Triad Group delivers strong growth

Triad Group plc has maintained strong momentum following its impressive H1 results (see Triad delivers on growth promises in H1) to deliver a 53% improvement in revenue and more than doubled gross profit over the full year (year ended 31 March 2025). 

The digital, data and technology consultancy delivered revenue of £21.4m (2024: £14.0m); gross profit of £6.1m (2024: £2.8m), resulting in gross profit as a percentage of revenue increasing to 28.6% (2024: 20.1%); profit before tax was £1.5m (2024: loss of £1.3m); and cash and cash equivalents increased to £3.4m (2024: £2.1m). 

Significant contract awards in 2024 (see Triad turning the tide with record contract wins) helped drive this performance, leading to improved utilisation of permanent consultants and new hires. By the end of the financial year, the number of fee earning consultants stood at 147 (2024:116). 

Triad’s big win during the latest financial year was being awarded one of four slots on the Integrated Corporate Services (ICS) contract to provide technical specialists and operational services for the Department for Energy Security and Net Zero (DESNZ) and Department for Science, Innovation and Technology (DSIT) digital projects (see Net Zero nets £60m for Capgemini, Cognizant, Thoughtworks and Triad). The £60m three-year contract was awarded to Triad alongside Capgemini, Cognizant and Thoughtworks on a taxi rank arrangement, which is intended to ensure a fair distribution of work packages and contract spend across each supplier. 

Recent contract wins have resulted in a more balanced customer portfolio, which was for many years over-reliant on the Ministry of Justice (MOJ). The largest single customer (Office for Product Safety and Standards (OPSS), part of the Department for Business and Trade) contributed 24% of its revenue during the year. Five other customers, all in the public sector, contributed more than 10% of its revenue. 

Although most of Triad’s work continues to be with central government departments such as OPSS, DESNZ, DSIT,  Foreign, Commonwealth and Development Office (FCDO), Department for Transport (DfT) and MOJ, the company is also carving out a niche in public safety. This includes work with both national and regional law enforcement agencies, and through its partnership with the Home Office’s Accelerated Capability Environment (ACE). It has also helped Cumbria Police launch their new Mark43 record management system (see Mark43 secures inaugural UK customer), a contract that is being watched closely by many police forces around the country.

The outlook for Triad is positive. Despite the government’s efforts to reduce spending on external consultants, the company is well positioned to support the ambitious Whitehall digital reform drive that featured so heavily in last week’s Spending Review (see Spending Review 2025: Digital transformation takes centre stage). Management report good visibility of future work for existing clients, with further recruitment underway to match demand, and it has just secured another significant deal with OPSS. The £8.5m one-year contract will see the company supply a range of specialist roles for the organisation’s data architecture, GOV.UK, and MS Dynamics service teams. 

Posted by: Dale Peters at 09:54

Tags: results   contract   government   consultancy   public+sector