Tryzens’ Strong Results Reflect Retail Revolution
LONDON--(BUSINESS WIRE)--May 7, 2019--Tryzens, a leading independent digital commerce provider for retailers, has announced strong financial results for the full year ended March 31, 2019 (FY2019).
Tryzens’ revenue rose 68% to £11.9 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) of £847,000 underlined strong growth in new services and markets. The company grew its headcount from 128 to 188. It opened a new head office in London and expanded its Melbourne regional headquarters. It also expanded its project delivery centres in Bulgaria and India to support 24/7 worldwide operations.
The business grew well above the market average in both the UK and Australia. Growth was driven by increasing business with existing clients and by signing new partnerships with a wide range of brands, including Tempur (mattresses),kikki.K(stationery), Macpac(outdoor gear), and Seafolly(swimwear). Tryzens was named Retail Supplier of the Year at the Retailer Awards, in Australia.
“I am tremendously proud of our performance in FY2019 because only a few commerce services companies have passed £10 million in revenues at a faster growth rate than Tryzens,” said Andy Burton, Tryzens’ CEO.
This milestone underscores the digital revolution occurring in retail. Tryzens enables retailers to align their online and in-store operations, attract new customers, improve conversion rates from site visitors, and reach new international markets quicker.
Burton said: “The retail industry is undergoing a revolution in the way it fulfils customer expectations. We help our clients to establish digital commerce operations domestically and abroad, that are able to support huge growth in the number of consumers. We put our clients at the forefront of the rapidly evolving technical and social changes that are being driven by the internet, AI and smart mobile devices. If proof were needed of the shift toward online growth, we let the financial results speak for themselves.”
Tony Robison, Partner at Scottish Equity Partners, the principal investor in Tryzens added: “We have a strong track record in helping ambitious technology companies to grow faster and the executive team at Tryzens deserve credit for an outstanding year. In 2019, they grew the UK market, and in parallel built an impressive new business to serve Australia and New Zealand. We look forward to supporting the team to expand further, both in new services and new markets.”
FY2019 Financial Highlights
- Total revenue for the full year to 31 March 2019 was £11.9 million, a 68% increase over FY2018.
- Revenue from projects to build new online stores for retailers grew 47% to £5.5 million.
- Revenue from the operation and improvement of existing online stores grew 117% to £6.4 million.
- Gross profit grew 89% from £3.5 million to £6.4 million. Gross margin, as a percentage of revenue, improved from 49.8% in FY2018 to 53.5% in FY2019. This reflects the increased operating efficiency caused by the strong growth in revenue from existing shops.
- EBITDA for FY2019 was £847k, or 7.1% of revenue.
FY 2019 Business Highlights
Tryzens made progress in all three areas of targeted investment in FY 2019;
- expansion of the UK market
- creating a model for sustainable international growth, notably in APAC
- increasing the range of services to existing clients.
Key achievements across the year included:
- Gained 12 new clients and undertook more than 30 new projects
- Delivered commerce sites for a wide range of products, supporting multiple countries. Product categories include fashion & apparel, food & beverage, electrical goods, home furnishing, beauty products, jewellery and outdoor gear
- Awarded ’ 2019 Retail Supplier of the Year’ in the Retailer Awards voted for by retailers
- Opened a new head office in London to support the expansion of its UK business
- Expanded operations in Australia, New Zealand, India and Bulgaria
- Launched new services to support retail operations, design services for user experience enhancement and the TradeState analytics and intelligence
- Increased employee headcount from 128 to 188.
Tryzens Holdings Limited (Tryzens) is a leading independent digital commerce consultancy and systems integrator. It provides digital transformation services comprising design and User Experience (UX) creation, ecommerce systems integration and middleware solutions, 24/7 support operations, trade and optimisation consulting, and, sector specific analytics for retailers (B2C), brands (D2C) and B2B commerce sectors. By using its deep expertise in consumer behaviour and digital technical trends, Tryzens drives greater commercial activity for clients through the design of engaging and intuitive consumer experiences.
Headquartered in London, Tryzens powers more than 30 retailers and brands with multi-country digital commerce operations. Its clients include Sweaty Betty, Whittard, Liberty, Seafolly, Cotton On, TM Lewin, Jack Wills and Kikki K.
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KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: TECHNOLOGY ONLINE RETAIL DATA MANAGEMENT SOFTWARE MOBILE/WIRELESS PROFESSIONAL SERVICES CONSULTING RETAIL COMMUNICATIONS MARKETING OTHER RETAIL
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PUB: 05/07/2019 07:01 AM/DISC: 05/07/2019 07:01 AM