Thomsons Online Benefits announce their fourth consecutive year of near 50 percent growth with group turnover increasing from £5,852,396 in 2006 to £8,605,034 for the year ended 31 December 2007.
This growth was further reflected in operating profit which broke the million pound barrier for the first time, increasing by 53 per cent to £1,046,080 in 2007, from £682,490 in 2006. Cash generation for the year was £2,641,745.
In the past 12 months, Thomsons Online Benefits has made significant inroads in acquiring larger clients in all industry sectors, with continued progress in the legal and accounting professions and the banking, insurance and media sectors. Some of the world's foremost employers are now using Thomsons' Perquisite™ software, consultancy and communication solutions globally, and, by the end of 2008 they report that they are on target to be servicing over 350,000 employees on their platform.
Michael Whitfield, Chief Executive Officer of Thomsons Online Benefits, comments: “We are delighted to announce our continued growth which is a direct result of our robust and prudent financial management, our heavy investment into growing and recruiting new talent and in further development of our own technology, Perquisite™.”
“These results create clear blue water between us and our competitors. In the online employee benefits market we are now regarded as the market leader, both in terms of the strength and depth of our software and also our balance sheet.”
“Following the opening of our Singapore office in 2006, we followed this up in 2007 with the opening of our office in Hong Kong. Significant client wins indicate that both of these regions will make positive contributions to our operating profit in 2008. Our continued growth in Asia clearly demonstrates our intentions to deliver a world class multi-lingual and multi-currency technology platform.”
“Our global expansion matches well the timing of the demands of the world's top companies as they drive to understand, control and plan their own global reward strategies. We believe that the development of our Intelligent Reward™ suite of solutions will dovetail perfectly with this growing global trend, and place us at the very forefront as the supplier of first choice.”
“Despite the difficult global economic conditions experienced by many in 2008, we continue to have a very strong pipeline of business and believe that we are well equipped to deliver continued strong profitable growth. Our move shortly into new, much larger, premises underpins this confidence in our ability to expand rapidly and profitably onto the next stage of our successful journey”.