Trustmarque’s Transformation Pays Off
11th January 2010
York, UK – 11th January 2010 – Value Added Reseller Trustmarque Solutions, has today announced its financial results for the year ended 31st August 2009. Turnover increased from £116.8 million (2008) to £122.8 million (2009), representing growth of 5.1 percent.
Gross Margin increased from £9.72 million (2008) to £9.92 million (2009) representing growth of 2.1 percent. A strategic decision to increase sales headcount in areas of growth contributed to an increase in overheads from £5.46 million in 2008 to £6.31 million in 2009 and as a result profit for the year, before taxation, amounted to £3.905 million, (2008: £4.679 million). Considering the amount of change that took place in FY 08/09, the executive team feel very satisfied with the financial results recorded, with a significant amount of investment incurred that will begin to bear fruit in FY09/10.
FY08/09 was a year of major change for the business with the appointment of new CEO, Scott Haddow in February 2009, and the new Sales Director Angelo Di Ventura, in June 2009 and the launch of its new enhanced professional services division, the Trustmarque Enterprise Solutions Group (TESG), in September 2009.
Once appointed, the executive team immediately set about reviewing the existing business to determine how best to drive Trustmarque forward. As a result Trustmarque underwent a comprehensive business transformation programme in the second half of 2009. Whilst Trustmarque’s business was and is performing exceptionally well, despite the recession, the medium and long-term outlook and market drivers meant that a significant business change was required in order that the company could continue to flourish and realise its full potential.
Scott Haddow, CEO for Trustmarque Solutions comments: “We needed to transform the business largely due to client demand, with clients requiring ‘more for less’ and we also wanted to rationalise across our supplier bases. Simply put, the Trustmarque offering needed to add greater value to our customers if we were to remain a market leader. We could have carried on as we were but margins were being eroded by heightened competition from other software resellers and we wanted to deliver more strategic services to our customers and key partners.”
The transformational change programme was executed across a six month period and is now complete and ‘live’ with the following key goals and objectives being realised by the end of August 2009.
- Restructuring of sales personnel to focus key resources on key customers
- Continuing to attract high quality individuals into the business
- Increasing depth of client engagement to add more value
- Developing further services capabilities
- Building the Trustmarque brand so that it is identified with high value business benefits
- Gaining long term client contracts and creating annuity income streams
- Increasing geographical footprint (Trustmarque opened a new Scottish office in September 2009 and a South East office in Windsor in November 2009 )
- Adding more value to top tier partners/vendors
Angelo Di Ventura, Sales Director commented: “Trustmarque is a dynamic and ambitious organisation. The brand is one which is clearly respected by clients and partners alike. As a result of the business transformation programme that we have just undertaken, the company is now perfectly positioned to evolve in FY09/10 and it will remain one of the UK’s leading Value Added Resellers. The growth of Trustmarque’s Enterprise Solutions Group shows how committed the company is to its customers and to delivering a one-stop-shop for organisations looking to instigate operational change.”
