ITPS reports turnover boost
Gateshead-based technology company ITPS has almost doubled turnover in the last 18 months on the back of a series of multimillion-pound contract wins which are expected to "underpin further growth plans".
The contract wins are for clients including "one of the UK’s largest housing providers", and a household name in the financial services industry, which has boosted turnover from £11m to £21m.
The turnover announcement follows the company's recent signing of a £2m deal to create a 33,000 sq ft data centre, which will be the "largest North East facility of its kind".
Managing director Garry Sheriff said the move, together with "potential acquisitions", will support plans to grow its client base.
"We are now in our 14th year of consecutive growth, thanks in part to a huge boost in demand for our expertise in the data centre and cloud services market," said Sheriff.
"Year-on-year we have seen turnover and profits rise thanks to an equal focus on winning new business and building on existing client relationships, which is where our stream of referrals is generated, and our reputation for delivering large, complex IT solutions was built.
"A lot of our recent wins have come from clients outside the North East, which was partly behind our strategic decision to acquire a fourth data centre. Together with some potential acquisitions, this move will support our plans to further grow our national client base.
"We are delighted that as we go into our next financial year with a solid set of results behind us, we also have £9m-worth of business already secured under three and five-year contracts. This gives us a level of business confidence that will underpin further expansion and job creation."
ITPS employs 108 staff and works for North East clients including Greggs, Northumbrian Water, Narec, Business Enterprise North East, and Baltic.