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CRNEV19-AD255x180-Calendar.indd 1 10/29/18 4:54 PM VAR 300 Welcome to VAR 300

There is an almost giddying abundance of market The top 300 raked in combined revenues of data available on all aspects of enterprise IT spending. £19.4bn in their most recent financial years on If I want to know the size and growth of the record (a graph showing the range of year ends UK market for PCs, storage, business applications can be viewed on p42), which is a 12 per cent rise or video walls, the likes of Gartner, IDC, GfK or year on year. Futuresource Consulting will have the answers for me. As our profit analyses on p9, p11 , p23 and p39 But it is a quirk of the industry that the UK IT show, the bottom lines of our top 300 also held up channel that sells these technologies has not been well against tough trading conditions. Despite a nearly as well mapped. That is, until now. big drop in the profitability of the top 100, average Our inaugural VAR 300 report, available exclusively (mean) profit margins across the wider 300 actually to CRN Essential subscribers, is – we believe – the rose, from 2.8 to 3.0 per cent. And no major players most comprehensive attempt ever to map the key hit the wall (as we explore on p47). protagonists that comprise the UK enterprise and This report deliberately draws the line at SMB IT channel, and the trends affecting them. Computacenter, excluding IT services giants such as The 300 companies in this report are the prime Accenture, Atos and Capgemini. influencers of tech spending decisions among UK Beyond reselling and servicing technology, SMB and enterprise end users. they often have little in common, with entrants Any vendor wanting to crack the UK market must ranging from international, all-purpose solution first win the hearts of the firms featured here, from providers such as CDW to an 80-person firm based £1.5bn-revenue Computacenter to the sub-£10m- in Hampshire that has a laser focus on assistive revenue, 50-person firms that tail the rankings. technology (a map showing where each of the 300 are Together, they are the guardians of nearly £20bn headquartered can be found on p28). of technology spending – equivalent to the GDP of Many are devoted to a particular technology area, Nepal – and no doubt influence an even greater value such as print, audiovisual, comms, cybersecurity of purchasing decisions. or business applications, and we will profile these When we first launched Top VARs in 2011, the sub-sectors throughout the year in a series of mini- 100th-ranked reseller boasted revenues of £11.5m. reports for CRN Essential subscribers. In the intervening years, the number of VARs on Taken together, however, these firms represent our radar which report revenues on Companies the majority of the end-user-facing tier of the UK House has swelled rapidly, so much so that the cut-off ‘channel universe’, which is why we hope this for Top VARs now stands at £40m. report will serve as a vital tool for vendors, We now track a total of more than 300 resellers, distributors, resellers and end users looking to consultancies and MSPs that are large enough to find out more about the firms on the front line of report their UK numbers (it would be even more than technology provision in the UK. this but for a recent change in reporting laws – see p12 for more). ■ Doug Woodburn is editor of CRN.

Our inaugural VAR 300 report, available exclusively to CRN Essential subscribers, is – we believe – the most comprehensive attempt ever to map the key protagonists that comprise the UK enterprise and SMB IT channel, and the trends affecting them. The 300 companies in this report are the prime influencers “of tech spending decisions among UK SMB and enterprise end users ”3 VAR 300

300 European Office now has 10 software developers and Landscape Networks helped Products providing add-ons to accounting Communicate double revenues Revenue: £2.9m (+7%) solutions such as Pegasus Opera, in its year to 31 December 2017, Net profit: 0.1% Staff: 19 Exchequer and Intact IQ. although costs associated with This West Sussex-based office the deals dragged it to a £794,000 products specialist sells everything 298 Pinnacle loss for the year. In July 2018, it from stationery to chairs, with its Revenue: £3.8m (+24%) received £500,000 in financing furniture solutions arm having Net profit: 13% Staff: 32 from the Northern Powerhouse project managed the £1m Brighton Starting life in 1999 as a telecoms Investment Fund. and Hove AMEX stadium specialist, London-based Pinnacle installation. It’s also a managed entered the world of IT in 2013 by 296 SAGlobal Europe print reseller, holding Platinum merging with Mac Consultants. Revenue: £4m (+7%) status with HP, hence its inclusion Today it bills itself as a specialist Net profit: 9.1% Staff: 20 in this report. Revenues for its in IT, telephony and mobile Global Microsoft Dynamics giant year to 31 January 2018 rose seven solutions, partnering with the SAGlobal leapt into the UK in per cent, even as net profits rolled likes of Avaya. Revenues rose by 2017 by snapping up Cardiff-based back from £32,000 to £4,000. nearly a quarter in its year to 30 M4 Systems, which it described at September 2017, and net profits the time as a “mirror image” of its 299 Deans Computer of £494,000 make it – relatively own business. UK arm SAGlobal Services speaking – one of the most Europe saw revenues clamber Revenue: £3.1m (+4%) profitable firms in this report. seven per cent to £4m in its year Net profit: 12.4% Staff: 46 to 31 December 2017, although Founded in 1982, Leeds-based 297 Communicate net profits more than halved to DCS caters for the accounting Technology £364,000. Globally, Hong Kong- software and IT support needs Revenue: £4m (+101%) based SAGlobal employs 600 staff of owner-managed businesses. Net profit: -20% Staff: 29 across 26 offices in 19 counties, Net profits hiked from £249,000 Founded in 2012, this Tees and claims to have 175,000 to £382,000 in its year to 31 Valley-based VAR said it one Microsoft Dynamics users. December 2017, outpacing the day plans to float on the AIM as four per cent rise in its top line. it unveiled “another incredibly 295 Lynx Networks Following its acquisition of successful year of growth”. Recent Revenue: £4m (+35%) Leckhampton during the year, it acquisitions Touchdown Offices Net profit: 5.5% Staff: 48 VAR 300 in numbers At £19.4bn, PROFILES EXPLAINED 50Revenue cut-offs

their combined Year-on-year➞ growth 40 revenue is 200 QuantIQ equal to the Revenue: £15.7m (+13%) 30

GDP of Nepal Net profit: 4.5% Staff: 121 £m 20 ➞ ➞ Net profit expressed Average monthly 10 as a percentage of staff numbers They added £2.1bn in 0 additional revenue in their revenues during the year Top 100 Top 200 Top 300 latest financial years, more Their combined net profits of At 64,922, the total number of staff than enough to buy the £449m (up from £432m a year they employ is roughly equal to the entire German, Belgian earlier) are roughly enough to buy population of seaside town Bognor and Argentinian four Boeing 737-800 aircraft Regis, and they created 8,493 net 2018 World new jobs in their last financial years Cup squads.

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Q&A: Des Lekerman, TIG

The CEO of this Microsoft Azure partner, ranked in our sector already. I think they have more than 282nd in this report, runs us through his ambitious 70 investments in our sector. It helps that they growth plans following its acquisition of netConsult understand our business.

You just bagged £6m investment from the TIG has reinvented itself as a cloud services Business Growth Fund (BGF) and have promised specialist, with expertise in areas such as Azure. to use this for organic and acquisitive growth. Just How easy have you found this transition, and did how ambitious are you for TIG now that you have you make any missteps along the way? the backing of BGF? When you make a transition it is all about timing. If I’ve always been ambitious, but it’s about finding you get the timing wrong then that is a big issue. It’s the right opportunity and we found that with BGF as not easy to do and we’ve spent two years focusing an investment partner with the first acquisition of on Microsoft Azure. We are now up there with a good netConsult. We are now going to work harder to grow run rate and in the top quartile of the Micrsoft CS these businesses and close the next deal. providers in the UK. But our initial investment was Our aspiration is to grow quickly. People say there about getting people skilled up and focused and is a fourth industrial revolution where businesses targeting the right areas. are looking to digitally transform, and that is what we can deliver to customers. Now that we have Which competitor do you respect the most and why? netConsult we have doubled in size and can offer UK Cloud. They stuck to their more to the mid-market, and as we do the second guns and focused on what acquisition we can broaden and deepen even their market is and what their more and cement our place in the market as a services are, did not waver growth business. from that and had massive growth in the business. I think BGF has a track record of backing firms in our Simon Hansford and his team sector. What kind of a partner do you expect it have done a fantastic job. to make? They are not really So far we have a good relationship with BGF. a competitor but I They understand our business, having invested really respect them.

This Milton Keynes-based IT consultancy, counting Avaya, staff costs, net profits doubled networking specialist enjoyed a Microsoft and Symantec as its to £304,000. The Fleet-based barnstorming year to 31 March key vendors. Its top and bottom firm, which also has offices in 2018, as revenues leapt by more lines went in opposite directions Edinburgh, Birmingham, Colorado than a third and net profits swelled in its year to 31 March 2017, with and Sydney, claims to have more from £8,000 to £224,000. A Cisco revenues up 15 per cent and net than 15 custom-developed Meraki deployment at 3,000-pupil profits shrinking from £103,000 to applications. Walton High is among the case £75,000. In July 2018 it was named studies showcased on its website. Bexley’s Business of the Year. 292 Capito It recently formed a partnership Revenue: £4.2m (-11%) with 2FA vendor Duo Security, 293 Nolan Business Net profit: 4.2% Staff: 41 which was acquired by Cisco in Solutions This Livingston-based VAR is October 2018. Lynx also has an Revenue: £4.1m (+9%) Pure Storage’s reigning Scottish office in Portsmouth. Net profit: 7.4% Staff: 50 Partner of the Year, and also Despite turning 30 last year, works with the likes of Veeam, 294 ITRM this Netsuite and Microsoft NetApp and Citrix. Net profits Revenue: £4.1m (+15%) Dynamics partner is to this day doubled to £176,000 in its year to Net profit: 1.8% Staff: 47 run by its founder, Tim Nolan. In 31 December 2017, defying an 11 Kent-based ITRM specialises its year to 30 June 2017, Nolan per cent revenue drop. In October in IT support, network cabling, saw revenues swell nine per cent. 2018, Capito made the cut for the voice and data, website design and Despite complaining of increased Digital Outcomes and Specialists

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3 framework. It also has offices in to 31 August 2017, which show 2017, although net profits were a Aberdeen and Reading. net profits of £547,000 on fairly paltry £64,000. revenues of £5.1m. 291 Eurotech Computer 285 BSI Cybersecurity and Services 288 Absoft Information Resilience Revenue: £4.7m (-21%) Revenue: £5.2m (-9%) Revenue: £5.4m (+14%) Net profit: 4.2% Staff: 13 Net profit: 3.7% Staff: 55 Net profit: -10.7% Staff: 51 As an oil and gas specialist, this This SAP Silver partner claims The British Standards Institute storage VAR has offices not to be seeing the fruits of a recent (BSI) created this business in only in its native Surrey but also restructuring drive after returning August 2017 off the back of its Aberdeen, Norway and South to profit in its year to 30 April acquisition of Farnborough-based Africa. The Nutanix, NetApp 2017. But revenue for the period cybersecurity provider Info- and Veeam partner succeeded fell nine per cent, unaudited Assure the previous year. It is now in nearly doubling net profits to figures show. Based in Aberdeen, the BSI’s centre of excellence for £195,000 in its year to 30 April Absoft showcases numerous oil managing and securing corporate 2018, despite revenues contracting and gas references on its website, information. Revenues for its year by a fifth. Its core skills span HPC, but stressed that its “previous to 31 December 2017 hit £5.4m, high-throughput storage, VM- dependence in any one sector a 14 per cent rise on a pro-rated aware storage, hyperconverged has significantly been reduced”. basis, while net losses stood at infrastructure, NAS optimisation It has built an ERP solution, £577,000. The BSI also acquired and cloud storage. Absoft Adima, tailored to SME Irish cybersecurity provider manufacturers. Espion in 2016. 290 Akhter Group Revenue: £4.8m (-15%) 287 Microtech Group 284 Consilium Net profit: 17.8% Staff: 41 Revenue: £5.3m (-5%) Revenue: £5.8m (+31%) This Essex-based OEM and Net profit: 14% Staff: 63 Net profit: 11.8% Staff: 26 reseller’s website showcases a This highly profitable Kilmarnock- Glasgow-based Consilium number of defence and education based tech support outfit counts bills itself as an IT and cloud case studies, including a deal NHS Scotland among its clients. infrastructure and security to supply 820 Acer tablets to Today, it boasts a diverse range of specialist certified by Microsoft, RMAS Sandhurst. Its most interests spanning not only IT and Palo Alto Networks, Veritas, Citrix recent accounts, covering the 18 telecoms but also digital marketing and VMware. For its year to 31 months to 31 December 2017, and telehealth, and claims to October 2017, revenues powered showed revenue of £7.2m, down harbour “European ambitions”. Net up by nearly a third, while net 15 per cent on an annualised profits in its year to 30 April 2017 profits of £683,000 make it one of basis. The future of public sector fell slightly to £749,000, equal to the more profitable firms in this IT investment is becoming 14 per cent of its £5.3m revenues. report. The IT manager of Celtic “increasingly uncertain”, Akhter It cited further expansion in the Football club is among those said, adding that it is investing in health and social care sectors as a singing Consilium’s praises in the developing “green technology” priority in its annual accounts. testimonials section of its website. such as solar street lights. 286 KRCS 283 Centiq 289 OnePLM Revenue: £5.3m (+79%) Revenue: £6m (-24%) Revenue: £5.1m (-12%) Net profit: 1.2% Staff: 20 Net profit: -15.7% Staff: 39 Net profit: 10.7% Staff: 32 Having opened its first Counting M&S, Unilever and The OnePLM brand was created AppleCentre in 1986, this Apple Prudential among its clients, in July 2018 when Siemens Premium Reseller has been Nottingham-based Centiq claims software resellers Cutting Edge providing Apple solutions since to have deployed SAP HANA for Solutions and Majenta PLM the days of the Apple II. Today over 50 organisations. It admitted merged. The duo claim the union KRCS operates stores in Hull, its fiscal 2018 ending 31 March created the largest UK and Ireland Derby and its native Nottingham. was “a year of transition and consultancy and technical support It also sells to education and development” as it posted a net organisation for Siemens’ design, businesses, and has a sideline loss of £933,000 on revenues that simulation, manufacturing and in wide-format printing from slumped by nearly a quarter. Major PLM software. For the purposes demonstration facilities at its head shareholder LDC has been “very of this profile, we have used office. Its revenues weren’t far off supportive”, providing additional Cutting Edge’s results for its year doubling in its year to 30 June investment in October 2017 to

