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Castleton Technology’s strong H119 (to end September 2018) was previewed in its October trading update (see Good news continues at Castleton). Today, the provider of software and managed services to the public and not-for-profit sectors has revealed its results in full. They show 20% turnover growth, of which 12% was organic, and an adjusted EBITDA of increasing by 31% to £3.0m, of which 18% was organic. Moreover, following several years of undertaking the ‘buy’ of the buy and build strategy, net debt continues to fall.
In the UK, revenue growth was in line with the group’s organic revenue performance, as all of the non-organic growth was down to the acquisition of Kinetic Information Systems in Australia (see Castleton buys and builds down under). The company’s social housing customer base has increased from 552 to 564. As well as growing the customer base, one of Castleton’s key growth strategies is to cross-sell solutions into existing clients. Speaking to management, we learn that over the period Castleton sold... read more.
Posted by Georgina O'Toole at '09:43' - Tagged: publicsector localgovernment cloud software housing
