sq ft space at Nottingham One. The move is expected to create more than 100 jobs, including developers, sales, service and support staff, and enabled the business to further support its international client base.
Mitrefinch was backed by private equity firm LDC in October 2016 in a deal that would support its international expansion and develop new and existing relationships in the UK. Since then, it has grown its presence in key overseas markets such as the US, and invested in its software offering to ensure efficiency and develop a new value proposition for its customers.
Over the next 12 months, the firm is looking to enhance its current product offering and develop new software packages that integrate multiple solutions. This includes a combined HR, payroll and time and attendance product, which provides firms with a fully end-to-end workforce management tool.
Matthew Jenkins, chief executive at Mitrefinch, says: “This has been a record year for Mitrefinch, expanding our presence internationally and opening our new office in Nottingham. The support we have received from LDC has played a fundamental role in helping us to set our expansion plans in motion and invest in key projects.
“After such a strong 12 months, we’re keen to maintain this momentum and move into the next phase of our growth strategy. Our focus will be continuing to extend our footprint in international markets, while also broadening the range of products we’re able to offer to our clients, helping them to create efficiencies and provide them with truly market-leading solutions.”
Richard Ibbett, investment director at LDC North West, adds: “Mitrefinch has witnessed exceptional growth over the past year, testament to the strength and ambition of Matthew and the management team. We look forward to continuing to support them on this journey as they drive forward their expansion plans at home and abroad.”
Mitrefinch develops leading workforce management software, including time and attendance, HR, payroll and access control solutions. Its products offer businesses a comprehensive view of workforce data, with its 4,500-strong client base including firms such as Yearsley Group, British Airways and L’Oréal.
The business was recently ranked as one of the top 100 fastest growing technology companies in the North at the Northern Tech Awards, which celebrate the region’s biggest tech success stories.