BiP Solutions Ltd delivers on its strong growth strategy
10 December 2007
BiP Solutions Ltd, one of Europe’s leading providers of public sector procurement solutions, has announced its first half year results for 2007-08.
The company has recorded first half year sales in excess of £5.5 million, an increase of over 20% on the same period in 2006-07. Profit growth (un-audited) in excess of 25% is reported over the first six months, due to both higher sales and strict control of expenditure, while allowing for new product investment. BiP also recorded a first half salary expenditure increase of approximately 20%, primarily due to continued investment in IT and sales personnel to help deliver future growth.
BiP Solutions continues to achieve growth across all of its product ranges and forecasts future growth driven by increases in subscription volumes and yields. During the first half period, the company announced strategic partnerships with two specialist service providers within the procurement sector which will further enhance its offering to the public and private sectors.
Ron Burges, CEO of BiP, said: “We are pleased with not only the overall growth achieved but also the pattern of growth over the first six months of our financial year 2007-8. While we recognise the difficulties that the UK business environment may encounter over the next six months, we are confident of our ability to continue to grow the business at the same rate over the next six months.”
A major achievement for BiP in the first quarter was being announced as the AXA Small to Medium-Sized Business of the Year 2007, at the National Business Awards for Scotland. The Awards, dubbed the 'business Oscars' by Prime Minister Gordon Brown, are an independent programme recognising success, innovation and ethics across all industries and embraces businesses of all sizes. To be acclaimed as the ‘clear winner’ was a tremendous recognition of BiP’s staff and the services they provide.
The Executive Board of BiP Solutions was strengthened during the first half of the current financial year. Norman Rose, formerly Director-General of the Business Services Association from 1996 to 2007, was appointed as a second Non-Executive member of the Board, following Duncan Eaton’s appointment in 2006. Mr Rose brings a wealth of experience in procurement and business development to BiP Solutions.
In November, Scott Smith, BiP Solutions’ Operational Board Commercial Director, was appointed to the Executive Board to facilitate the company’s acquisition strategy.
