News
Aspire expands Glasgow presence with new office as revenue surges 23.6%, reaching nearly £40m
9 Sep 2024
Aspire Technology Solutions, one of the UK’s leading Cyber Security and Modern Workplace Managed Service Providers, continues its trajectory of significant growth, reporting a 23.6% increase in revenue, reaching almost £40 million for the year ending 29 February 2024. This strong performance is complemented by the company’s expanding footprint in Glasgow, where they are set to move into a larger city centre office this autumn, located in the heart of the city’s vibrant commercial district.
Aspire’s growth has been supported by a significant minority investment from leading private equity firm LDC in March 2022, which valued the business at £85 million. The investment has been pivotal in supporting the Group’s strategic initiatives, including the acquisition of Glasgow-based Cloud Cover IT earlier this year. This strategic move underscores Aspire’s commitment to expanding its presence in the Scottish market.
Chris Fraser, CEO at Aspire, commented: “Glasgow is a dynamic and rapidly evolving city, and our new office in the heart of the city centre will mark an exciting chapter for Aspire. This move will enable us to better serve our customers, accommodate our growing team and continue our expansion in Scotland. Our ongoing investments in technology and cyber security ensure we are well-positioned to meet the evolving needs of businesses throughout the region.”
Aspire’s headcount has already surpassed 280 as of August 2024, with a notable 35% increase in Glasgow alone and additional recruitment planned to support its Glasgow operations. The new office will provide a more dynamic and collaborative environment for the team, aligning with Aspire’s commitment to innovation and excellence.
In FY24, Aspire invested £1.7m to advance its private cloud technology stack and expand its connectivity network. The Group’s next generation SOC (Security Operations Centre) saw substantial growth, contributing to a 97% year-on-year increase in security-related revenues, building on the 98% growth already achieved in the previous year.
Fraser added: “Our move to the new Glasgow office reflects our dedication to enhancing the experience for customers in the region. We are confident that our strategic initiatives, coupled with our relentless commitment to delivering exceptional value to our customers, will drive further growth.”
Our focus on cyber security and modern workplace solutions remains a top priority, as businesses increasingly rely on secure and accessible data in an ever-evolving threat landscape. We are excited about the opportunities that lie ahead.”
Aspire’s customer base expanded from 1,700 to 1,900 clients in FY24, with recurring revenue growth remaining strong at 24.5%. The Group’s NPS (Net Promoter Score) stood at 81, well above the 70 threshold that indicates a ‘world-class’ level of customer satisfaction. Gross profit margins were reported at 29.6%, a slight decrease from 30.1% in the previous year, attributed to the Group’s ongoing investments in enhancing its business operations.
As Aspire looks ahead to FY25, the company is poised to further strengthen its position as a leading managed services provider and cyber security expert in Glasgow, with the new office serving as a central hub for its Scottish operations.
