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Triad Group plc had a challenging start to FY2023 (year ended 31 March 2023) but improved in the second half of the year and it continues to make positive progress towards its aim of sustainable organic expansion. For this UKHotViewsExtra article, TechMarketView spoke to Managing Director Adrian Leer about Triad’s performance and prospects.
Founded in 1988, Triad has long been focused on technology-based business change. Consultancy has always been at the heart of the business, but it has also provided staffing services. Over the last few years, it has moved away from transactional IT recruitment to higher-margin consultancy services.
In FY2023, revenue was down 13% year-on-year to £14.9m (2022: £17.0m); gross profit as a percentage of revenue fell by 4.5 percentage points to 23.6% (2022: 28.1%); gross profit was down 27% to £3.5m (2022: £4.8m) and profit before tax reduced to £9k (2022: £1.1m). The performance was attributed to the external economic and political environment resulting in delays in awarding and processing new contracts.
Despite the challenges, the Group achieved a significant increase in consultant headcount and now has nearly twice the number of consultants as it did in 2021. It has also made good progress in diversifying its customer base and reducing exposure to individual contracts.
TechMarketView subscribers, including UKHotViews Premium subscribers, can read more about Triad’s performance and prospects in our expanded UKHotViewsExtra article here.
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Posted by Dale Peters at '09:06' - Tagged: results consultancy public+sector interview
