Thomsons Online Benefits announce their fifth consecutive year of revenue growth in excess of 40 per cent, with group turnover increasing from £8,605,034 in 2007 to £12,205,409 for the year ended 31 December 2008.
This growth was also reflected in operating profit which increased by 21 per cent to in 2008 £1,263,584, from £1,046,080 in 2007. Cash generation for the year was in excess of £2 million.
In the past 12 months, Thomsons Online Benefits has built successfully on its core client base of mid-size corporates and has made significant inroads in acquiring larger clients across all industry sectors, with an increasing number of multi-national client implementations. Some of the world's leading employers are now using Thomsons' software, consultancy and communication solutions globally, and, by the end of 2009 they are on target to be servicing well over 400,000 employees.
Michael Whitfield, Chief Executive Officer of Thomsons Online Benefits, comments: “In light of the global recession we are particularly pleased to announce such strong sustained growth. We have continued to furrow the path of robust and prudent financial management, whilst maintaining our zest and passion for growing our business. There has been significant investment in expanding our global premises in the UK and Asia, growing and recruiting new talent in each of our locations and in further development of our own software.”
“We remain the leading independent player in the online employee reward market , both in terms of the strength and depth of our Intelligent Reward™ proposition and also our balance sheet. Whilst we remain very confident that we will continue our excellent growth throughout 2009, and with a further set of great results already expected for 2010, we are not at all complacent about our position and know that we need to continue to raise the bar and set new standards each year.
Our Asia business is going from strength to strength and in 2010 will be central to our drive to deliver more efficient software development across multiple time zones. In addition to software development and testing we will be looking to significantly increase our new clients in the region.”