GCIToople Final Annual Results Show Record Revenues
brought the sales team in house earlier in the year, and it has been paying off in record revenues for the company.
Final results revealed revenue up 17.5% to £1,505,000 and gross profit up 28% to £203,624. However most notably the group reported broadband revenue up 112%, mobile revenue up 221% and cloud based hosted revenue up 345%.
The bespoke telecom services provider invested heavily in its sales and marketing function, taking it in-house, increasing costs and as a result widening overall loss – however the company expects it will “drive significantly better future sales performance”.
The company has already seen stronger new business pipelines, and record October and November trading performances.
It reported material new contract wins and partnership agreement and received the highest number of orders by contract value in one month in its history - this coupled with back to back record revenues seems to indicate that the momentum of the business continues.
By way of background, Toople’s telecoms services are primarily targeted at the UK SME market. It offers business broadband, fibre, EFM and Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and Traditional Services – delivered through Merlin, its propriety software platform.
A major selling point for the company has been that it has no hidden fees within its pricing policy - customers get a clear understanding of cost. This, combined with its best in class after sales service, Toople's excellent Trust Pilot scores are consistently the highest in the market for a B2B telecoms company.
An increasing number of orders come from existing customers, with nine new wholesale agreements signed.
The small business customers base grew by over 100% and is currently growing at over 450 small business joining every month. It also recently scored a major contract win with well known reseller for 3 years. Partners seling Toople’s services include specialist telecoms resellers, utility, chip and pin, fuel, energy and mobiles providers to SMEs.
It intends to continue to grow and scale the business as an increasing number of SMEs look for a one-stop easy-to-use telecoms provider that can tailor a package to their exact business needs.
According to the company, the small business market is robust and growing, as big corporates struggle in an unstable economic climate. There are approximately 5.4 million SMEs in the UK, over five million of which have less than 50 employees. 73% of the UK's SMEs with five or more employees are expected to grow over the next two years. In the small business world – telecom services is considered a vital utility.
After an over-subscribed fundraise for £2.2 earlier this year, management and CEO Andy Hollingworth, is confident that it has sufficient resources to bring company to cash flow generation.
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