The management of Leicester-based marketing and communications specialist, Go Inspire Group, are pleased to announce another record year, despite the effects of Brexit uncertainties throughout 2019, and the disruption caused in 2020 by the current Covid-19 health and economic crisis.
The group saw a small increase in year-on-year turnover for the financial year 2019-2020 but, much more importantly, profitability over the period increased by over 15% to an EBITDA of over ￡7.7million, an increase of over ￡1 million on the previous year.
In terms of the company’s financial resilience, debt has reduced year-on-year and, when combined with the increased cash generation of the group, has resulted in working capital availability of over ￡11 million.
The strength of the company’s cash position has prepared it well to handle the current market turbulence. Moreover, Go Inspire has been designated as a Covid-19 Critical Supplier, providing critical communications services to the Government and supporting the continuation of key national infrastructure bodies.
Like most UK businesses, the group has seen a substantial level of disruption because of the Covid-19 lockdown, and expects volumes of business not to return to ‘normal’ levels until the Autumn of 2020, at the earliest. Already, there are signs of forthcoming order book growth. To protect staff, their families and their careers, at the same time as containing operating costs, Go Inspire has leveraged the government’s furlough scheme. Capital works in progress also continue. For instance, the group is currently building a state-of-the-art finishing factory for its high quality print business – Eclipse – with a new Pace guillotine system and multiple folders and stitching lines. This is commensurate with the group’s strategy of constant investment.
Group chief executive officer Patrick Headley said: “I’m delighted by last year’s results which show such substantial growth in profitability, along with increased overall turnover. It is, I believe, just reward for a business that has continued to invest in its people and its technology. I’m particularly pleased with the increased performance of our insight and digital businesses in the year just passed. Overall, this has put us in a strong position to weather the current storm and come out even stronger as the national economy begins to recover.”