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Monday 10 June 2019

Triad revenues drop 18%

TriadFull-year results (for the year ended 31stMarch 2019) from Godalming-based Triad Group show revenues falling some 18% to £22.7m (2018: £27.8m) with profits before tax decreasing to £1.02m (2018: £1.67m).

Revenue declined predominantly due to contractor numbers across two large private sector accounts reducing significantly during the year, a trend that emerged towards the end of the previous financial year. Indeed, we highlighted then the danger of such a high portion of revenue being generated by its largest customers.

Triad also cited an increasingly competitive environment in its core Public sector market, where it sits on the G-Cloud 10 and Digital Outcomes & Specialists (DOS) 3 frameworks and which account for a significant portion of revenue. Here Triad historically has gone up against 8-10 participants whereas now is more likely to see 30-50 participants, with pricing a more significant factor. Triad will have to improve the quality of its responses and likely its pricing strategy if it is to deliver on its stated aim of improving its win ratio.

The company is in the process of transitioning from being highly dependent on contractors to being consultant-led. It has improved consultant utilisation rates and plans to recruit more consultants in permanent positions and has set ambitious targets here. By the end of the year, it hopes to have doubled permanent consultant numbers with year-on-year increases after that. If it can attract the right people, this should continue to support improving Gross margins which are now up to 19.3% (2018: 17.0%).

Triad’s shares have not moved much this morning with much of the performance already priced into the share price which took a big fall back in November following H1 results (see - Triad Group revenue tumbles 17% in H1).

Posted by Marc Hardwick at '09:06' - Tagged: results   consulting  

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