Cyber and Tech
'New opportunities' help drive firm's turnover to more than £4m a month
Covid continues to hover spectre like over this Cotswold-based business, but it has also provided ‘new opportunities’ and helped it take monthly income past £4m.
It is not the cause of its success, however, with turnover at the Cirencester firm more than doubling since 2017 for the business and staff numbers rising over the same period from 84 to more than 180.
We are talking about computer hardware refurbishment specialists Procurri – which started life in 2000 as Tinglobal.
Its principal activity is refurbishing, trading and remarketing IBM, Sun, Fujitsu and HP mid-range computers, Cisco and other networking equipment and suppling service spares and maintenance.
“The income statement for the company for the year shows revenues from hardware and services of £42.1 million (2018-£36.5m). The company earned a gross profit of £14.1 million (2018 - £11.7m) on these revenues, a 33 per cent return,” said Mat Jordan, a directorat Procurri and head of Europe, the Middle East and Africa for the business.
“Retained profit for the year was £1,497,000 (2018 - £901,000).”
While we talked up the impact of covid on the business, which is described as providing “several opportunities, opening markets for IT equipment to support costumers' employers working from home” it also “increased uncertainly regarding the potential impact that this may have on cash flow”.
Even with that caveat, “having reviewed the first four months of trading in 2020 revenue has been maintained at the budgeted level averaging £4,025,500 per month (2019 - £3,191,500)”.
“The directors believe the company is well positioned to withstand the impact of Covid 19,” said the firm’s just-published annual report.
“Where it also has concern is the elephant in the room for many firms, especially those which trade internationally – Brexit.
The full business implications remain uncertain, which willbe the case for some time, and any risks arising will be a key focus for management in the next financial year.”