An IT giant that is used by the likes of Ford, Airbus and AO has posted pre-tax losses of more than £65m for its latest financial year despite its turnover surging towards the £100m mark.
Manchester-headquartered ANS Group was formed out of the merger of UKFast and ANS and is backed by private Equity firm Inflexion.
The group, which provides "digital transformation and cloud managed services", also counts Costa Coffee musicMagpie, Fenwick, BDO, Serco, the Ministry of Defence, the Metropolitan Police and Manchester City Council among its clients.
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Newly-filed documents with Companies House have revealed the group's turnover totalled £92m for 2021, up from £39.1m in its prior financial period. Its pre-tax losses also widened from £32.9m to £65.7m.
However its EBITDA increased from £13m to £29m and from £14.7m to £30.3m on an adjusted basis.
In June 2022, the group outlined plans to double its earnings to £80m by the end of 2025.
It also pledged to train 200 new apprentices over the next three years and double its revenue by the end of 2025.
A statement signed off by the board said: "2021 was another successful year for the group, with a 6% growth in like-for-like revenue, despite the continued challenges of Covid-19 and the fresh challenge of merger planning."
The average number of people employed by the group rose during the year from 345 to 460.
The company added: "The directors expect the general level of activity to increase in the forthcoming year; not least within the public sector and public cloud areas of the business.
"The group's public cloud proposition offers a range of professional and managed services for customers migrating to operating and evolving AWS and Azure public cloud environments.
"In addition, the group is making significant investments in its own private cloud platform and in cybersecurity products and services.
"Although the group benefits from industry-leading NPS scores, it never stands still.
"Therefore multiple investments are planned in internal systems that will provide customers with even better service, as well as improved monitoring across their technical environments."
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