Callcredit continues to 'buck the trend' in difficult market conditions
Today, 26th April 2012, Callcredit Information Group reinforced the strength of its business in challenging market conditions by releasing its annual results for 2011.
Highlights of Callcredit Information Group's financial results issued today:
- Profits from operations increase by 11.2%
- Revenues increase by 50%
Callcredit Information Group has continued to see excellent growth in 2011, with profits from operations increasing 11.2% on the previous year to show full year profits of £12.4 million. Despite continued uncertain market conditions throughout 2011, the company saw revenues increase by 50% year on year. The Group also continued to expand its workforce increasing staff numbers from 800 to 900.
The results demonstrate the continued commitment to further invest and grow the business in a year which has included the acquisition of The Trading Floor, Latitude Digital Marketing and TenantID.
In addition, and a first for UK consumers, Callcredit launched Noddle, a service that offers people free access to their personal credit reports for life.
John McAndrew, CEO of Callcredit Information Group, said: "These results clearly evidence the fact that even in tough times and in a competitive market, where margins are continually being squeezed, we are still delivering innovation and service to our customers. Our points of difference are key drivers to our continued success.
"In 2011 we were able to demonstrate continued growth and investment in our business and our people, enabling us to outperform the market. However, as we grow as a business it is important not to lose sight of what our customers want so that we can listen and react accordingly. Remaining nimble and flexible in a changing world is essential in order to respond to the many challenges. We continue to retain the enviable position of being able to grow our business and have the financial resources to do so, helped by the continued support of our private equity partners Vitruvian."
David Nahama, Founding Partner at Vitruvian Partners, commented: "Callcredit Information Group's performance throughout 2011 was again extremely pleasing and proves that our partnership continues to deliver success and growth for the business. I am confident that the positive momentum achieved in 2011 will continue in 2012 as Callcredit looks to capitalise on the strategic opportunities that lie ahead."
John McAndrew concluded: "2012 promises to be a very exciting year for our business and I am confident that as our brand continues to grow along with our reputation for delivering quality, depth and range of services we will be in an ideal place to continue with our positive growth strategy."