We are pleased to announce a strong Group financial performance – including the achievement of record revenues of £16M.
The reinvestment of profits in our people, product and expertise has been rewarded with strong organic growth. This has been achieved through significant investment from our existing customers as well as the successful acquisition of new customers across Housing Management, Financial Management and Asset Management. Pleasingly, several of our largest customers have also recommitted to us with significant contract extensions during the year.
Key highlights of the year include:
- Record Group Revenue of £16m, an increase of over 5% on the previous year.
- Improvement in Group profitability of over £0.7m
- Significant investment and recommitments from existing customers
- Success in securing new name customers across Housing, Finance and Asset Management streams
- Continued significant investment in strategic product development
- Launch of next generation Digital platform with very positive feedback
The Group delivered significantly improved profitability during the year, recording an increase in profit of over £0.7m against the previous year. In addition, Group cashflow benefitted from revenue growth and cash balances at 30 April 2017 were in a very healthy position.
In addition, Orchard’s Asset Management arm, in4systems, acquired in 2013, reported its first profit since acquisition, following four years of substantial investment by the Group. The Board now believes this provides a strong platform for future growth in its asset management offering.
Our strong financial position enables continued re-investment in the business. This includes significant investment in both enhancement of our existing product set, and the development of exciting, new digital and predictive analytics solutions. These new developments are already creating excitement across the social housing sector, and indicate a strong outlook for the new financial year and beyond. Following key new appointments across our business in the last 12 months (including the strengthening of Orchard’s main Board with the appointments of Lucy Armstrong as non-executive Chair and Danny Tobin as Chief Operating Officer), we will be continuing to invest heavily in our people and expertise.
Lucy Armstrong, Chair, Orchard:
“The business has made pleasing progress over the last 12 months and we are delighted to announce a strong set of financial results. Customer engagement is key to everything we do and, whilst there is more to do, we are particularly pleased with the investment we are seeing from our customer base in response to our efforts on this front.”