Thomsons Online Benefits, the leading employee benefits provider, has announced another year of strong results for the financial year ending 31 December 2012. Both revenue and operating profit saw substantial increases, with revenue increasing 19% from 2011 to £32.7m, and operating profit substantially increasing from £2.5m in 2011 to £7.6m in 2012.
Other key highlights included:
- A full order book for 2013 and a strong pipeline building for 2014;
- A 25% increase in recurring revenue, improved visibility over revenue and longer term contracts with their Clients;
- An increase of 50,000 employees on the Darwin™ platform taking the total to over 550,000, in 60 countries;
- The addition of 46 new clients in the year;A £5m investment in the Darwin™ platform in the year.
Commenting on the results Michael Whitfield, CEO of Thomsons Online Benefits said: "I am delighted that in 2012, in our two core business areas of UK Corporate and Global Enterprise, we continued to see the quality of both our Client base and revenue grow. If you add to that the fact that we already have a full order book for 2013, and clear visibility of a strong pipeline building for 2014, we have a business confidence at Thomsons which is allowing us to make clear, considered and effective strategic decisions."
"The announcement of the recent investment in Thomsons by ABRY brings a new global private equity partner to support us as we look to significantly drive our growth in both the UK and globally. It will enable us to extend our global footprint, our software development capability and the development of our people, as well as the opportunity to explore acquisitions, home and abroad, that will add significant shareholder value."
"I would like to thank all of our Thomsons People, wherever they work for us globally, for
their incredible passion, energy and continued commitment to powering the Thomsons
growth engine, year after year."
Paul Smolinski, CFO of Thomsons Online Benefits adds: "In 2012 we continued our clear focus on developing Thomsons into a SaaS business, with more visibility over our longer term bookings, revenue and cash, and in 2013 we expect to see further growth in recurring revenue as a result."
"Despite the tough economic environment there is no decrease in demand for our services, as companies continue to strive for greater control and proven return-on-investment from their reward strategies and benefit spend, and the increasing burden of legislation adds to the risk and complexity of administering these programmes."
"2013 will bear the fruits of our continued heavy investment into Darwin with the launch of our Auto-Enrolment solution, our new Reward Centre and the expansion of our Global Enterprise strategy to become the market leader in global benefit administration platforms."