Mitrefinch sees profits soar after domestic and overseas expansion

York-based Mitrefinch saw its revenue grow by 12 per cent to £16.3m, with profits now at £5m.

British Airways is among Mitrefinch's clients
 Photo credit should read: Tim Ockenden/PA Wire
British Airways is among Mitrefinch's clients Photo credit should read: Tim Ockenden/PA Wire

The human capital management firm said the double digit growth driven by a year of expansion, both overseas and on home soil.

Mitrefinch is now operating across the US, Australia and Canada, and with international sales accounting for 26 per cent of turnover.

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In the UK the company, backed by private equity firm LDC, launched a second UK office and moved into its new 6,100 sq ft space at Nottingham One, a move expected to create more than 100 jobs

Matthew Jenkins, chief executive at Mitrefinch, said: “This has been a record year for Mitrefinch, expanding our presence internationally and opening our new office in Nottingham.

“The support we have received from LDC has played a fundamental role in helping us to set our expansion plans in motion and invest in key projects.

“After such a strong 12 months, we’re keen to maintain this momentum and move into the next phase of our growth strategy.

“Our focus will be continuing to extend our footprint in international markets, while also broadening the range of products we’re able to offer to our clients, helping them to create efficiencies and provide them with truly market-leading solutions.”

Over the next 12 months, the firm is looking to enhance its current product offering and develop new software packages that integrate multiple solutions.

Mitrefinch develops workforce management software, including time and attendance, HR, payroll and access control solutions. It boasts a 4,500-strong client base including firms such as Yearsley Group, British Airways and L’Oréal.

The business was recently ranked as one of the top 100 fastest growing technology companies in the North at the Northern Tech Awards, which celebrate the region’s biggest tech success stories.