Target Group’s EBITDA rockets by more than 60 percent
Target Group’s EBITDA has increased by 61 percent last year to £11m, according to the BPO’s latest accounts.
This week Target published its accounts report which reflected a fourth consecutive year of growth. The group’s turnover also increased in 2016, to £64.1m from £51m the year before – a 26 percent rise.
Target said the growth was underlined by an increase in the number of employees from 673 to 1,053.
Last year, Target bought the operating platform of Commercial First, a provider of commercial and residential mortgage servicing. In 2016, the group also secured serval new clients including RBS and Ratesetter and was again chosen by the DVLA to continue to help transform the way customers pay their vehicle tax.
Ian Larkin, co-group chief executive of Target Group, said: “We have seen good economic growth along with growth in lending and savings, more regulatory change and increasing technological innovation.”
In 2016, the group was sold to Indian BPO Tech Mahindra for £112m, the acquisition is likely to be complete before the end of the year subject to the receipt of regulatory approvals.
As part of the agreement, fellow BPO Target Group will remain a standalone entity retaining its existing brand.
The entire management team at Target will stay with the business and continue to have full operational responsibility.
Tech Mahindra said the acquisition would expand its offerings in the lending, savings and investment and insurance sectors.
Target said the acquisition will help to further develop its products, services and solutions for clients, as well as look to broader sectors.