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Apogee turnover breaks through the £100m barrier

Managed print specialist delivers strong revenue growth fueled by acquisition

The year was only just a few days old when managed print specialist Apogee revealed its intention to be acquisitive in the next twelve months.

Five months ago the channel player acquired Balreed and back in 2014 it was also busy picking up Nottingham based firms Xact and Copydoc and Redditch-based PDS.

At the start of the month it stated that it was keen to follow that historical action with some similar moves over the course of 2016.

“Apogee will continue to grow its UK business in 2016 through organic growth and further acquisitions of organisations in the range of £1million to £50 million turnover," said Jason Collins, Apogee’s joint CEO back at the start of the year.

“Having fully integrated the acquisitions of last year we are in great shape to leverage the infrastructure we now have and will achieve double digit growth in 2016," he added.

Those words will now carry slightly more weight given that the firm has come out with a 31% increase in turnover from £68m in 2014 to £89m in 2015.

That figure excludes the eight months of trading that Balreed carried out before it became part of the Apogee family. Once that business is added the turnover climbs to £112m.

The Group was also able to deliver pro-forma profits of £20m, which should help support this year’s plans and underlines just how strong 2015 was for the firm.

“Apogee UK out-performed every budget we set ourselves in 2015 which is a terrific achievement, particularly given the scale of the acquisition and subsequent integration” explained Martin Randall, group finance director.

“The consolidated Group’s pro forma results of £112m turnover give a very clear indication of just how much Apogee has grown in scale in the last 12 months, and what has been very reassuring to see is that we have continued to grow over the 4 months since the acquisition, winning more new clients and installing over 14,000 new devices,” he added.​

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