Newcastle-based Opencast is drawing close to a £50 million revenue mark for 2023, marking a significant period of financial growth and strategic focus for the company.
- Despite revenue growth, the company’s operating profit has slightly decreased due to substantial investments in its workforce, expanding its headcount significantly.
- Opencast has secured a notable £32 million contract with the Department for Work and Pensions, enhancing its presence in digital transformations for government sectors.
- The firm is expanding its reach within the public sector and exploring new opportunities in the healthcare industry.
- Co-founder Mike O’Brien stepped down, while Opencast continues to build an independent, people-focused business model.
Newcastle-based Opencast is nearing a significant milestone with revenues reaching close to £50 million in 2023. The company has labeled this period as a ‘year of consolidation,’ reflecting on its strategic focus amidst financial growth and structural strengthening.
Opencast reported an increase in turnover from £36.3 million to £49.9 million. However, the company experienced a slight decrease in operating profit, now standing at £3.3 million. This reduction is attributed to substantial investments in staffing, as the company’s workforce expanded from 258 to 431 employees. This people-centric approach has underpinned their operations as they navigate a volatile economic landscape.
A major achievement for Opencast has been the acquisition of a £32 million contract with the Department for Work and Pensions. This deal highlights Opencast’s successful engagement in digital transformation projects for governmental bodies. The firm aims to further strengthen its relationships with government departments while also venturing into the healthcare sector to capitalize on new opportunities.
The company has embraced a strategy of establishing virtual hubs in Manchester and Birmingham, alongside maintaining physical locations in Newcastle, London, Edinburgh, and Glasgow. These efforts align with Opencast’s goal to deepen its public sector footprint and adapt to changing market conditions.
In a significant leadership transition, co-founder Mike O’Brien stepped down earlier this year, paving the way for continued evolution under the leadership of Chief Executive Tom Lawson. Lawson emphasized the company’s commitment to delivering impactful services across sectors, including government, healthcare, utilities, and renewable energy. He stated, ‘Our people-focused, purpose-driven business model delivers positive social impact along with growth and profitability.’
Opencast’s strategic focus on consolidation and growth has positioned it as a resilient player amidst industry challenges, ready to make a broader societal impact.
