The DEOS Group has reported a second consecutive year of 40 per cent revenue growth with annual turnover now at £8.5 million for FY19/20.
Nick Munton, Managing Director said, “the need for a balanced business model was ably demonstrated to all with the downturn in the economy in the last quarter of the fiscal due to Covid19. Fortunately, the measures and the investment that we have put in place in the last few years to ensure that our business is not reliant upon any one segment was rewarded in February and March as the PPE provision and the office supplies side of the business picked up and replaced the impacted revenues of the managed print division.
“It is particularly pleasing that whilst revenues have grown beyond our target level, we have not achieved this at the detriment of our profitability. The industry is certainly experiencing continuing profit erosion from some competitors in particular, but it does appear as though there is still a client base that is prepared to invest with a partner who provides outstanding service. The uncertainty that surrounds the commercial viability of some suppliers due to Covid19 will only enhance that requirement for a financially robust provider and that, we are confident, will provide further growth opportunities for us in the coming year.
We enter FY20/21 with significant cash and working capital position, no debts, no overdrafts and no long-term liabilities and we remain truly independent with no manufacturer or VC input or ownership. Our growth to date has been purely organic yet, whilst it is most unfortunate that some of our competitors will struggle this year due to the impact Covid19, I would stress that we are ideally suited to offer merger and acquisition opportunities to any of our local competitors where there are synergies and a common ethos.”