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Wednesday 13 January 2021

Concentrix flat for 2020

ConcentrixHaving spun out of former parent SYNNEX back in December (see Concentrix completes spin-off from SYNNEX), Customer Management specialist Concentrix has published its 2020 full year results. Revenue was $4.72bn, up 0.2% on the prior year (0.7% in constant currency). Operating profit was $309m up from $294m in FY 19. 

The final quarter of the year was stronger for the business with revenue of $1.3bn up 7.3% YoY and with operating profit of $120m up 19% YoY. Growth in the final quarter came across several key verticals, including technology, retail, e-commerce, health care and banking that more than offset the impact COVID has been having on its Travel market operations.

Concentrix might have seen little revenue growth in FY 20 but is looking very much to the future with life as an independent business, able to plough its own furrow and out of the shadow of its former parent. Concentrix is now focused on a four-pronged strategy to deliver growth that covers - 1. Growing wallet share with existing clients, 2. More digital, 3. Emerging market growth and 4. Further acquisitions.

It’s still very early days for Concentrix as an independent and whilst the strategy is making all the right noises the acceleration to digital and remote working has only increased the need to deliver genuine omni-channel services all of which is going to require significant investment. 

Posted by: Marc Hardwick

Tags: results   customerexperience   customerservice  

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