6 VAR 300 help fund the restructuring activity Its Washington, DC-based parent 278 Ridgewall as Centiq pushes into cloud. turned over $34m in 2017. Revenue: £7.3m (-14%) Net profit: 11.3% Staff: 3 282 TIG 279 Tryzens This London-based managed IT Revenue: £6.4m (+21%) Revenue: £7.1m (+40%) and print specialist hasn’t filed EBITDA margin: 12.6% Staff: 48 Net profit: 0.7% Staff: 137 any new accounts since last year, The chief executive of this This globe-trotting retail tech when it reported a net profit of Watford-based Microsoft Azure specialist returned to profitability £821,000 on revenues of £7.3m for partner billed its January 2019 and delivered 40 per cent revenue the 12 months to 30 September acquisition of financial services growth in its year to 31 March 2017. It highlights an 11-year specialist netConsult as a “step 2018. Focusing on the Salesforce association with the Duke of towards our goal of becoming Commerce Cloud and Magento Edinburgh’s Award, to which the UK’s best cloud services Commerce Cloud platform, it has supplied IP telephones provider for medium-sized UK Tryzens provides e-commerce and managed print solutions businesses”. The deal, which solutions and services to retailers nationwide, on its website. coincided with a £6m investment including TM Lewin. The London- from the British Growth Fund, based firm, which is backed by 277 Certus Solutions doubled its headcount to 90 Scottish Equity Partners, also has Revenue: £7.4m (+28%) (see interview on p5 for more). bases in Bulgaria and India. Net profit: N/A Staff: N/A Revenues for its year to 31 March 2018 rose by a fifth, with EBITDA doubling to £808,000. Derailing larger competitors 281 Incremental Group Firms in the lower echelons of this report tend to be SMEs that also Revenue: £6.6m (+60%) sell to SMEs. Net profit: 9.1% Staff: 52 But proving that lack of stature need not be a barrier to enterprise Incremental Group claimed that glory, relative minnow Managed 24/7 – ranked 269th in this report – its June 2018 acquisition of CRM walked off with one of the deals of last year when it bagged a lucrative specialist Gap Consulting makes managed IT and Cisco network management deal with Virgin Trains. it one of the largest Microsoft The IT service desk will cover WCTL’s 3,500 staff and 17 station Dynamics partners in the UK, locations within the UK and aims to provide a single point of IT with 125 staff. This follows its ownership for the train operator. purchase of eBusiness in 2016. Milton Keynes-based Managed 24/7, which has just 48 staff and Accounts for its year to 31 March revenues of £8.6m, was appointed following an RFP process to form 2018 show revenue vaulting 60 per and net profits more than trebling the nucleus of a wider programme of change within Virgin Trains’ IT to £600,000. Despite having only services provision. been born in 2015, Glasgow-based “Our targets are set around reducing the amount of time and loss Incremental Group now boasts of productivity it takes to resolve IT issues for Virgin Trains staff, offices in Aberdeen, Cheshire, which is being measured from our centre in Milton Keynes,” CEO Manchester and London. John Pepper told us. “Success will be an even better experience for Virgin Trains 280 New Signature UK customers. We have real-time data feeds and suggested actions from Revenue: £6.9m (+20%) Net profit: -10% Staff: 52 applications, stations and key systems being monitored and presented to our staff on 200ft screens with the same live data being fed to Formerly known as Dot Net Virgin Trains management teams.” Solutions, this ‘cloud-first’ Microsoft partner grew revenues by a fifth in its year to 30 June 2017 following its takeover by US peer New Signature the previous year. The London-based Azure specialist recently formed a strategic partnership with SAP partner (and 106th-ranked outfit) Edenhouse, aimed at helping to move SAP clients into the cloud.

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This Guildford-based Oracle succession as it repositions itself as education and public sector case Platinum partner was gobbled up a complete comms and IT partner. studies, and the business struck by global consultancy Accenture Excalibur underwent a Santander- an optimistic note in its annual in May 2018. Certus specialises backed management buyout in accounts for the year to 30 April in Big Red’s ERP, HCM and talent May 2018 before acquiring local 2017 following its launch into acquisition cloud applications IT support provider Sensata in the local schools market. Annual and is one of the most successful July. For its year to 30 June 2017, revenues rose by 16 per cent, while suppliers on G-Cloud, having the Vodafone partner posted a net profits hit £74,000, compared conducted over £8m in business net loss of £21,000 on revenues with a £1.3m loss previously. through the government of £7.7m, up five per cent on a framework. Unabridged and pro-rated basis. 270 Microlink PC unaudited accounts for Certus’ Revenue: £8.5m (-3%) year to 31 May 2017 show revenue 273 Explorer UK Net profit: -12.8% Staff: 78 rising 28 per cent to £7.4m. Revenue: £8m (-13%) A specialist in the field of Net profit: 8.4% Staff: 29 assistive technology, Microlink 276 Babble Cloud Explorer UK claims it is the only was co-founded by Dr Nasser Revenue: £7.5m (+3%) remaining independent, single- Siabi, a computer scientist with Net profit: -4.9% Staff: 35 vendor Oracle partner for its chronic visual impairment. The Babble Cloud may be one of the Core Technology, engineered Hampshire-based outfit claims newest and most ambitious brands systems and Oracle cloud. MD it has helped over a quarter of in this report, but its most recent Ian Thomason recently told us it a million people with health results – which covered the year is gearing up to double the size of conditions in education and to 30 November 2017 – show a its Leeds headquarters. Revenues employment, including those net loss of £368,000 on revenues of and net profits for its shortened, with dyslexia, arthritis and vision £7.5m. Under new private equity 11-month year to 31 August 2017 and hearing loss. Its parent owner LDC, the contact centre fell 13 per cent and 21 per cent company, MLPC Parent, swung and UC specialist has rebranded on a pro-rated basis, according to to a £1.1m net loss in its year to from IP Solutions and made two numbers Explorer shared with us. 31 July 2017, with revenues falling acquisitions, including that of three per cent. Arden Group in October 2018. It 272 Peach Technologies now claims to have a revenue run Revenue: £8.1m (-2%) 269 Managed 24/7 rate of £20m and 1,200 customers. Net profit: 0.9% Staff: 77 Revenue: £8.6m Whiteley-based Peach claims Net profit: N/A Staff: 48 275 Mirus IT it created a “new super-power” This Milton Keynes-based MSP Revenue: £7.6m (+3%) for IT and comms on the south bagged a deal to provide a fully Net profit: 3.3% Staff: 89 coast of England in August when managed IT service desk and This Milton Keynes-based MSP it acquired local IT managed Cisco network management for announced in January 2018 that services provider Taylor Made. Virgin Trains in April 2018 (see it had become the official IT The deal propelled Peach’s p7). Although it is small enough services partner of Northampton revenues to £20m, headcount to not to have to disclose revenues Saints. It chalked up a three per 200 and customer base to 1,000, and profits in its annual accounts, cent revenue rise in its year to 31 with its CEO promising further Managed 24/7 turned over £8.6m August 2017 to a hike in recurring acquisitions. For its year to 31 in 2016 and has 48 staff, according revenue from contracted IT August 2017, Peach saw revenues to the FT 1000 – numbers we support and managed backup fall by two per cent to £8.1m, have used for this profile. It ranked services, which rose from 45 to with net profits shrivelling from 588th in the report on the back 48 per cent of the total. One-off £614,000 to £76,000. of 270 per cent growth over hardware and software revenues three years. fell slightly, however. 271 Snelling Business Systems 268 Systems Technology 274 Excalibur Revenue: £8.3m (+16%) Revenue: £8.6m (+7%) Communications Net profit: 0.9% Staff: 46 Net profit: 19.5% Staff: 51 Revenue: £7.7m (+5%) This Norwich-based audiovisual A lack of new annual accounts Net profit: -0.02% Staff: 58 specialist is run as a charitable means we’ve had to recycle last This Swindon-based mobile and trust set up by its founder Roy year’s numbers for this Rochester- voice specialist has acquired a Snelling. Its website boasts an based managed print specialist, string of IT providers in quick impressive array of corporate, which banked an impressive net

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Enlarging margins Average profit margins among the 100 firms tracked in CRN Top VARs 2018 fell steeply for a second successive year, but does this pattern hold for the wider VAR community analysed in this report? Published in December 2018, CRN Top VARs ran the rule over resellers with revenues of between £1.4bn and £40m, while this study encompasses this top 100 plus a further 200 resellers with revenues ranging from £40m to £3m. Thankfully, the margin crunch suffered by the top 100 was not repeated by their smaller brethren. In fact, quite the opposite. Those ranked from 101 to 200 (resellers with between £15m and £40m revenues) posted combined net profits of £114.6m in their most recent financial years, equating to 4.5 per cent of their £2.57bn collective revenues. That’s a clear rise on the previous year, when these 100 firms posted combined net profits of £94.6m, equating to 4.0 per cent of their £2.36bn collective revenues. Average (mean) net profit margins among this group Average (mean) profit margin also rose, from 3.9 to 4.4 per cent (see p11 for separate percentage analysis). It was a similar story for those ranked from 201 to 300 Most Previous (which boast a turnover between £4m and £15m). recent year This group generated combined net profits of £27.7m in year their latest financial years on record, equal to 2.8 per cent Top 300 3.0 2.8 of their £998m combined revenues. A year previously, they 1-100 3.1 1.8 generated just £16.9m in combined net profits, a mere 101-200 4.0 4.5 1.5 per cent of their collective £934m sales (see p11 for separate analysis). 201-300 1.8 2.8 Thanks to the outperformance of this report’s smaller VARs, average (mean) net profit margins among the top 300 as a whole actually rose, from 2.8 to 3.0 per cent. Looking at it slightly differently, the 289 firms that qualified for the analysis* posted combined net profits of £449.2m, equating to 2.8 per cent of their £16.2bn collective sales. This compares to the £432.0m they banked a year previously, equal to 3.0 per cent of their £14.4bn collective sales. Firms in the top 100 variously grumbled of increased competition, the Margin distribution of top 300 80 rise of cloud, and Brexit as 80 they sought to explain a 7070 contraction in their bottom 60 lines. The 200 VARs ranked 60 below them appear to 5050 have encountered no such 40 difficulties, at least if their 40 results are considered en 3030 masse. 20 Nearly half (137 out of 291) 20 of the VARs that qualified for 1010 this analysis had a net profit 0 margin of either zero to two per 0 >10% > -10% 0 to -2% 0 to 2% 2 to 4% 4 to 6% 6 to 8% cent or two to four per cent. -8 to -10% -6 to -8% -4 to -6% -2 to -4% 8 to 10% Some 54 made a loss.

*Firms not qualifying for profit analysis: WWT, SHI, BT, KCOM, Capita, PCM, Daisy, Six Degrees, Managed 24/7, TIG, Certus Solutions

9 VAR 300 profit of £1.7m on revenues of the previous 13-month period). year to 31 March 2018 bounced £8.6m in its year to 30 June 2017. The HP, Microsoft and Sage seven per cent, while net profits Systems Technology was awarded partner said in its annual accounts shrank from £164,000 to £111,000. Platinum status in Canon’s new that it will launch a consolidated The year it was founded – 1986 – partner programme in July 2018, brand for its group of companies, is symbolised by the 11111000010 and in November announced which also include comms reseller binary notation in its logo. its acquisition of FileHound, Ignite and C2 Software. It is a browser-based electronic also investing in LinkedIn Sales 261 Open Systems document management solution. Navigator. Technology Revenue: £9.4m (-17%) 267 Castle Computer 264 Freestyle IT Net profit: 1.7% Staff: 1 Services Revenue: £9m (+56%) The UK arm of this US solution Revenue: £8.8m (+7%) Net profit: 3.5% Staff: 21 provider focuses on high-volume, Net profit: 2% Staff: 77 This Dell EMC, HPE, Microsoft low-margin infrastructure sales, Castle founder Andrew Munro and VMware partner enjoyed serving as it does the UK needs retired in April 2018 after selling a bravura year to 31 December of its parent’s global clients. the business software and 2017, with revenues plumpening Based in London, Open Systems managed IT provider to a recently up by more than a half on the back Technology Limited has only been formed buy-and-build outfit, Kick of some “significant” datacentre trading since September 2013, ICT Group. Glasgow-based Kick hardware projects with blue-chip and saw revenues for its year to 31 ICT claimed the move would clients. The Hampshire-based March 2017 fall from $16.2m to propel its revenue, headcount firm, which was founded in 2002, $11.7m (we have used historical and customer base to £12m, 100 said its technical services division conversions for the purposes of and 700, respectively. Castle itself, also enjoyed a “strong” year. this profile). 2018 results were which partners with Microsoft During the period it claimed it overdue as we went to press. Dynamics, Infor and VMware, invested heavily in marketing and posted revenues of £8.8m in its new business development. 260 Switchshop year to 31 December 2017. Revenue: £9.5m (+36%) 263 Recarta IT Net profit: 6.9% Staff: 21 266 SICL Revenue: £9.2m (-4%) This Hitchin-based networking Revenue: £9m (+48%) Net profit: 3.7% Staff: 17 VAR’s top and bottom line both Net profit: 13.4% Staff: 49 This Dorking-based outfit claims surged in its year to 31 May 2018 This Leeds-based managed IT to be IBM’s second-largest UK following a management buyout provider changed ownership in support partner, and also works the previous November. Revenues April 2018 when it was snapped closely with ERP vendor Infor. boomed 36 per cent. Net profits up by a newly formed buy-and- At £9.2m and £337,000, revenues more than matched this, doubling build vehicle, MXLG – a joint and net profits for its year to 31 to £652,000. Vendor partnerships venture between MXC Capital and March 2018 dropped by four include HPE, Splicecom, Liberty Global. A change in SICL’s and three per cent, respectively. SonicWall, Netgear, APC and year end to 31 December means it Recarta claims its client base, Fortinet, with which it recently hasn’t filed any new accounts since which includes banks, retailers became accredited as a Platinum those for its year to 30 June 2017, and manufacturers on the UK partner. which showed net profits of £1.2m mainland as well as the Channel on revenues of £9m. It claims it Islands, now stands at over 300 259 Pacific Computers won a “major” Dell EMC VxRail following its 2017 acquisition of Revenue: £9.5m (-6%) project in February 2018. Signature Consulting. Net profit: 3.4% Staff: 47 Having started life as an IT 265 Utilize PLC 262 Autodata supplier, today Basingstoke Pacific Revenue: £9m (+9%) Revenue: £9.2m (+7%) bills itself as a “leading force” in Net profit: 3% Staff: 93 Net profit: 1.2% Staff: 14 audiovisual installation. It has Aiming to be the “partner of Specialising in security, developed a number of “innovative choice” for SMBs across London networking and datacentre experiences” for Madam Tussaud’s and the South-East, Romford- technology, this Tech City, London, including a video wall based Utilize saw net profits triple London-based VAR is an AWS that enabled visitors to strut their to £269,000 on revenues of £9m Advanced Consulting partner and stuff on the catwalk alongside in its year to 31 December 2017 holds Gold status with Palo Alto Cara Delevingne. Results for the (a nine per cent pro-rata hike on and Pure Storage. Revenues for its 15 months to 31 March 2018 were

