The integrated communications giant – with sites in Huddersfield, Leicester and Bellshill – posted sales of £125m and an operating profit of £7m – well exceeding the company’s targets for the year and more than doubling the previous year’s operating profit.
Adare SEC chief executive Tony Strong commented: “We‘re a very proud business right now. We’ve posted a record year of growth in revenue and operating profits, with an EBITDA of £10.6m. We’ve continued to generate strong cashflow allowing the company to reduce its net debt by 50%, further strengthening the balance sheet. We’re very well positioned for future growth.
“Everyone’s hard-work and dedication has translated into a brilliant set of financials – and the performance is even more impressive considering the really tough economic backdrop that everyone is facing. Our colleagues have played such a key role in getting the business to this position, and the financial success has accordingly been shared with them.”
New business wins across the private and public sector have increased volume at all of Adare SEC’s production sites, with this demand being met by a £1m investment in print and enclosing technology from BlueCrest and Riso.
Digital expertise
These contracts also include significant wins for the business’s digital services suite of transformation tools, with the result that e-delivery volumes have ramped-up significantly. The business saw a 17% increase against prior year sales across all digital solutions, and 21% growth across its hybrid mail offering. Developments to the solution introduced this year now enable clients to schedule and distribute email and SMS messages as well as print.
“Our mission is clear,” continued Strong. “We are empowering organisations in highly regulated sectors to optimise their critical communications. Our USP within the sector is our ability to deliver guided transformational change in business process. It’s about helping businesses to find that blend of paper and digital that delivers on cost, efficiency and the customer experience.”
Organic growth
He said It's a blend that’s working – not only with new clients but also with existing accounts where Adare SEC is able to grow the level of service offered. The business significantly exceeded its renewal target for the period across both the private and public sector.
Core focus
The Adare SEC operation was further streamlined back in October 2023 when the business sold its established and respected security print business Kalamazoo to Mail Solutions. Today, Mail Solutions remains a trusted partner for the business providing extra capacity to deliver additional volume when required.
Gold standard ESG performance
Environmental, Social and Governance (ESG) considerations remain key to today’s decision-making process and underpin every action that Adare SEC takes as a business. To demonstrate commitment and show accountability the business launched its ESG Annual Report and bi-annual ESG client and colleague newsletters, providing a regular, clear summary of ESG news, targets and achievements as well as setting out ongoing and future statistics and objectives.
ESG performance figures are impressive. The business reduced its Co2 emissions by 28% against its 2023 figure, demonstrating a 77% reduction against the 2019 baseline. The business was equally delighted to have retained its prestigious EcoVadis Gold rating, improving upon its overall score from the previous year and positioning the company in the top 6% of organisations assessed through the scheme and the top 2% of companies in the broader print industry.
People power
Strong said print remains a people industry, and finding and keeping the very best professionals is a perpetual challenge. It’s a challenge that Adare SEC is navigating successfully. The business recruited almost 100 people during the last financial year, across diverse roles in IT, operations and client services.
Adare SEC has identified and captured its defining values as The Adare SEC Spirit – a documented way of working that enables colleagues to keep customer first values front of mind, helping to strengthen company identity and drive excellence.
The business also established a senior leadership team, creating the space for its C-suite professionals to implement and steer initiatives that will drive further success. The team is already making a considerable impact.
Strong added: “We have shaped our leadership teams and all our other colleagues into what feels like a winning formation. FY24 has been a record-breaking year on many fronts and has provided a great platform to successfully move the business even further forward. We have some great opportunities ahead of us.
“The first quarter of the new FY25 financial year showed no sign of the pace slowing. I was so proud of the way the team handled work around the general election, which was brought forward from its expected date and followed hot on the heels of local government election activity. We saw incredible dedication and effort from our experienced and expert teams across the business.
“Our acquisition strategy over the past five years has created a business of competitive size and scale – but our true USP is our dedicated customer-first spirit. We place the client front and centre of all we do, and sustained, profitable growth comes from developing true partnership connections. I would like to thank all clients who have been on the journey with us to date, and we look forward to growing these partnerships and building new relationships over the next financial year and beyond.”
ENDS