Sir Peter Rigby has claimed “savvy financial expertise” was behind a record £2.75 billion turnover at Birmingham-based IT group Specialist Computer Holdings.
The company, headquartered in Sparkhill, saw annual sales increase by 10 per cent in the year to March 31 in spite of “challenging” conditions.
The performance represents the firm’s strongest in its 35-year history and with the company’s UK operations showing particularly strong growth, SCH saw gross profits rise by in excess of eight per cent year-on-year.
Sir Peter, whose £480 million fortune earns him 12th place on the Birmingham Post Rich List, is the man behind plans to rejuvenate Coventry Airport.
Sir Peter, chairman and chief executive of SCH, said the growth came on the back of a year of significant investment for the company, particularly around cloud services – the practice of using a network of remote servers hosted on the internet to store data.
He said: “We’re delighted to record the best results in the company’s history. Although market conditions continue to be challenging, our policy of continued investment in the group and its activities has paid off thanks to a combination of careful planning, savvy financial expertise and disciplined leadership.
“The group is now perfectly poised to build on the successes of the last year, and we look forward to a particularly strong 2012-2013.”
The group reported a positive net cash balance of £50 million across the year.
It did not reveal details of profits, other than the fact that operating profits were up 50 per cent compared to the £18.6 million revealed last year.
In 2011, pre-tax profits fell by 17.3 per cent to £14.5 million after a rise in the cost of sales outstripped the rise in sales.
There was also no details of the dividend paid, which stood at £12.5 million in the 2011 financial year.
SCH’s cloud services operation enjoyed success in the financial year ended March 31 as it built a range of dedicated solutions for the private and public sectors.
The company said it anticipates continued growth and a robust outlook for the financial year 2012-13.
James Rigby, managing director of subsidiary Specialist Computer Centres (SCC), added: “This has been our third consecutive record year for SCC in Britain, recording a significant growth rate that has ultimately resulted in our highest-earning year to date.
“I’m particularly pleased that we’ve done so despite making significant investments in both people and facilities as we pursue our strategy of moving towards a more service-oriented model, which is a real tribute to the hard work and talent demonstrated by our people year in, year out.”