10 VAR 300 hardly a model set of numbers, Vision Systems and audiovisual the ARIA and Myricom brands. however, with annualised revenues outfit PEL Services. Revenues and and net profits down six and 41 net profits both rose in its year to 256 Pennine Telecom per cent, respectively. 30 April 2018. Revenue: £9.7m (+3%) Net profit: -1.2% Staff: 73 258 Boston Networks 257 CSPI Part of Nycomm, which also owns Revenue: £9.5m (+17%) Revenue: £9.5m (+61%) comms distributor Nimans, this Net profit: 4.5% Staff: 84 Net profit: 1.6% Staff: 11 Bury-based comms reseller claims Glasgow-based Boston bills itself This NASDAQ-listed IT managed it has vendor partnerships dating as a specialist in smart building, services and security provider back to its origins in 1976, when smart campus and smart city stressed it would continue to it started life as a two-way radio solutions, recently snaring a operate in the UK when it sold its repair specialist. Despite posting contract to deliver an Aruba WiFi German arm in July 2018. The UK a net loss of £1.2m, Pennine solution for Glasgow, Aberdeen subsidiary, which serves certain described its performance in its and Southampton Airports. multinational clients, saw revenue year to 31 December 2017 as Having sold a major stake to mushroom from £5.9m to £9.5m “strong” as its preferred profit investment fund Aliter Capital in its year to 30 September 2017. measure of underlying EBITDA in January 2018, Boston made A Titanium partner of Dell EMC, more than doubled to £960,000. two acquisitions last year, namely CSPi also develops its own security During the year it acquired physical security specialist 2020 platforms and appliances under Co-Channel Electronics. Profit analysis: VARs 201-300 Those filling the minor positions of 201 to 300 in this report may not be quite as profitable as the 100 ranked directly above them (see p22), but their margins are increasing at a faster rate. Of the 97 firms among those ranked 201 to 300 that qualified for this analysis*, average (mean) net profit margins stood at 2.8 per cent, almost double the 1.5 per cent average achieved a year earlier, making them more profitable than the top 100. They banked combined net profits of £27.7m in their most recent financial years on record, equating to 2.8 per cent of their collective £997.9m revenues. That compares favourably with the £16.9m in combined net profits they banked a year earlier, equating to 1.8 per cent of £934.4m collective revenues. Of these 97 firms, 76 made a net profit (with 13 achieving a double-digit margin), and 21 a loss. Some Most profitable resellers 52 saw their net profits margins increase, with 45 suffering a margin contraction. Net profit As for the top line, those ranked 201 to 300 posted margin total revenues of £1.004bn. This combined figure, Bistech Group 39.7% which is up 6.9 per cent year on year, equates to just Systems Technology 19.5% 5.2 per cent of the top 300’s total, and would only be Akhter Group 17.8% enough to place it third in the top 300 league table if it represented a single player. Content & Code 15.4% *Firms not qualifying for profit analysis: Managed 24/7, Pythagoras Communications 15.0% TIG, Certus Solutions Microtech Group 14.3% Retail Assist 13.8% 201-300: Total revenue SICL 13.4% recen ost t ye M ar Pinnacle 13.0% evious yea Pr r Deans Computer Services 12.4% £1bn Consilium UK 11.8% £940m Ridgewall 11.3% OnePLM 10.7%

11 VAR 300

Away from prying eyes

The job of compiling Specialism HQ Historic revenue these rankings was made a little harder IGX Global Cisco London £14.3m this year after a Decorus General tech Hampshire £11.3m change in rules meant Business Systems Finance sector London £10.4m many of the smaller International firms we track are no IT Xchange Refurbished kit Scotland £10.2m longer compelled to report their revenues Fordway Cloud consulting Surrey £10.1m and profits on Taylor Made MSP Hampshire £10.1m Companies House. Xperience Group Microsoft Northern Ireland £9.7m The revenue threshold for small Concorde IT Group IT support West Yorkshire £9.1m companies has Datasharp Comms Cornwall £8.5m risen from £6.5m Datrix Networking London £8m to £10.2m (the Upgrade Options General tech Hampshire £8m threshold for balance sheet totals has also Digitavia Audiovisual Surrey £7.6m been doubled to NS Optimum PC builder Warwickshire £7.4m £6.5m), meaning that Evolve Secure Managed security Hampshire £7m a vast swathe of firms Solutions in the lower echelons Iansyst Assistive tech Cambridgeshire £6.6m of this report last year no longer divulge the Core Technology Microsoft Northern Ireland £6.2m numbers that would Services have allowed us to Arcus Global AWS Cambridgeshire £6.1m include them this MDS Technologies Cloud consulting Wiltshire £6m time around. NAK Consulting MSP Northamptonshire £5.4m In fact, 19 firms Services that would probably have otherwise made the cut didn’t report the relevant figures for their latest financial years. This includes two firms from Northern Ireland – Core Technology Services and Xperience Group – and Datasharp, a Penryn-based comms reseller that would have been this report’s sole representative from Cornwall. Decorus, Concorde and Taylor Made are among the other prominent names that have moved down to small company accounts.

‘Temporary hiatus’ One firm whose absence from this report looks to be Arcus took on outside investment for the first time in temporary is fast-growing AWS partner Arcus Global. May 2018, bagging £3m from YFM Equity Partners in Having reported £6m revenues in its fiscal 2016, exchange for an undisclosed stake. Arcus was not required to report 2017 revenues CEO Denis Kaminskiy told CRN that he and his and profits after HMRC raised the threshold for team had built the business to a point where extra exemptions for small businesses. However, it told us help was needed to scale. informally that it turned over £9m in 2017 “We think we’ve done really well with the growth (which would have ranked it 266th) and up to this point,” he said. will have to report numbers in future Kaminskiy said the cash injection would be used considering it is gunning for £13m revenue. to introduce new features to its products and grow Counting 30 local councils among every aspect of its business, especially sales and its clients, Cambridge-based marketing.

12 VAR 300

255 Amicus ITS 252 Adept4 This Stockport-based business Revenue: £9.8m (-13%) Revenue: £10.3m (+109%) intelligence specialist’s “aggressive Net profit: 3.8% Staff: 86 Net profit: -5.7% Staff: 105 pursuits” in the public sector This Southampton-based MSP This AIM-listed Mitel and helped fuel a 10 per cent revenue saw revenues dip by 13 per cent Microsoft partner recently hike for its year to 31 March 2018. in its year to 30 September 2017 concluded a cost-cutting Despite this, it logged a net loss as it continued to wind down the programme after swinging to a of £492,000. Owned by Indian services it delivers to erstwhile £583,000 net loss in its year ending company Saksoft, Acuma bills parent company Care UK. It also 30 September 2017. Revenues for itself as a digital transformation said it lost out from one of its blue- the year more than doubled as it specialist, partnering with the likes chip customers taking services bedded down recent acquisitions. of SAP, Birst, Jaspersoft, Microsoft, in-house. The deficit was partly The Warrington-headquartered LogiAnalytics, SAS, Talend and plugged by winning a contract outfit has secured coveted Tibco Spotfire. with a “major UK healthcare Microsoft Gold Cloud Platform provider”, however. During partner status since year end, and 248 Pythagoras the year, Amicus established a recently settled a legal dispute over Revenue: £10.7m (+5%) corporate entity in India, where the final price of an acquisition. Net profit: 15% Staff: 118 its SOC is based. This Microsoft specialist recruited 251 Nettitude tech tycoon Vin Murria as a 254 Highspeed Office Revenue: £10.4m (+27%) strategic adviser and investor in Revenue: £10m (+6%) Net profit: 5.3% Staff: 92 September 2018. With offices Net profit -5.4% Staff: 44 Rowland Jones, founder of this in Maidenhead, London and This London-based comms £10m-revenue Leamington Spa- Solihull, Pythagoras specialises specialist broke the £10m barrier based penetration testing specialist, in Microsoft Dynamics 365, in its year to 31 March 2018, is also a director of not-for- Office 365, Sharepoint and Azure, although one-off costs pushed profit cybersecurity certification boasting over 400 Microsoft it deeper into the red, with net body Crest. Nettitude sold up accreditations. Revenues increased losses widening from £244,000 to to professional engineering and four per cent in its year to 31 £539,000. It claims it has snared technology services giant Lloyd’s December 2017, with net profits £9.8m in public sector contracts, Register in March 2018 in a move falling from £2.4m to £1.6m. including £5.5m in its latest year, Jones said would “supercharge” since making the cut for three its growth. Revenues for its year 247 Risual lots of the National Services to 31 March 2017 vaulted 27 per Revenue: £10.7m (-17%) Framework Agreement in 2015. cent, with net profits pogoing from Net profit: -0.8% Staff: 164 It also boasted of ending the £421,000 to £545,000. This Microsoft consultancy period with its largest backlog of blamed a contraction in its top business ever. 250 SysGroup PLC and bottom lines in its year to 31 Revenue: £10.5m (+33%) December 2017 on an “expected” 253 Frontline Net profit: 2.3% Staff: 74 slowdown in sales in its core Revenues: £10.2m (+25%) This AIM-listed IT managed public sector market, although Net profit: 7.4% Staff: 86 services and cloud hosting claimed that spending picked up Billing itself as the UK’s “leading” provider grew revenues by a third in the second half. The Stafford- SAP Business One and Sage in its year ending 31 March 2018 based firm highlights the help it X3 ERP consultancy, Frontline as it ploughed on with its M&A has given several police forces enjoyed a barnstorming year to spree. Having gobbled up Sys- in migrating to Microsoft Office 31 December 2017, with revenues Pro in 2016, the Liverpool-based 365 among the case studies on its hiking by a quarter and net firm, which partners with vendors website. It also partners with the profits swelling from £471,000 to including WatchGuard, Microsoft likes of Celestix, Provance and £758,000. With its headquarters and Veeam, grabbed Rockford IT Gamma. and primary datacentre based in November 2017 for £3.85m. in Cheshire, Frontline also April 2018 saw it unveil a unified 246 Circle IT boasts offices in Manchester and brand and new CEO, in the form Revenue: £10.8m (-1%) Surrey. Its website features an of Adam Binks. Net profit: 2% Staff: 72 impressive array of video case This Cardiff-based IT support studies, including ones for JCB 249 Acuma Solutions specialist’s top line plateaued in and the Deafness Support Revenue: £10.5m (+7%) its year to 30 November 2017 Network. Net profit: -4.7% Staff: 16 following a period of growth. It

