Target Group, the business process outsourcing and operational transformation provider, has today announced a fourth consecutive year of growth.
The figures from the 2016 financial year reveal EBITDA increased 61% to £11m while turnover climbed 26% to £64.1m. The continued growth comes alongside the acquisition of the Group by Indian software giant Tech Mahindra, which provides a strong platform for Target to further develop the products, services and solutions for clients, as well as look to broader sectors.
The growth was underlined by an increase in the number of employees from 673 to 1,053, making it an even more significant employer in the South Wales region.
As well as the acquisition by Tech Mahindra, 2016 saw Target purchase the operating platform of Commercial First, a leading specialist provider of commercial and residential mortgage servicing. It also secured several new clients including RBS and Ratesetter and was chosen by the DVLA to continue to help transform the way customers pay their vehicle tax. For its work with the DVLA, Target won ‘Best Online Payments Solution – Consumer’ at the 2016 Payment Awards.
Ian Larkin, Co-Group CEO Target Group, said:
“We are very pleased with the progress at Target in 2016, particularly with the purchase of Commercial First, continuing to work with the DVLA, and of course being acquired by Tech Mahindra. Looking ahead, there are some great opportunities out there in the market and we are well placed to support our clients as it evolves. We have seen good economic growth along with growth in lending and savings, more regulatory change and increasing technological innovation. In this context we look forward to helping our clients in achieving their business goals.”
Bill Alley, Co-Group CEO Target Group, said:
“Last year was truly a milestone year for Target. We have a built a strong company over the past four years and look forward to the next stage of this growth as part of the wider Tech Mahindra Group. This new relationship will allow us to better service our clients and deliver operational excellence. 2016 also saw us add a number of high profile names to our diverse list of clients, something we have only been able to achieve thanks to our recruitment of high quality people, taking the number employed by Target to over 1,000.”