Callcredit’s Growth Continues Despite Difficult Economic Backdrop
Today, 17th May 2011, Callcredit Information Group (CIG) reinforced the strength of its business by releasing its annual results for 2010 - the first full financial year following its partnership with private equity firm Vitruvian.
Highlights of Callcredit Information Group's financial results issued today:
- Profits increase by 48%
- Revenues increase by 14%
Callcredit Information Group has continued to see excellent growth in 2010, with profits from operations increasing 48% on the previous year to show full year profits of £11.1 million. Despite continued uncertain market conditions throughout 2010, the company saw revenues increase by 14% year on year. The Group also continued to expand its workforce increasing staff numbers from 676 to 800.
The results demonstrate the continued commitment to grow the business in a year which has also included the acquisition of pbl (process benchmarking limited).
John McAndrew, CEO of Callcredit Information Group said, "These results clearly prove that we are continuing to deliver innovation and service into the marketplace and that our customers recognise our points of difference".
David Nahama, Founding Partner at Vitruvian Partners commented, "The performance of Callcredit Information Group throughout 2010 was extremely encouraging and proves that our partnership is already delivering success for the business. I am sure that this positive trend will continue in 2011 and ensure Callcredit is ideally placed to capitalise on the strategic opportunities that lie ahead.
John Mc Andrew concluded, "In 2010 we were able to demonstrate continued growth in what was a very difficult and challenging market. Our customers appreciate that legacy methods often do not work in a world changed by differing risks, consumer confidence, new distribution channels and legislation. They welcome our new and innovative approach.
In 2011 we will continue to strongly invest in both organic development and acquisitions - as advised by our customers".