13 VAR 300 admitted that investment in its returned to growth in its year to business in April 2017. It has now senior leadership contributed to 31 December 2017, with revenues failed to turn a profit for six years, increased overheads during the bulging 17 per cent and net although net losses narrowed from year, as net profits dipped from profits ticking up from £221,000 £819,000 to £725,000 this time. £368,000 to £213,000. The Dell to £350,000. October 2018 saw it EMC Platinum partner, which move to new premises situated in 239 Majenta Solutions also works with the likes of Oxford Science Park. Revenue: £11.5m (-5%) Microsoft, VMware, Veeam and Net profit: 0.7% Staff: 33 Datto, recently bagged a place 242 Port -P This Brentwood-based Autodesk on two lots of a £50m higher- Revenue: £11.5m (-7%) and Dassault Systemes partner education networking framework. Net profit: 3.5% Staff: 19 displayed a glass-half-full mentality Revenues for 2018 hit £15m, it told This Birmingham-based reseller in its latest annual accounts, which us informally. ate its own dog food in its year to showed net profits halving to 31 December 2017 by moving its £85,000 on revenues that slipped 245 Man and Machine own systems into the cloud with five per cent in the year to 31 Revenue: £10.9m (+27%) Netsuite and Microsoft Office December 2017. Shrugging this Net profit: -1% Staff: 29 365, in line with its customer off, it argued that Brexit will bring Part of €160m-revenue German messaging. It also relocated “significant opportunities” among CAD giant Mensch und Maschine, premises to a more “cost-effective” its manufacturing client base, this Oxfordshire-based Autodesk space, resulting in one-off costs of which it said is looking to work partner saw revenues vault by £85,000. Port-P said it is moving with SMEs to help them design over a quarter in its year to 31 from offering ‘boxes’ towards products more efficiently. December 2017, with its VAR and providing end-to-end solutions, software distribution activities stressing that a seven per cent 238 Principal both steaming ahead. The annual revenue drop was planned. Revenue: £11.6m (-2%) directors expressed confidence Net profit: 8.4% Staff: 88 that it will achieve its goal of 241 Pugh Computers This West Sussex-based print returning to profitability in 2018 Revenue: £11.5m (+8%) specialist, a partner of HP, Invu, after net losses narrowed from Net profit: 2.9% Staff: 17 Konica Minolta, Kyocera, Sharp, £444,000 to £113,000. Founded in 1981 by Jeffrey Canon, Samsung and Microsoft, Pugh, Aberystwyth-based Pugh indicated in its annual accounts 244 Codestone Computers bills itself as one of the that it will look to expand by Revenue: £11.2m (+6%) UK’s leading suppliers of software acquiring businesses with a Net profit: 3.4% Staff: 100 to schools, holding top-level “cultural synergy”. The directors This Poole-based SAP partner competencies with Microsoft, declared themselves to be pleased claims it was the first to take SAP Adobe and Sophos. It enjoyed with results for the year to 31 Business One to market after another year of solid growth, March 2017, which showed its launch in 2003, the first to posting flat net profits of £329,000 net profits rising fractionally to achieve SAP Gold status, and that on revenues that clambered eight £972,000 on revenues that slid it is one of only two Master SAP per cent in its year to 31 January two per cent. VARs. It also partners with Citrix, 2018. Pugh is on a number of VMware and Microsoft. Revenues education frameworks, including 237 MBA Information for its year to 30 September 2017 Crescent Purchasing Consortium. Technology climbed six per cent to £11.2m, Revenue: £11.6m (-16%) while net profits were roughly flat 240 m-hance Net profit: 1% Staff: 26 at £382,000. Revenue: £11.5m (-9%) Having sold off its managed Net profit: -6.3% Staff: 125 services business in 2016, this 243 Prolinx This Manchester-based Microsoft IT VAR returned to the black in Revenue: £11.4m (+17%) Dynamics 365 and GP specialist its year to 31 December 2017, Net profit: 3.1% Staff: 69 counts charities Oxfam and Solent generating a net profit of £118,000 Founded in 1997, Prolinx bills Mind among its customers. Its on revenues that tumbled 16 per itself as a specialist in secure results for its year to 31 December cent. The London-based outfit, managed services for the defence, 2017 show a second successive which partners with the likes of government and police sectors, annual revenue decline, which HP, IBM, Lenovo, Dell, Cisco, sponsoring the drinks reception it blamed on the transition to Microsoft, VMware and Nutanix, at the recent Police ICT Summit recurring cloud-based revenues, counts smoothie maker Innocent 2018. The Dell EMC partner as well as the disposal of its AX Drinks among its clients.

14 VAR 300

236 Roche Audio Visual audiovisual integrator can trace revenue and profit growth amid Revenue: £11.9m (-1%) its roots back to the 1940s, when “difficult market conditions” in its Net profit: 5.9% Staff: 46 it started life as a TV and radio year to 31 March 2017. Net profits This Elland-based audiovisual rental chain. Revenues and net rose from £333,000 to £488,000, integrator recently won a tender profits both dipped in its year which it attributed to efforts to to supply and install AV upgrades to 31 December 2017, a trading expand its IT support services. across 19 rooms at the University performance it said reflected Born in 1983 as Premier Computer of Portsmouth. It is among the a “competitive marketplace”. A Supplies, Form IT holds vendor minority of firms in this report contract to kit out one of Olsen badges with the likes of Microsoft, that saw profit margins rise in Cruise Lines’ cruise ships with VMware, Citrix, Symantec and its latest financial year, with net a 3D cinema room is among the Check Point. It claims three profits in its year to 31 December case studies showcased on its quarters of its revenues come from 2017 swelling from £570,000 to website. repeat business. £699,000, even as revenues dipped two per cent. It claims it reduced 232 Vetasi 229 Lima Networks running costs by 13 per cent Revenue: £12.3m (+41%) Revenue: £12.5m (-7%) during the year. Net profit: 8.4% Staff: 83 Net profit: 1.3% Staff: 60 A specialist in IBM’s Maximo “Significant structural 235 Content and Code EAM and Control Desk products, improvements” made by Revenue: £12m (+19%) Vetasi is growing like stink, this Salford Quays-based IT Net profit: 15% Staff: 83 with its top line for its year to infrastructure VAR hit its results This highly profitable Microsoft 30 September 2017 booming 41 for its year to 31 December 2017, Sharepoint consultancy sold up to per cent and net profits almost as revenues fell seven per cent and 118th-ranked IT Lab in October, doubling to £1m. On the back net profits tumbled from £683,000 citing the need to add a managed of the “strong” performance, the to £164,000. The goal is to shift services capability to complement Bristolian outfit has expanded its away from traditional product its focus on digital transformation Polish operation and entered the sales in favour of managed and (see interview p23). The London- Spanish market, offering both cloud services deals that result based outfit saw revenue spike legacy services and ServiceNow in longer-term contracts. It also by nearly a fifth in its year to 31 capabilities. Even so, £9.5m of its rolled out a new core IT services December 2017, with net profit £12.3m revenues last year were delivery platform and accounting virtually trebling to £1.8m. IT generated in the UK. system during the year. Lab saw its revenue run rate and headcount swell to £60m and 550, 231 Jade Solutions 228 Modality Systems respectively, off the back of the deal. Revenue: £12.4m (-3%) Revenue: £12.5m (+43%) Net profit: 1.3% Staff: 41 Net profit: -17% Staff: 101 234 Bamboo Technology This Merseyside-based wireless Modality Systems’ management Revenue: £12m (-6%) and mobility specialist claims it said they will monitor costs Net profit: 2.1% Staff: 55 has redoubled its growth efforts closely after the St Albans- This Cheltenham-based mobile following its acquisition by based Microsoft comms and and telecoms specialist said it was European reseller giant Econocom collaboration specialist fell to pleased with its results for the in July 2017. These efforts another significant net loss in year to 30 June 2017, which saw it include enlisting a new sales its year to 31 December 2017. return to profitability on revenues director. Results for its year to 31 Revenues rocketed by 43 per that slipped by six per cent. It is a December 2017 were affected by cent, which it chalked up to service provider of O2 Services, the distraction of the sale process, the “continued success of our owning contracts with 51,000 Jade admitted, as revenues fell sales team”. Modality, which has subscribers, but added Vodafone three per cent. At £158,000, net 1,000 customers worldwide, was as a second network during profits would have grown but acquired by US giant PGi in 2015. the year. It also offers fixed-line for the occurence of a £920,000 services and telephony systems. charge for share options exercised 227 Western Computer upon the sale. Revenue: £12.7m (-4%) 233 Involve Visual Net profit: 0.7% Staff: 64 Collaboration 230 Form IT Solutions Western Computer claims its Revenue: £12.3m (-7%) Revenue: £12.4m (+1%) founder was one of the first users Net profit: 3% Staff: 129 Net profit: 3.9% Staff: 35 of an Apple 11 Computer in the This Warrington-based This Luton-based reseller achieved UK, and was so impressed that

15 VAR 300 he set up his own Apple reseller. Cisco Gold partner whose clients and revenues for its year to 30 Today, Western operates six Apple include Mitsubishi and Dyson. June 2018 were both roughly flat. Premium Reseller stores, including Revenues consequently shot up Having scored investment from in its home town of Bristol. Plans 50 per cent to £13.3m, while a net Foresight Group and RBS in May to open further outlets are in the loss of £280,000 was reversed to a 2017, the Nottingham-based pipeline, it revealed in its annual profit of £281,000. Maven Capital firm said it expects its growth to accounts for the year to 2 January Partners-backed Vodat revealed in “accelerate”, claiming retailers are 2018, which showed net profits its annual accounts that is hunting outsourcing to save internal costs falling from £123,000 to £89,000 for further acquisitions. and investing in technology for the on revenues that slid four per cent. omni-channel era. 223 York Telecom 226 4NET Technologies Revenue: £13.4m (+1%) 220 Krome Technologies Revenue: £13m (+81%) Net profit: -8.9% Staff: 75 Revenue: £13.7m (+3%) Net profit: 4.7% Staff: 48 The local arm of this US Net profit: 1.8% Staff: N/A A £9m investment from private videoconferencing specialist Boasting offices in Surrey, equity house YFM in September maintained revenues in its year to Manchester and London, Krome 2017 kick-started “the next phase 31 December 2017 by targeting bills itself as a vendor-agnostic of growth” for this Manchester- more non-UK sales, grumbling technology consultancy, although based Avaya Diamond Edge that the UK economy “remains it holds Platinum status with Dell partner. It was already one of the uncertain”. Some £4.3m of the EMC. It enjoyed a solid year to market’s fastest-growing players, £13.4m total was drawn from 31 October 2017 as revenues with revenue for its year to 31 equipment, and £9.1m from climbed three per cent and net March 2017 rocketing 81 per cent services. Its UK office is in profits widened from £148,000 to on the back of some bumper wins Basingstoke, but its global HQ is £241,000. Case studies trumpeted in the utilities and government situated in New Jersey. Migrating on its website include its migration sectors. Net profits surged from from Skype to Microsoft Teams is of 18,000 Windows XP machines £133,000 to £613,000. a key theme on its homepage. for a large retailer. 225 Prodec Networks 222 Comcen Computer 219 JT (Global) Revenue: £13.2m (+7%) Supplies Revenue: £13.7m (+7%) Net profit: 2.5% Staff: 62 Revenue: £13.6m (+21%) Net profit: -1.6% Staff: 58 This Reading-based Cisco, Net profit: 1.3% Staff: 63 After expressing concerns that Palo Alto and Mitel partner in One of only six Wales- a rollout programme with a November 2018 launched a new, headquartered firms in this report, key customer, Kraft Heinz, user-friendly website which is this Swansea-based IT supplier was slowing down in its fiscal packed with case studies that described its 12 months to 31 2016, this Jersey-based Avaya showcase its skills. Prodec enjoyed December 2017 as a “good year Platinum partner indicated that a solid year to 31 May 2017, with overall”, as profits and revenues the partnership got back on track net profits nearly doubling to both expanded, the latter by in its year to 31 December 2017. £326,000 and revenues plumping more than a fifth. During the Total revenues rose seven per cent, up seven per cent to £13.2m. year it launched a managed print with £5.1m of the £13.7m total Having invested in its operations division, opened a Harrogate generated from overseas. Outside and technical team during the office, and continued to invest in the Kraft deal, business was “not year, it stressed it will continue its audiovisual capabilities. Overall as buoyant”, and net losses for the to in-source services which had confidence in the market is “still period widened from £91,000 to previously been sub-contracted diminished by the Brexit vote”, it £226,000. to partners. added, however. 218 Galtec 224 Vodat Communications 221 Retail Assist Revenue: £14m (+45%) Group Revenue: £13.7m (-11%) Net profit: 2.8% Staff: 30 Revenue: £13.3m (+50%) Net profit: 13.9% Staff: 210 This Leeds-based HP, Lenovo and Net profit: 2.1% Staff: 98 As its name suggests, Retail NetApp Gold partner recently This Stockport-based business Assist specialises in providing launched its Quote Me store, telecoms provider doubled in size IT support to retailers, recently a web store designed to return during its fiscal year to 31 March adding Ted Baker and Sea Salt price, stock and availability within 2018 thanks to its acquisition of to its client roster. At £1.9m and 15 minutes. Galtec enjoyed Axonex, a Cheltenham-based £13.7m, respectively, net profits lightning growth in its year

16 VAR 300 to 31 December 2017, thanks impressive nine per cent of its to 30 June 2017, it saw net losses in part to its inclusion on the £14.4m revenues. Following a halve to £738,000 on revenues that government’s monster Technology delay, the Guildford-based firm bulked up by more than a third. Products 2 framework. Revenues is gearing up to migrate its core It also brought its newly formed mushroomed 45 per cent to £14m network to new ‘leading-edge’ co-location division into profit in and net profits more than doubled Juniper technology, which it the period. to £386,000. intends to release to customers imminently. 211 Complete IT 217 Focus 21 Visual Revenue: £14.7m (+24%) Communications 214 Computerworld Net profit: 4.4% Staff: 145 Revenue: £14.4m (+32%) Revenue: £14.5m (+17%) This High Wycombe-based MSP Net profit: 0.1% Staff: 89 Net profit: 2.3% Staff: 46 has its sights set on becoming The “quality of workmanship” This Bristol-based VAR “the leading national provider possessed by this Surrey-based overhauled its compensation of local IT support services”, via audiovisual integrator was flagged plan for its sales staff during a combination of organic and up by its new owner, 59th-ranked its year to 31 December 2017 acquisitive growth. Revenue for AVMI, at the time it acquired it as part of efforts to embrace its year to 31 March 2018 leapt by in May 2018. Focus 21, which managed services. Growth of its nearly a quarter to £14.7m, with recently kitted out investment services business helped shield “strong growth” anticipated in its firm Carlyle Group’s new Computerworld against falling current year thanks to its May headquarters, said its SI project product margins in its year to 31 2017 acquisition of Bristol-based business “faced a challenging December 2017 as it doubled net Pegasus partner AMA. Some 68 period” in its annual accounts profits to £327,000 on revenues per cent of its revenues are now covering the 14 months to 30 that rose 17 per cent. In May recurring in nature. June 2018. On a pro-rated basis, 2018 it performed a management revenues rose by nearly a third to buyout, led by MD John 210 ZenOffice £14.4m, however. Armstrong. Revenue: £14.8m (-4%) Net profit: -1% Staff: 76 216 Wavenet 213 Transputec A run of seven straight years Revenue: £14.4m (+5%) Revenue: £14.7m (-20%) of top-line growth came to a Net profit: 8.5% Staff: 43 Net profit: 1.8% Staff: 61 halt for this Manchester-based Wavenet’s directors weren’t lying This London-based MSP said business supplies and managed in their 2017 annual review when in its directors’ report for its print specialist in its year to 31 they said they were “actively year to 31 March 2017 that it December 2017, as revenues rolled pursuing” further acquisitions. remains “cautiously optimistic”, back from £15.4m to £14.8m. Having performed a £35m despite seeing revenues fall by a Several one-off charges also management buyout backed fifth and net profits shrink from pushed it to a £152,000 net loss. by Beech Tree Private Equity £912,000 to £265,000. A managed In April 2018, the Xerox Gold Partners in 2017, the unified services contract with arts and partner – which claims to serve comms specialist accelerated its crafts retailer Hobbycraft, which 2,400 customers in the North- M&A spree in September 2018 by appointed Transputec to take West – sold up to Office Teams, acquiring larger rival, 171st-ranked some weight off its eight internal a £140m-revenue office supplies Solar Communications. For its IT staff, is highlighted among the giant backed by Better Capital. year to 30 April 2017, Solihull- case studies on its website. based Wavenet logged a £1.2m net 209 Reflex profit on revenues that rose five 212 Vysiion Revenue: £14.8m (+15%) per cent to £14.4m. Revenue: £14.7m (+37%) Net profit: 2.3% Staff: 54 Net profit: -5% Staff: 90 This “full-service audiovisual 215 Britannic Technologies Vysiion’s heritage lies in designing integrator” logged an increase in Revenue: £14.4m (+8%) and installing mission-critical both revenue and profits in its Net profit: 9% Staff: 79 comms systems in the energy year to 31 December 2017 as it This Avaya Edge and Mitel and utilities sector, but the embarked on a new five-year plan. Platinum partner has grown its Chippenham-based firm also With an eye on further expansion, top and bottom line consistently acts as an IT managed services it took on additional premises at over the last five years, with net provider, partnering with the likes the end of the period. In January profits of £1.3m in its year to of Dell, VMware, UKCloud and 2018, the Reading-based outfit 31 March 2018 standing at an Thoughtonomy. During its year snagged a £600,000 deal to deploy

