Opencast, one of the North East\u2019s fastest-growing tech firms with an office in Newcastle and virtual hubs in Manchester and Leeds, has reported revenues approaching \u00a350m during what it described as a \u201cyear of consolidation\u201d.<\/p>\n
The company\u2019s accounts for 2023 show turnover rising 38% from \u00a336.3m to \u00a349.9m. However, operating profit dipped slightly\u00a0after the company invested heavily in expanding its workforce, growing its headcount from 258 to 431.<\/p>\n
Opencast has achieved significant success in providing digital transformation services to Government departments, including securing a \u00a332m contract with the Department for Work and Pensions. The company plans to strengthen its partnerships with Government departments and the wider public sector while exploring new opportunities in the healthcare sector.<\/p>\n
In the 2023 accounts, executive chair Charlie Hoult explained: \u201c2023 was a year of consolidation for Opencast, as revenue grew to \u00a349.9m, an increase of 38%, and pre-tax profits fell 22% to \u00a33.2m against a backdrop of increased volatility in the operating and macroeconomic environments.\u201d<\/p>\n
Hoult noted that the UK tech sector slowed down overall, leading to heightened competition for government contracts and downward pressure on departmental budgets. He highlighted a particular challenge when a large team working with a public sector client was rolled off unexpectedly due to budget constraints. To protect jobs, Opencast chose to absorb the impact, leading to lower utilisation across the year.<\/p>\n
Despite these challenges, Opencast\u2019s workforce continued to grow, reaching 464 employees by the year\u2019s end, a 15% increase.<\/p>\n
Hoult concluded:\u00a0\u201cOur people-focused approach has continued to resonate, especially given the strong strategic position we took to prioritise our people through a more challenging economic period.\u201d<\/p>\n
Image source:\u00a0https:\/\/opencastsoftware.com\/team-members\/charlie-hoult\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Opencast, one of the North East\u2019s fastest-growing tech firms with an office in Newcastle and virtual hubs in Manchester and Leeds, has reported revenues approaching \u00a350m during what it described as a \u201cyear of consolidation\u201d. The company\u2019s accounts for 2023 show turnover rising 38% from \u00a336.3m to \u00a349.9m. However, operating profit dipped slightly\u00a0after the company […]<\/p>\n","protected":false},"author":1,"featured_media":6491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[131],"class_list":["post-3190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-jobs","tag-newcastle"],"yoast_head":"\n