Thomsons Online Benefits Announce Financial Results Revealing Strong Growth in 2011
Online, May 3, 2012 (Newswire.com) - Thomsons Online Benefits, the leading employee benefits provider, has announced another year of strong results for the financial year ending 31 December 2011. Both revenue and operating profit saw substantial increases, with revenue up 38% on 2010 to £27.4 million, and operating profit rising from £0.7m in 2010 to £2.5m in 2011.
Other key highlights included:
- A strong order book of committed projects that will be delivered in 2012;
- An increase in recurring revenue and a revenue stream that is both more visible and predictable;
- The number of employees on their Darwin™ platform increased by over 100,000 to approximately 500,000;
- The addition of 51 new clients in the year;
- £3.9m investment in their Darwin™ platform in the year.
Commenting on the results Michael Whitfield, CEO of Thomsons Online Benefits said:
"I am delighted that following a decade in business, 2011 proved to be another strong year of growth for us. Thomsons is a confident and successful business that continues to grow at pace and with a clear strategy well embedded, I see no reason why we will not continue our success story for many years to come."
"The introduction of the Retail Distribution Review (RDR) will really shake up our market, however we remain bullish about our prospects. We have a clear and defined strategy in place which fully addresses the impact of RDR as well as how we scale up for our international Clients, to take advantage of our pre-eminent market position. Thomsons People are our strength along with the diversity of our product and revenue streams."
"I would like to thank all of our Thomsons People, wherever they are in the world, for their fantastic, continued commitment and their dedication and hard work which continues to power the Thomsons engine further forward each year."
Paul Smolinski, CFO of Thomsons Online Benefits adds:
"The tough economic conditions have meant that reward and benefit spend is under the microscope even more, with HR teams under pressure to demonstrate to the board that what they are spending is providing a return-on-investment. This has led to an increase in interest in our services and the number of clients we are winning."
"In addition this year as we have continued to win more blue-chip clients it has led to an increased emphasis on us adopting a Software as a Service (SaaS) model, which delivers higher recurring revenue, more visibility over this revenue and longer-term contracts. We therefore have good grounds to remain confident and optimistic for our financial performance in 2012."