17 VAR 300 a new audiovisual streaming 205 CommsWorld 202 Tectrade solution for London Metropolitan Revenue: £15.4m (+16%) Revenue: £15.5m (-4%) University’s Science Centre. Net profit: 3.8% Staff: 75 Net profit: 9.4% Staff: 56 Scotland’s self-styled leading Tectrade bills itself as a data 208 High Point Solutions business telecoms provider leapt protection and recovery specialist Revenue: £15m (-5%) into the adjacent IT and cloud for large organisations grappling Net profit: 1.7% Staff: 28 space in March 2018 by grabbing with growing data volumes. The This US-based Cisco Gold local peer ECS. The Edinburgh- Godalming-based IBM partner partner’s UK arm, which is based firm posted net profits of turns over £39m globally, but its situated in Greenford, Middlesex, £582,000 on revenues of £15.4m UK arm – which it claims provides returned to profitability in its in its year to 31 December 2017. managed services that help protect year to 31 December 2017 as In that period, it bagged a £24m, 50 petabytes of client data – saw it continued to invest in its seven-year WAN and IP telephony revenues fall four per cent to professional and managed services deal, and since year end claims £15.5m in its year to 31 March propositions. The networking it has signed contracts that will 2018. Some £8.7m was from specialist, which reports in US see it become the operator of reselling and £6.8m from services. dollars, saw local revenue rise the UK’s largest privately owned UK net profits rose from £1.2m to from $19.5m to $20.3m, a five per network. £1.5m. During the year it hired a cent drop when those numbers are CTO and a CMO. converted into pounds based on 204 Bistech historical conversion rates. Revenue: £15.4m (+13%) 201 Spectrum Computer Net profit: 39.7% Staff: 72 Supplies 207 ITC Global Security This Dorset-based business Revenue: £15.5m (-45%) £15.3m (+16%) comms specialist is among the Net profit: 4.6% Staff: 54 Net profit: -10.3% Staff: 102 most profitable firms in this This Bradford-based IT This managed security specialist report, and also boasts a slick consumables specialist tumbles characterised the 18 months website featuring video case 88 places in this year’s rankings covered in its latest results as studies and interviews with staff. after revenues virtually halved to a “period of change” as it was Founded in 1988, the Mitel, £15.5m in its year to 31 October acquired by tech investment Vidyo and VMware partner 2017. Working with vendors firm C5 Capital and was forced posted net profits of £6.1m in such as Canon, HP and Epson, to restate previous results after its year to 31 July 2017, up from Spectrum carries more than 4,000 discovering “calculation errors”. £4m a year earlier. Revenues rose products and claims to include Annualised, ITC saw revenues 13 per cent. It said the growth high-street banks, major retailers hike 16 per cent to £15.3m in the reflects “hard work” and the and government bodies among its period to 30 November 2017, with “high-quality services” offered to customers. It recently expanded its net losses widening from £467,000 customers. portfolio to include printers and to £1.6m. Since year end it has cost-per-copy solutions. made two acquisitions, including 203 Reynolds and Reynolds that of Washington-based SBD Revenue: £15.5m (-3%) 200 QuantIQ Advisors in March 2018. Net profit: -5.7% Staff: 248 Revenue: £15.7m (+13%) Headquartered in the US state Net profit: 4.5% Staff: 121 206 Complete IT Systems of Ohio, Reynolds and Reynolds Smaller Microsoft Dynamics Revenue: £15.4m (+9%) specialises in making software for partners are struggling to keep Net profit: 3.4% Staff: 54 car dealerships but its UK arm – up with the quickening pace This Bradford-based VAR said it which is based in Birmingham of change in the product set, was pleased with its results for – also provides IT managed QuantIQ chief executive Stuart its year to 30 April 2017, chalking services under the IT Specialists Fenton told us in August 2018 up a nine per cent revenue hike Banner. Total UK revenues for at the time it acquired 40-person to staff investment. Net profits the year to 31 December 2017 rival Profile Enterprise Solutions. also rose slightly, from £469,000 fell three per cent to £15.5m, QuantIQ is one of Microsoft’s top to £519,000. Offering everything with net losses narrowing from UK ERP and CRM specialists, from consumables to enterprise £1m to £879,000. Since year end, with 950 deployments to its name, storage, CIT’s vendor buddies IT Specialists has been sold to and in its year to 31 December include HP, Microsoft, Cisco, IBM, Birmingham-based entrepreneur 2017 saw net profits rise to Dell, VMware, Kaspersky Lab, Rod Taylor and has been renamed £704,000 on revenues that leapt Citrix and Sophos. Kalamazoo IT. 13 per cent.

18 VAR 300

VAR hotspots Cities and towns that have a surprisingly high number of Top 300 VARs

LEEDS BJSS, DTP, Pure Technology Group, Galtec, SICL, Explorer UK, Deans Computer Services

CHIPPENHAM Bechtle, Solar Communications, Vysiion NOTTINGHAM XMA, Jigsaw 24, Columbus IT, Retail Assist, Consilium, KRCS

READING Ultima, Getronics, Zensar, Bytes Security GODALMING Partnership, Invenio, MTI, Arrow Business IP Integration, Teneo, Communications, Tectrade Reflex, Prodec Networks

Northern powerhouse Cliff Fox, COO, Pure Technology Group Why are so many VARs headquartered in Do you feel the ‘north’ is generally Leeds, and what advantages does being underserved by the channel? based there offer? Historically it has been, but this has changed Leeds could, arguably, be considered as a and is developing apace. It’s two hours by financial centre of the north and with Channel train to London and technology itself has 4 relocating there this year it may rival changed things. Manchester, as several media companies While the Thames Valley is still tech- relocate from London. Business is central, the reach nowadays is so much thriving and the M62 corridor is a bigger. “Leeds Live it Love it” as fertile business growth area. the banner says.

19 VAR 300

199 G3 Comms We have chosen to break out the This Apple Premium Reseller Revenue: £16m (-3%) figures for this now-defunct IBM operates six UK stores, including Net profit: 5.1% Staff: 73 partner because its results hadn’t one in its home town of Hove. This London-based Avaya yet fed into the numbers of new Revenues for its year to 30 June partner is building a new practice owner CSI, which is ranked 85th 2017 rose 13 per cent on an around Microsoft Skype for in this report. Having been hit adjusted basis as it benefitted Business and Office 365 as part by the loss of its largest client, from a full year of iPhones and of its “transformation from a Metro Bank, Bagshot-based Niu Apple Watch sales for the first traditional telecoms specialist succeeded in narrowing net losses time. Although schools budgets into a true IT provider”. In its from £8.5m to £2.6m on revenues are “tightening”, Solutions Inc said year to 30 April 2017, G3’s net that rose five per cent in its year to that it had benefitted from Apple’s profits halved to £820,000 on 31 December 2017. The addition decision to cut its UK Authorised revenues that fell three per cent. of Niu boosts CSI’s revenue run Education partners by half. It recently bagged a seven-figure rate to £57m. deal to deploy Genesys’ PureCloud 192 Pinacl Solutions solution across the 82 centres of 195 Acora Revenue: £17.1m (+11%) Volkswagen Group company, TPS. Revenue: £16.7m (-14%) Net profit: 4.1% Staff: 99 Net profit: 3.4% Staff: 165 This Wales-based MSP says 198 Aspire Technology This managed IT services its investment in the emerging Solutions specialist was hit by a £296,000 Internet of Things market has Revenue: £16.1m (+32%) bad debt stemming from a made it a “true leader” in the Net profit: 15.4% Staff: 125 collapsed retail customer in its space, with 10 pilots or proof of Founded in 2006, Aspire is one most recent, elongated financial concepts under way. In February of the youngest, fastest-growing, year, which covered the 18 2018, Pinacl Holdings divested its and most profitable firms in this months to 31 October 2017. Global Delivery Business, which report, with revenues booming Annualised, revenues fell 14 per contributed £7.1m in discontinued by nearly a third in its year to cent to £16.7m, while net profits revenues in its year to 31 March 28 February 2018. In 2017, the hit £567,000. In October 2017 it 2018. Total revenues rose 11 per IT managed services specialist acquired Just Computing, a move cent to £17.1m, with net profits invested £1m in extending the West Sussex-based outfit more than trebling to £710,000. its Grade II, 18th-century said would allow its customers headquarters in Gateshead, and to choose between the Microsoft 191 ACS Business Supplies average staff numbers rose from 95 cloud stack and private cloud. Revenue: £17.7m (+7%) to 125 annually. Vendor partners Net profit: 1.2% Staff: 100 include Veeam and Virgin Media 194 IT Professional Services Based in Bingley in West Business. (ITPS) Yorkshire, ACS Business Supplies Revenue: £16.8m (+5%) sells not only IT and managed 197 Escape Technology Net profit: 3% Staff: 110 print, but also office products Revenue: £16.2m (-6%) This Gateshead-based IT and and office interiors. Having trebled Net profit: 0.5% Staff: 22 unified comms provider claims in size since 2008, the 100-strong This London-based Adobe it won a number of “large-scale firm enjoyed another year of solid and Autodesk partner provides contracts” off the back of further growth in calendar 2017, with hardware, software and investment in its tier-three revenues hiking seven per cent to consultancy to computer graphics datacentre during its financial year £17.7m and net profits fattening artists, with its clients ranging ending 31 May 2017. Revenues to £216,000. Key vendors include from major facilities to start-ups rose five per cent, an increase HP, Fujitsu, Lenovo, Microsoft, and freelancers. In its year to 28 more than matched at the bottom Brother, Canon and Xerox. February 2018, its revenues fell line as net profits doubled to six per cent, although net profits £505,000. Its prime vendors 190 ONI hiked from £9,000 to £74,000. include HP, Citrix, Microsoft and Revenue: £17.8m (+25%) In addition to its head office in Dell, and it claims to be one of Net profit: 1.7% Staff: 73 Wardour Street, Escape opened a only 10 Virgin Strategic Partners This Cisco Gold partner offers German base in Munich in 2015. in the UK. regular tours of its tier-three datacentre in Luton, which it 196 Niu Solutions 193 Solutions Inc claims hasn’t suffered a single Revenue: £16.5m (+5%) Revenue: £17.1m (+13%) service-affecting outage since it Net profit: -15.9% Staff: 85 Net profit: 0.7% Staff: 75 opened in 2011. Its success in

20 VAR 300

Q&A: Peter Sweetbaum and Tim Wallis, IT Lab

MSP IT Lab, ranked 118th in this report, acquired the massive amount of new features and products 235th-ranked Microsoft Sharepoint and Office 365 coming from Microsoft. They used to have to manage specialist Content and Code in October 2018 to only two or three products a year, and now they are form a £60m-revenue powerhouse. Their respective managing 40 products every single year and Office CEOs, Peter Sweetbaum and Tim Wallis, explain the 365 and Microsoft 365 have about 200 or 300 logic of the deal new feature enhancements every year. So the skills are changing from patching servers to actually Peter, we’ve heard you’re gunning to build a doing change management and user adoption, £100m-revenue business under your new private and those are the things where IT departments are equity owner [ECI Partners]. The acquisition of typically weak. Content and Code takes you to a £60m run rate, PS: I would echo that, and that’s where the depth but just how ambitious is IT Lab? of understanding – particularly of Office 365 and PS: As an organisation that is private equity-backed Microsoft 365 – Content and Code has is valuable we are looking to build to a scale. Those numbers to internal IT. you are talking about are the right sort of target, but the financial performance and scale of the business The last accounts IT Lab published on Companies comes second to delivering what clients need. House, for the year to 31 March 2017, show revenues of £34.4m but you’re now billing the Tim, you founded Content and Code in 2001. Why company as having a £60m-revenue run rate. You did you feel it was the right time to sell up? have obviously grown a lot since then... TW: Customers wanted us to digitally transform PS: Our accounts to March 2018 showed £40.2m them – which is where we are strong – but they also revenue, so yes, we grew significantly – both wanted someone who can run the solution for them organically and through after it has been transformed. That’s where we said an acquisition ‘we need to invest in this, and either buy a company of a cybersecurity or join one’. The best firm we found by far was IT Lab. business called Perspective When looking at how much of their estate IT Risk in May departments are entrusting to MSPs, how is that 2017 – which was a equation changing? circa £1.2m- TW: It’s definitely moving in favour of MSPs. The one revenue thing IT departments are typically struggling with is business. on-boarding a number of new, nationals who live on-site in specialist in its year to 31 March “high-profile” customers helped accommodation it designed and 2017. It also swung to a £179,000 push up revenues by a quarter in built. Although A2C said the new net loss as restructuring costs hit its year to 31 March 2018. Net factory will spark future growth, its bottom line. CCE branded the profits mirrored that, bouncing revenues and net profits both fell results “disappointing”, but said it from £244,000 to £310,000. ONI in its year to 30 September 2017. had taken measures to return to specialises in co-location, managed In May, the Portsmouth-based its “usual pattern of profitability”. services and cloud solutions. firm received its 10,000th invoice In January 2018, it launched in what is its 25th year of trading. a dedicated business process 189 A2C Holdings outsourcing division. Revenue: £17.9m (-11%) 188 CCE Net profit: 1.7% Staff: 116 Revenue: £17.9m (-13%) 187 OCF Trading as Circular Computing, Net profit: -1% Staff: 179 Revenue: £18.3m (-21%) this refurbished-laptop Contract postponements were Net profit: 3.3% Staff: 43 specialist recently invested in a blamed for a 13 per cent sales drop The only high-performance production facility in UAE that is at this West Drayton-based IT computing (HPC) specialist in predominantly staffed by Pakistan support, cloud and managed print this report, OCF suffered a drop

