True Potential sees 837% growth in five years

True Potential has been ranked as the fastest growing financial and technology services company headquartered outside London.

Related topics:  Finance News
Rozi Jones
24th November 2014
line graph chart growth increase up

The ranking of the 50 fastest-growing technology companies in the UK are based on percentage revenue growth over the last five years. True Potential grew 837% during this period.

True Potential provides technology and business support services to over 22% of the UK adviser market and financial advisory services for private individuals.

2014 has seen a number of developments for the firm, including the launch of impulseSave technology, which allows savers to make micro-payments into investments from as little as £1.

The True Potential group of companies increased turnover to £20.8m in the first half of 2014 – a rise of 87% against the same period in 2013 (£11.1m). January-June delivered £4.9m pre-tax profit for the group, a 104% increase on H1 2013.

True Potential managing partner David Harrison said:

“Being ranked as the fastest growing financial and technology services company outside London in the 2014 Deloitte Technology Fast 50 rounds off what has been an exceptional year for True Potential.

“impulseSave is a world first and it was developed here in the UK. Since we launched it in March, clients have invested more than £6 million. The most exciting result is that over 40% of these investments are £10 or under - proving that technology has the power to change the way we save. The UK is facing a savings crisis where people are not saving the amount they need for a comfortable retirement. At True Potential we believe in making saving and investing simple and more accessible using cutting edge technology, so this recognition is particularly rewarding.”

David Frith, corporate finance partner at Deloitte in Newcastle said:

“The Deloitte Technology Fast 50 gives great profile to technology companies and is internationally recognised as being one of the most important business awards in the sector. It is an opportunity for technology businesses to gain recognition for their successes and achievements and this year’s ranking highlights the importance of being innovative and finding a niche product or service to succeed.

“It is interesting that nearly a quarter (24%) of the Deloitte UK Technology Fast 50 entrants have received investment from venture capital or private equity firms over the last five years and there is evidence that companies are increasingly looking to this source of funding. 40% of Deloitte UK Technology Fast 50 entrant CEOs are expecting to access venture capital or private equity funding in the next 12 months.

“The 50 fastest growing UK technology companies generated over £963 million in total annual revenues in the year 2013/14, employing more than 8,500 people and recorded an average five-year growth rate of 1,695% which is an outstanding achievement for these businesses.”

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