Double digit revenue growth for Mitrefinch

Double digit revenue growth for Mitrefinch
Credit: Shutterstock.com/ Number1411

Mitrefinch, a York-based developer of human capital management software, has reported a 12% rise in revenue to £16.3 million.

In the year to November 2018, EBITDA grew 22% to £5 million compared with the same period in 2017.

The success was driven by a year of overseas expansion, with international sales now accounting for 26% of turnover. The business now operates across the UK, US, Australia and Canada.

Here in the UK, the company launched a second office and moved its new 6,100 sq ft space at Nottingham One.

Mitrefinch was backed by private equity firm LDC in October 2016 in a deal that would support its international expansion and develop new and existing relationships in the UK.

Since then, it has grown its presence in key overseas markets such as the US and invested in its software offering to ensure efficiency and develop a new value proposition for its customers.

Over the next 12 months, the firm is looking to enhance its current product offering and develop new software packages that integrate multiple solutions.

“This has been a record year for Mitrefinch, expanding our presence internationally and opening our new office in Nottingham,” said Chief Executive Matthew Jenkins.

“The support we have received from LDC has played a fundamental role in helping us to set our expansion plans in motion and invest in key projects.

“After such a strong 12 months, we’re keen to maintain this momentum and move into the next phase of our growth strategy.

“Our focus will be continuing to extend our footprint in international markets, while also broadening the range of products we’re able to offer to our clients, helping them to create efficiencies and provide them with truly market-leading solutions.”