21 VAR 300 in both revenues and net profits Mary Hunter, won a Women in hopes the assault will generate in its year to 31 March 2018. It Technology Leadership award at £20m in extra business within five plans to maintain margins in a Microsoft Inspire 2018 – posted a years. The Bangor, Wales-based “very competitive environment” slight dip in revenues and profits outfit recently created three new by placing more emphasis in its year to 31 December 2017. companies to house its own 3D on professional services. The Fiscal 2018 numbers will be software, AI and visual learning Sheffield-based outfit recently bolstered by the recent acquisition intellectual property. helped Queen Mary University of £5m-revenue Dynamics 365 and London and Newcastle specialist Cambridge Online 180 Smartcomm University to be the first UK Systems. Revenue: £19.6m (+30%) academic organisations to deploy Net profit: 0.6% Staff: 80 IBM’s POWER9 system. 183 Stanford Marsh As you might expect from an Revenue: £18.7m (+24%) audiovisual specialist, Smartcomm 186 Meridian IT Net profit: 1.1% Staff: 101 has a visually pleasing website that Revenue: £18.3m (+4%) Although this Worcester-based HP highlights an array of commercial Net profit: 0.6% Staff: 29 and Canon partner’s core business and consumer case studies. This This IBM Platinum partner is part remains wide-format print and includes a recent contract to of Meridian Group International, supplies, it now draws 35 per cent install the AV, lighting and IT for a US IT solution provider with of its revenues from 3D printing, Clarges Mayfair, a development over 700 staff. In its year to 31 working with vendor Stratasys. of 34 luxury residences with March 2018, the Birmingham- It also boasts a CAD division, views over Green Park. Although based outfit grew revenues by four Cadspec, which is currently the High Wycombe-based firm per cent. Net profits, however, fell grappling with Autodesk’s recent grew revenues and profits in its from £707,000 to £110,000 as it shift to a subscription-based year to 31 December 2017, it complained of market pressure. model. This hit margins in its year complained that margins had been In January 2018, Meridian IT to 31 January 2018, it said, with hit by Brexit-induced currency acquired Cardiff-based IBM net profits falling from £379,000 to movements. SoftLayer partner M7 Managed £208,000. Revenues rose by nearly Services for £250,000. a quarter, however. 179 Ethos Group Revenue: £19.7m (+59%) 185 South West 182 Perfect Colours Net profit: 11.2% Staff: 144 Communications Group Revenue: £19.4m (-14%) This London-based provider Revenue: £18.5m (-2%) Net profit: -1.8% Staff: 59 delivers a range of voice, document Net profit: 1% Staff: 142 A 14 per cent annual sales drop and data solutions to over 4,000 This Exeter-based comms reseller was “in line with expectations” at customers, counting Avaya, Mitel, saw its top and bottom lines shrink this large-format print specialist HP and Konica Minolta among its in its year to 31 December 2017, as it opted to focus on profitable vendor partners. It’s also growing with revenues down two per product lines. Although the like billy-o, with six acquisitions cent and net profits falling from London-based HP and Xerox in three years – including Ricoh £238,000 to £186,000. A partner partner saw losses widen to partner BCM in August 2018 – of Alcatel-Lucent, ShoreTel, £352,000 in its year to 31 thrusting its revenue run rate to Gamma and Toshiba, swcomms December 2017, it is adamant its £36m. Its latest results filed on was founded in 1983 by its cheif business plan “shows an appetite Companies House, covering the executive, Tony Rowe, who also for growth over the next few year to 30 November 2016, show heads up Exeter Chiefs Rugby years”. Average staff numbers fell a net profit of £2.2m on revenues Club. It boasts a purpose-built from 72 to 59 during the year. of £19.7m. datacentre at its HQ and also has an office in Portsmouth. 181 Gaia Technologies 178 Teneo Revenue: £19.5m (+13%) Revenue: £19.7m (+4%) 184 Columbus Net profit: 6.7% Staff: 140 Net profit: 1.8% Staff: 48 Revenue: £18.7m (-2%) This schools ICT specialist This Reading-based Riverbed Net profit: 14.9% Staff: 127 drew 98 per cent of its £19.5m partner now draws more than half This Denmark-based Microsoft revenues in its year to 31 March of its £46m group revenues from Dynamics partner boasts 2,000 2018 from the education vertical, the US, following its acquisition staff globally, with 8,600 ERP but is looking to diversify after of VistaOne the previous year. Its implementations under its securing a berth on a range of UK business showed net profits belt. Its UK arm – whose MD, public sector frameworks. It of £358,000 on revenues that rose

22 VAR 300 four per cent to £19.7m in the loss a year earlier. In July 2018 it partner, but generated 22 per year to 31 May 2017. In May 2018, acquired London-based disaster cent of its £20.1m revenues in its Teneo acquired Cisco, Fortinet and recovery specialist Sentronex. year to 31 March 2018 from its Riverbed partner Geode, citing its Timms’ stated aim is to build a own software – a customer data “excellent reputation for delivering £50m-revenue outfit. platform named Celebrus. Net services”. profits slipped from £3.9m to 174 D4t4 Solutions £3.8m. D4t4 got off to a flying 177 ASL (Automated Revenue: £20.1m (+14%) start in its fiscal 2019, with first- Systems Group) Net profit: 18.8% Staff: 122 half revenues nearly trebling to Revenue: £19.9m (+23%) This AIM-listed data analytics £14m. It now draws 89 per cent of Net profit: 6.7% Staff: 108 specialist is a Dell EMC and SAS its sales from outside the UK. Billing itself as one of the UK’s largest reprographics and managed print providers, Cambridge- Profit analysis: 101-200 based ASL claims its November 2018 purchase of rival Geerings The resellers sitting just under the top 100 show no signs of losing Digital – its tenth acquisition in their status as the most profitable group of firms in this report. nine years – thrust its revenue run This bracket of firms, which command revenues of between £15m rate beyond £27m. In its year to and £40m, boasted average (mean) net profit margins of 4.4 per 30 September 2017, the Mobeus cent, up from 3.9 per cent a year earlier. Equity-backed Kyocera and Ricoh They banked partner saw net profits almost combined net profits Net profit margin double to £1.4m on revenues that of £114.6m, equal to Pinewood Technologies 53.9% hiked 23 per cent to £19.9m. Its 4.4 per cent of their contracted machines in field grew PCMS 33.1% four per cent. collective £2.57bn revenues. That’s Invenio Business 21.7% 176 Axial Systems also a rise from the Solutions Revenue: £19.9m (-27%) previous year, when D4t4 Solutions 18.8% Net profit: 2% Staff: 57 they banked combined Castleton Technology 17.7% Axial chief executive Mike net profits of £94.6m, Simmonds left the Maidenhead- equal to 4.0 per cent Edenhouse Solutions 16.0% based network and security of their £2.36bn Aspire Technology 15.4% reseller in August 2018 for a top collective sales. Columbus 14.9% EMEA job at one of its key vendor Of these 100, partners, Apcon. It also partners Node4 14.5% 48 grew their profit with the likes of McAfee and TESM 14.0% Gigamon. Axial’s top and bottom margins, while 52 saw lines both took a tumble in its them shrink. Some 86 ECS Security 13.6% year to 30 May 2017, with made a net profit, with Zensar Technologies 12.5% revenues sinking 27 per cent and 14 achieving a double- net profits shrinking from £1.5m digit margin – more Exception Ltd 11.3% to £396,000, results it blamed than any other group Ethos Group Holdings 11.2% partly on project delays. (see table). Just 14 made a loss. 175 EACS 101-200: Total revenue £20m (+25%) As for the top line, those ranked 101 to 200 saw total Net profit: 2.8% Staff: 89 st recent y o ea revenues bulge by 8.8 per M r Having changed ownership in ious y rev ea 2017, this Huntington-based cent to £2.57bn, equating P r MSP is now run by former Ford to 13 per cent of the top IT director Kevin Timms. EACS 300’s total sales. That figure £2.36bn £2.57bn breached the £20m-revenue is roughly equivalent to the barrier in its year to 31 March combined UK turnover of 2018 on the back of 25 per cent #1 and #2-ranked top VARs growth, delivering a £565,000 Computacenter and Softcat. net profit following a £194,000

23 VAR 300

173 Highlander Business Despite being Avaya’s reigning financial year to 31 March 2018, Solutions UK growth partner for enterprise, before announcing in August 2018 £20.1m (-9%) this contact centre specialist that it was to be gobbled up itself Net profit: 2.5% Staff: 79 admitted that the vendor’s Chapter by AIM-listed Shearwater Group After an “exceptional” 2016, 11 woes “applied pressure” to for £30.3m. Revenues for the year this Sheffield-based VAR came margins during its year to 30 fell nine per cent, with net profits crashing back down to earth in September 2017. Net profits fell halving to £1.3m. Brookcourt its year ending 31 August 2017 from £746,000 to £496,000, even CEO Phil Higgins said joining as revenues fell nine per cent as revenues rose 12 per cent to forces with Shearwater, which and net profits virtually halved £20.3m. The Reading-based outfit also recently bought 2FA vendor to £503,000. Highlander stressed appointed Alistair Mills, founder SecurEnvoy, would mean it is “part those numbers were all up on of 37th-ranked outfit Six Degrees, of a rapidly growing plc”. 2015, but added that trading as its chairman in March 2018. continues to be “challenging”. It 166 Connect Managed recently became official sponsors 169 Charterhouse Voice & Services of Support Dogs, a charity that Data Revenue: £20.9m (+57%) works with assistance dogs. Revenue: £20.5m (+6%) Net profit: 2.1% Staff: 107 Net profit: 7.4% Staff: 122 This Avaya partner claims it 172 OGL Computer Services This London-based VAR recently transformed itself into a “truly Revenue: £20.1m (+4%) bagged a deal to be the official vendor-agnostic” provider in Net profit: 7.8% Staff: 255 UC supplier for Tottenham its year to 31 December 2017 Set up in 1976 to sell Olivetti Hotspur’s new 62,000-seater thanks to its purchase of Cisco typewriters, today OGL stadium, in collaboration with and Genesys reseller PC-1. It Computers delivers IT solutions Mitel. Charterhouse claimed it backed this up in January 2018 and business software to 1,200 successfully expanded beyond its by acquiring CoolHarbour, a customers. January 2017 saw roots in UC and into software- “pioneer” of Amazon’s cloud the Worcestershire-based firm defined wide-area networking and contact centre offering, Connect. launch a new cybersecurity arm, cybersecurity services in its last Revenue growth of 57 per cent in CyberGuard Technologies, a move financial year ending 30 November its year to 31 December 2017 – 16 it said helped spur top-line growth 2017, during which it saw revenue per cent of which was organic – in its year ending 31 December rise six per cent and net profits make the LDC-backed firm one 2017. Net profits fell fractionally leap from £1m to £1.5m. of this report’s fastest-growing from £1.7m to £1.6m despite an companies. efficiency drive that saw average 168 Concept Group staff numbers fall from 273 to 255 Revenue: £20.7m (-0.1%) 165 Capital Document during the year. Net profit: 7.2% Staff: 191 Solutions Scottish Concept Group is one Revenue: £21.2m (-2%) 171 Solar Communications of four print providers featured Net profit: 4.3% Staff: 201 Revenue: £20.3m (+37%) in this report that is owned by One of the few VARs in this report Net profit: 2.4% Staff: 97 a manufacturer, following its with an outpost in Shetland, This acquisitive comms VAR was acquisition by Xerox in 2011. Capital Document Solutions on the other side of the M&A Although revenues and net claims to be Scotland’s leading equation in September 2018 when profits came in roughly flat in its managed print player, with six it was snapped up by smaller rival year to 31 December 2017, the offices across Alba. Despite seeing Wavenet (ranked 216th). During Livingston-based firm stressed revenues slide two per cent, the its year to 31 December 2017, that its KPIs of services revenues Edinburgh-based outfit grew net the Chippenham-based Mitel and number of devices in the field profits from £795,000 to £914,000 partner saw net profits more than both rose. The Xerox brand is in its year to 31 March 2018. It double to £492,000 as it redoubled plastered all over its website but counts HP, Ricoh, Konica Minolta efforts to morph from a telephony other vendors, including ELO and and Canon among its key vendors. reseller to a cloud comms provider. Nuance, are also name-checked. Customers include St Andrews Wavenet and Solar have 10,000 University. customers combined. 167 Brookcourt Solutions Revenue: £20.8m (-9%) 164 ACS Systems 170 IP Integration Net profit: 6.1% Staff: 29 Revenue: £21.7m (-0.4%) Revenue: £20.3m (+12%) This cybersecurity VAR acquired Net profit: 1.1% Staff: 103 Net profit: 2.4% Staff: 99 small rival Vectisnet during its Specialising in office interiors as

24 VAR 300

Quotes of the year

“Our experience in “Teaching women and children to general has been that it’s be bold, to be confident: that’s difficult to pull off, just important. I want to encourage because sooner or later awareness promotion. There you end up competing aren’t enough women in the with each other, no technology industry.” matter how good the Dan Scarfe, CEO of 280th- intentions are. This ranked New Signature UK, partnership is powerful conceded that the peer-to- because there is no peer model doesn’t always conflict, and we are both work out as the Microsoft very clear on where our specialist unveiled an strengths are.” alliance with SAP partner and 106th-ranked Edenhouse. Mary Hunter, managing director of 184th- “When I was first approached ranked Columbus, highlighted the tech about becoming CEO of Babble industry’s diversity deficit. She went on to (then IP Solutions), I was win the Nottingham Post’s Businesswoman somewhat underwhelmed. One of the Year award in November 2018. aspect of the role was a potential killer for me: running a reseller.” “The biggest concern with Brexit is that British ports and HM Matt Parker admitted that his Customs are not yet adequately preconceptions of running London- prepared for a no-deal Brexit. This based contact centre VAR Babble could result in significant delays Cloud at the time he joined the to the supply of IT goods in the UK 276th-ranked firm in February 2016 as non-perishable goods may be were wide of the mark. de-prioritised in the event of border delays or backlog.” “We didn’t know anything about software developing five years ago, but we’ve built a business around solving customer problems.”

Cliff Fox, COO of Pure Technology Group, Howard Hall, CEO of 113th-ranked DTP, reflected on how revealed that UK distributors are stockpiling the HP partner has evolved through its Solutionpath arm, products in case UK ports reach breaking whose software platform analyses student data to help point as he published a statement outlining universities predict students’ performance. the 154th-ranked firm’s Brexit strategy.

25 VAR 300 well as security, comms and client offices in Aberdeen, Edinburgh, deliver equipment within hours technology, this Northampton- London, Derby, the US, Malaysia to the M25 area, is cited as a key based reseller recently rolled and Singapore. For its year to differentiator on its website. Main out a high-density WiFi solution 31 July 2017, revenues fell five vendor allies include Lenovo, HP, for Premiership rugby club per cent. Net losses widened to Dell, Cisco and IBM. Gloucester. In its year to 31 March £1.2m, which it blamed partly 2018, ACS boosted net profits on a £407,000 bad debt and 157 PCS Business Systems from £184,000 to £241,000 on flat costs associated with overseas Revenue: £22.4m (-9%) revenues. Founded in 1995, it has expansion. Net profit: 2.5% Staff: 60 held a family barbeque at ACS This Kettering-based VAR said House every year since 2002. 160 Exception Ltd it had “another successful year in Revenue: £22m (-1%) difficult trading conditions”, as 163 Jarvis Tech Net profit: 11.3% Staff: 36 both its net profits and revenues Revenue: £22m (+54%) One of the most successful fell slightly during the 12 months Net profit: 4.3% Staff: 32 suppliers on the government’s to 31 May 2018. PCS said it Jarvis Tech claims to be the UK’s G-Cloud framework, this IT had made “excellent progress” largest stockist for HP Renew PSG consultancy and digital services converting business to a recurring equipment and new end-of-line outfit has offices in Edinburgh, revenue basis during the year as it HP equipment. The East Sussex- Dundee, Glasgow, London, continued to push into managed based outfit enjoyed a bumper Birmingham and Manchester. services. Founded in 1995, today year to 31 March 2017, as net Specialising in areas including the Microsoft, Dropbox and HP profits beefed up from £561,000 to DevOps and managed services, partner claims to have 1,200 active £948,000 and revenues bounced Exception reported a net profit of accounts. 54 per cent. Its business model is £2.5m on revenues of £22m in its based on buying the overstock of year to 31 December 2017, with 156 Dacoll Group current and penultimate models both numbers slightly down on the Revenue: £22.5m (+3%) and passing the savings on to its previous year. Net profit: 4.7% Staff: 236 customers. This Edinburgh-based group has 159 Servium a diverse range of interests, from 162 Civica Services Revenue: £22.1m (+13%) MOT repairs to the development Revenue: £22m (-17%) Net profit: 2.3% Staff: 33 of number plate recognition Net profit: 3.1% Staff: 38 Founded in 2010, this systems for the police, but its This volume licensing reseller Chessington-based reseller main subsidiary, Dacoll Limited, technically ceased trading on 31 powered through the £20m provides managed IT services August 2017 as its trade and net revenue barrier in its year to 31 and products. Dacoll Holdings assets were transferred to parent December 2017 on the back of 13 saw net profits rise from £696,000 company, public sector software per cent growth. Net profits were to £1.1m in its year to 31 March giant Civica. For its year to 30 roughly flat at £504,000. During 2017. Revenues inched up three September 2017 – which included the year, Servium – which is Latin per cent to £22.5m, with Dacoll only 11 months’ trading – Civica for ‘to serve’ – opened an office in Ltd contributing £16.3m of that Services’ revenues fell 17 per Glasgow to service Scottish clients. total. The latter includes Thames cent to £22m, while net profits An HP and Lenovo partner, it also Valley Police among its clients. hiked from £580,000 to £674,000. highlights Arista, Dropbox and Civica boasts total revenues of Pivot3 among the ‘technologies to 155 Vision Group £325m and has a headcount of watch’ on its website. Revenue: £22.6m (-1%) 4,100 staff. Net profit: 4.4% Staff: 113 158 Tangible Benefit This Hertford-based managed 161 Inoapps Revenue: £22.2m (+10%) print specialist claims a new pact it Revenue: £22m (-5%) Net profit: 6.8% Staff: 36 forged with HP, which acquired its Net profit: -5.6% Staff: 175 It was “another successful year” main vendor partner Samsung in Inoapps started life in 2006 when for this vendor-agnostic reseller, 2017, is paying dividends. Efforts founder Andy Bird identified as revenues bulged by a tenth and to reduce its cost base during its a gap in the market for Oracle net profits expanded from £1m year to 30 September 2017 will applications for the oil and gas to £1.5m during the 12 months to only be felt in 2018, Vision said, as industry. Today, it is Oracle’s 31 March 2018. Its London-based net profits dropped from £1.2m to reigning Cloud-First partner warehouse and configuration £1m on flat revenues of £22.6m. of the year, with 175 staff and facility, which enables it to Having disposed of its telecoms

26 VAR 300 business during in 2017, in May Informally, it recently announced than 90 projects under its belt. 2018 Vision acquired a managed 2018 revenues of £27.8m. Key print reseller based in Bristol. customers include BetFred and 152 Datel the RSPB. Revenue: £22.7m (+12%) 154 Pure Technology Group Net profit: 4.5% Staff: 176 Revenue: £22.6m (+18%) 153 TESM Sage’s largest business partner Net profit: 2.8% Staff: 79 Revenue: £22.6m (+48%) attributed a “strong” year to 31 This Leeds-based reseller is Net profit: 14% Staff: 42 May 2018 to the low churn of already hunting for its next This ServiceNow consultancy support contracts and strong acquisition target – ideally inside was acquired by IT services giant demand from new and existing the M25 – after snapping up DXC Technology in November customers. A 12 per cent revenue Wigan-based Microsoft partner 2018. Mirroring the lightning hike was more than matched at the Keytech Managed Solutions in growth of ServiceNow, TESM saw bottom line, as net profits pogoed November 2018. The Huawei revenues power up 48 per cent in from £748,000 to £1m. The and Microsoft partner enjoyed a its year to 31 March 2018, with net Warrington-based firm claims to solid year to 31 May 2017, with profits more than doubling from have the UK’s largest team of Sage- net profits virtually doubling £1.4m to £3.2m. Recently opening accredited experts, specialising in to £638,000 on revenues that offices in New York and Sydney, Sage 200, Sage X3, Sage 1000 and clambered 18 per cent to £22.6m. the London-based firm has more Sage Line 500.

VAR density

The UK channel has always had an undeniable southern bias, with a disproportionate number of VARs congregated around London and the South East. Unsurprisingly, Berkshire and Buckinghamshire have the highest concentration of Top 300 VARs 25 per million inhabitants of any county (21 and 17 respectively), based as they are in the heart of the Thames Valley where many of the world’s largest technology vendors have their UK HQs. Other popular home-county haunts include Hampshire, Surrey and West Sussex. Essex and Kent are much less favoured, boasting just 2.8 and 3.9 top 300 VARs per million 21.1 20 inhabitants, respectively. Further north, Manchester and the wider North-West plays home to a thriving channel community, with Cheshire being the fourth most densely populated county when it comes to VARs (13.4 per million inhabitants). 17.0 As a rule, more rural areas tend to have fewer VARs per inhabitant, with 15 Wales and Scotland boasting just 1.9 and 2.6 Top 300 firms per million inhabitants respectively. 13.4 13.7 Cornwall, Somerset, Cumbria and Northumberland are home 12.1 to a grand total of zero top 300 VARs. More densely populated counties without a VAR include 9.6 10 Leicestershire, although it must be noted that in each of these counties there will be a thriving community of local heroes who are not large enough to 6.9 VARs per million inhabitants VARs 5.9 report their revenues and therefore 5.4 5 do not feature in 4.6 this report. 3.9 3.9 2.6 2.8 1.9 1.1* 0 Wales Essex Devon Kent Surrey N Ireland Scotland Yorkshire London Cheshire Berkshire WarwickshireLancashire West SussexHampshire Buckinghamshire *VARs per million inhabitants

27 VAR 300

VAR from home SCOTLAND Where all 300 VARs have their headquarters (or UK ECS Europe (Lanarkshire) headquarters in the case of the 31 international VARs) ECS Security (Lanarkshire) Dacoll (Midlothian) Exception Limited (Midlothian) There were few surprises when we looked at where our 300 Capital Document Solutions resellers are headquartered, with the lion’s share based in either (Midlothian) London (60) the South-East (87) or northern hotspots such as Concept Group (West Lothian) Yorkshire and the Humber (27) and the North-West (27). More CommsWorld (Midlothian) rural parts of the country such as Wales and the South-West are home to very few VARs large enough to report their revenues. Despite having no top 100 resellers, Scotland is home to 14 VARs in the wider top 300.

NORTHERN IRELAND EOS IT Solutions (County Down) Novosco (County Antrim) 14

4 NORTH-WEST 2 BT Business Direct (Lancashire) Datel (Cheshire) Daisy (Lancashire) Zenoffice (Greater 27 NCC Group (Greater Manchester) Manchester) Vodat (Cheshire) GBM (Greater Manchester) 4NET Technologies (Greater 27 Scan Computers (Lancashire) Manchester) Chess (Cheshire) Lima Networks (Cheshire) K3 (Manchester) Jade Solutions (Merseyside) ANS (Manchester) Involve Visual Printerland (Cheshire) Communciations (Cheshire) Elite Telecom (Lancashire) m-hance (Greater Manchester) M2 Digital (Greater Acuma Solutions (Cheshire) 15 Manchester) SysGroup (Merseyside) Hobs Group (Merseyside) Adept4 (Cheshire) Celerity (Lancashire) Frontline (Cheshire) IDNS (Lancashire) Pennine Telecom (Lancashire) 19 6 WEST MIDLANDS SCC (Birmingham) Castleton Technology (West Telent (Warwickshire) Midlands) Stone (Staffordshire) OGL Computers (Worcestershire) 60 Probrand (Birmingham) Stanford Marsh (Worcestershire) Intercity (Birmingham) Meridian IT (West Midlands) 17 87 Solid Solutions (Warwickshire) Reynolds and Reynolds (West Edenhouse (West Midlands) Midlands) PCMS (West Midlands) Wavenet (West Midlands) Midshire (West Midlands) Port-P (West Midlands) Pinewood (West Midlands) Risual (Staffordshire) Nettitude (Warwickshire)

SOUTH-WEST Stormfront (Devon) Bistech (Dorset) WALES JERSEY Commercial (Gloucestershire) Vysiion (Wiltshire) Gaia Technologies (Gwynedd) JT Global Bechtle (Wiltshire) Computerworld (Bristol) Pinacl Solutions (Denbighshire) Nine Telecom (Gloucestershire) Western Computer (Bristol) Comcen (Glamorgan) Hardware Group (Wiltshire) Vetasi (Bristol) Pugh Computers (Cardiganshire) 1 Grey Matter (Devon) Bamboo (Gloucestershire) Circle IT (Glamorgan) Solar Communications (Wiltshire) Codestone Group (Dorset) SAGlobal Europe (Glamorgan) South West Communications Excalibur (Wiltshire) (Devon)

28 VAR 300

EAST MIDLANDS YORKSHIRE & THE HUMBER XMA (Nottinghamshire) Insight (South Yorkshire) Boston Networks (Lanarkshire) CCS Media (Derbyshire) eBuyer (Lincolnshire) Castle Computer Services Jigsaw24 (Nottinghamshire) Software Box (North Yorkshire) (North Lanarkshire) Total Computers (Northamptonshire) Banner (South Yorkshire) Incremental Group (Lanarkshire) Timico (Nottinghamshire) Buy IT Direct (West Yorkshire) Consilium (Lanarkshire) PCM (Northamptonshire) Phoenix Software (North Yorkshire) Microtech (East Ayrshire) Proact (Chesterfield) BJSS (West Yorkshire) Absoft (Aberdeenshire) Node4 (Derbyshire) Harrogate (North Yorkshire) Capito (West Lothian) eBECS (Derbyshire) Kcom (East Riding of Yorkshire) PCS Business Systems GCI (Lincolnshire) (Northamptonshire) NG Bailey IT Services (West Yorkshire) NORTH-EAST ACS Systems (Northamptonshire) Millgate IT (South Yorkshire) TSG (Tyne & Wear) Columbus (Northamptonshire) PC Specialist (West Yorkshire) IT Professional Services (Tyne & Wear) Retail Assist (Northamptonshire) Esteem (West Yorkshire) Aspire Technology (Tyne & Wear) Centiq (Northamptonshire) DTP (West Yorkshire) Communicate Technology (Tees Valley) KRCS (Northamptonshire) Saville Group (North Yorkshire) CCL Computers (West Yorkshire) Pure Technology Group (West Yorkshire) EAST OF ENGLAND EACS (Cambridgeshire) Highlander (South Yorkshire) Computacenter (Hertfordshire) ASL (Cambridgeshire) OCF (South Yorkshire) CAE (Hertfordshire) ONI (Bedfordshire) ACS Business Supplies (West Yorkshire) Storm Technologies (Hertfordshire) Modality Systems (Hertfordshire) Spectrum Computer Supplies (West Altodigital (Bedfordshire) Form IT Solutions (Bedfordshire) Yorkshire) Annodata (Hertfordshire) Majenta Solutions (Essex) Complete IT Systems (West Yorkshire) Blue Chip Customer Engineering Switchshop (Hertfordshire) Galtec (West Yorkshire) (Bedfordshire) Utilize PLC (Essex) SICL (West Yorkshire) Excell Group (Cambridgeshire) Snelling Business Systems (Norfolk) Explorer UK (West Yorkshire) Red Stack Tech (Essex) TIG (Hertfordshire) Deans Computer Services (West Vision Group (Hertfordshire) Akhter Group (Essex) Yorkshire)

GREATER Itelligence DMC Canotec ExcelRedstone ITC Global Security IDE Group Sapphire Systems TESM Transputec LONDON Academia The IT Lab Tangible Benefit Content & Code CDW Zones Version One Inoapps Roche AV Capita NTT Data Albion Computers Civica Services Open Systems WWT Options IT GV Multimedia Connect Managed Technology Avanade Sabio Securelink Services Highspeed Office Maintel 20 Redstone Connect Technoworld Charterhouse Autodata Products Six Degrees CSI Caretower Ethos Group Babble Cloud Claranet TET Excitech Perfect Colours Ridgewall CACI Kinly Northdoor Escape Technology Tryzens NSC Global Trams Block Solutions G3 Comms New Signature UK Getronics Natilik AVI-SPL QuantIQ Pinnacle Cloudreach 60 SOUTH-EAST Viadex (Surrey) Graitec (Hampshire) Principal (West Sussex) Softcat (Buckinghamshire) MCSA (Buckinghamshire) Servium (Surrey) Prolinx (Oxfordshire) SHI (Buckinghamshire) Adept Technology Group (Kent) Jarvish Tech (East Sussex) Man and Machine (Oxfordshire) Bytes (Surrey) European Electronique Brookcourt Solutions (Surrey) Pythagoras (Berkshire) Dimension Data (Hampshire) (Oxfordshire) IP Integration (Berkshire) CSPI (Berkshire) Apogee (Kent) Ampito (West Sussex) D4t4 (Middlesex) Pacific Computers (Hampshire) RM (Oxfordshire) Cisilion (Surrey) Axial Systems (Berkshire) Recarta (Surrey) Comparex (Middlesex) Roc Technologies (Berkshire) Teneo (Berkshire) Freestyle IT (Hampshire) SoftwareONE (Surrey) Electrosonic (Kent) Smartcomm (Buckinghamshire) Systems Technology (Kent) Compu b (Buckinghamshire) MTI (Surrey) CCE (Middlesex) Managed 24-7 Bell Integration (Hampshire) Zensar (Berkshire) A2C Holdings (Hampshire) (Buckinghamshire) Logicalis (Berkshire) Advanced365 (Berkshire) Solutions Inc (East Sussex) Microlink (Hampshire) Ultima Business Solutions SecureData (Kent) Acora (West Sussex) Peach Telecom (Hampshire) (Berkshire) Novatech (Hampshire) Niu Solutions (Surrey) Mirus IT (Buckinghamshire) OCSL (West Sussex) Olive Communications Tectrade (Surrey) Certus Solutions (Surrey) Centerprise (Hampshire) (Buckinghamshire) High Point Solutions (Middlesex) BSI Cybersecurity (Hampshire) OneCom (Hampshire) Q Associates (Berkshire) Reflex (Berkshire) OnePLM (Oxfordshire) Vohkus (Hampshire) Cadline (Middlesex) Complete IT (Buckinghamshire) Eurotech (Surrey) NTT Security (Berkshire) Pure Genius (West Sussex) Britannic Technologies (Surrey) Nolan Business Solutions AVMI (Middlesex) Arrow Business Communications Focus 21 (Surrey) (Hampshire) Focus Group (West Sussex) (Surrey) Krome Technologies (Surrey) IT Resource Management (Kent) ProAV (Surrey) Bytes Security Partnership York Telecom (Hampshire) Lynx Networks (Buckinghamshire) Xeretec (Berkshire) (Berkshire) Prodec Networks (Berkshire) European Office Products (West Axians (Hampshire) Invenio (Berkshire) MBA (West Sussex) Sussex) VAR 300

Where in the world Overseas players continue to flood into the UK market. Some 35 of this year’s crop are headquartered outside the UK, with 13 based in the US alone (see below).

US GERMANY THE SOUTH 3 NETHERLANDS 13 IRELAND JAPAN AFRICA 2 4 2 UK 5 165

BELGIUM SWEDEN INDIA 1 1 SWITZERLAND JERSEY 1 2 1

151 ExcelRedstone 149 AVI-SPL 147 Block Solutions Revenue: £22.9m (+48%) Revenue: £23.5m (+20%) Revenue: £24.5m (+8%) Net profit: 8.2% Staff 129 Net profit: -3.5% Staff: 148 Net profit: 1.2% Staff: 107 Previously known as Excel The world’s largest audiovisual Despite grumbling about IT, this London-based IT integrator is expanding rapidly downward pressure on product infrastructure provider changed in Europe, launching a German margins, this Cisco Gold partner’s its name to ExcelRedstone on outpost in June 2017 to profitability is on the rise amid 14 November 2018 after buying complement the London hub it actions to boost its services RedstoneConnect’s £42m-revenue opened in 2013. Its UK entity saw mix. The London-based outfit, managed services and SI business revenues hike by a fifth to £23.5m which has offices in Mansfield for £21.6m. Although the deal in its year to 31 December 2017, and Cheshire, is also developing boosts its revenue well beyond with £5.5m of the figure drawn its own intellectual property, £50m, we have ranked it in this from mainland Europe. Net including Luminosity, a WiFi report based on its most recently losses widened from £171,000 to product targeted at its core vertical filed accounts to 31 March 2017, £827,000, reflecting “significant of the NHS. Revenues for its year which showed net profits doubling investment” in its German to 30 June 2017 rose eight per to £1.9m on revenues of £22.9m. business. Florida-based AVI-SPL cent, with net profits more than It focuses on datacentre, is a near-$1bn-revenue juggernaut tripling to £295,000. workplace, smart buildings globally. and cloud. 146 IDN Supplies 148 Novosco Revenue: £24.5m (+13%) 150 Castleton Technology Revenue: £23.7m (+10%) Net profit: 0.9% Staff: 74 Revenue: £23.3m (+15%) Net profit: 6% Staff: 138 The major shareholder of IDN Net profit: 17.8% Staff: 169 This MSP announced in June Supplies, Gareth Stocks, departed Having only been formed in that it is recruiting an additional in November 2018 as part of a 2013 as a buy-and-build venture, 150 staff, including 112 at its management buyout at the Bolton- this AIM-listed MSP and software Belfast HQ, after winning a based IT VAR. Starting life in provider continues to prosper monster £107m, seven-year 1988 punting IBM printer ribbons, thanks to its laser focus on the deal with Cambridge University today it offers a range of IT and social housing sector. In its year Hospital Trust. In its year to 31 audiovisual products. In its year to to 31 March 2018, Castleton December 2017, its revenues 31 July 2017, revenues rose 13 per made only one acquisition – tiny swelled by a tenth, but net profits cent, while net profits sagged from Australian social housing software dropped from £1.9m to £1.4m as £300,000 to £222,000. supplier Kinetic – and it was a “significant investment” in its largely organic growth that drove salesforce tempered its bottom 145 Graitec the firm’s 15 per cent revenue line. Novosco also has offices in Revenue: £25m (+12%) hike. Net profits surged from Dublin, Cork and Daresbury, near Net profit: 2.2% Staff: 77 £463,000 to £4.1m. Manchester. This Southampton-based CAD

30 VAR 300 specialist claimed in its latest Part of Glasgow-based IT services perpetual to a subscription-based annual results, covering the 12 firm ECS, this cybersecurity model. Its results for the year months ending 31 December specialist had a blowout year to to 31 March 2018 hinted at a 2017, that it has successfully 31 December 2017, with revenues recovery in its top line, however, transitioned to Autodesk’s new booming 72 per cent and net as revenues hit £27.4m. That’s a subscription-based model, with all profits swelling from £2.2m to five per cent leap on the previous its revenues and 60 per cent of its £3.6m. Vendor partners include eight months on a pro-rated basis, customers ported. It also flagged Splunk, Phantom, Tenable and although the Enfield-based outfit a “contraction in the number Symantec. It highlighted the warned against making annual of competitors in the Autodesk expansion of its Edinburgh-based comparisons due to the seasonal space”, claiming “only the largest secure operations centre, as well nature of its business. partners will survive”, as revenues as its success in recruiting skilled and net profits vaulted 12 and 44 staff via its links to educational 138 Caretower per cent respectively. institutions, among its annual Revenue: £27.6m (+27%) highlights. Net profit: 2.3% Staff: 54 144 Invenio Business This London-based cybersecurity Solutions 141 Celerity MSP enigmatically attributed a Revenue: £25.5m (+51%) Revenue: £26.8m (+25%) 27 per cent leap in revenues in Net profit: 21.7% Staff: 468 Net profit: -1% Staff 36 its year to 31 December 2017 to One of the most profitable and This Preston-based IBM closing a “substantial” contract fastest-growing firms in this entire Platinum partner admitted it was with a “large US company”. Net report, this SAP Gold partner saw “disappointed” with its results for profits more than tripled, from revenues balloon by over a half in the year to 31 December 2017, £195,000 to £622,000, despite its year to 31 March 2018, with as it fell into the red. Net losses average monthly headcount net profits more than doubling to of £261,000, compared with a dropping from 82 to 54 during the £5.5m. Based in Reading, Invenio £750,000 profit a year earlier, year. Founded in 1998, Caretower set up a fully owned subsidiary in reflect “significant investment” in is McAfee’s reigning UK and Fiji during the year on the strength its infrastructure to build annuity Ireland Partner of the Year. of a long-term deal with the Fijian business for the future, Celerity government. It plans to expand said. Revenues rose by a quarter, 137 Technoworld into Canada and Qatar, and more and it moved into a larger HQ Revenue: £27.6m (+93%) than half of its sales now come mid-way through 2018. Net profit: 4.5% Staff: 11 from overseas. This London-based e-tailer 140 Pinewood virtually doubled its revenues in its 143 Northdoor Revenue: £27.1m (+11%) year to 30 September 2017, despite Revenue: £26.3m (-6%) Net profit: 53.9% Staff: 182 grumbling that the market remains Net profit: 8.1% Staff: 62 This Birmingham-based ISV “uncertain”, and “there are no signs This IBM and Microsoft partner makes software for car dealerships, of a return in confidence”. Net saw its top line shrink and but also holds six Gold profits virtually trebled to £1.2m. bottom line expand in its year competencies with Microsoft. It The HP Gold, Lenovo Platinum to 30 June 2018 as it sold more banked a hulking £14.6m net profit and Dell Preferred partner said it higher-margin services and less in its year to 31 December 2017 will stick to its model of buying kit. Net profit rose from £2m to – representing the fattest bottom stock in bulk and selling it via its £2.1m as revenues fell six per line in the entire 300 – although telesales team and website. cent to £26.3m. Billing itself as this figure was flattered by a £4.5m a consultancy specialising in dividend from one of its subsidiary 136 SecureLink data, London-based Northdoor undertakings. Revenues rose by 11 Revenue: £27.9m (-19%) serves the insurance, media, retail per cent to £27.1m. Net profit: 2.1% Staff: 51 and public sectors. It highlights The UK arm of this pan-European the help it gave East Midlands 139 Excitech cybersecurity VAR, formerly NHS Trust to automate the Revenue: £27.4m (+5%) known as Nebulas, described its pseudonymisation process as a Net profit: 0.5% Staff: 118 year to 31 December 2017 as one case study on its website. Billing itself as Autodesk’s largest of “integration and investment” UK partner, Excitech admitted as it sought to explain a pause in 142 ECS Security it has been affected – at least in its frenetic growth. Revenues hit Revenue: £26.3m (+72%) the short term – by the CAD £27.9m, down 19 per cent on an Net profit: 13.6% Staff: 129 vendor’s recent switch from a adjusted basis compared with the

31 VAR 300 previous nine months, while net quadrupled to £288,000 thanks to corporate and education profits fell to £591,000. Based in in part to a “rationalisation of customers. Belgium, SecureLink employs 650 overheads” relating to CWE. staff across 10 countries, turning 129 Q Associates over €250m. 132 Cadline Revenue: £30.2m (+7%) Revenue: £28.4m (+16%) Net profit: 0.9% Staff: 55 135 Bytes Security Net profit: 1.4% Staff: 88 This Newbury-based storage and Partnerships This Middlesex-based CAD cloud specialist logged an increase Revenue: £28.2m (+27%) specialist is confident that key in its top and bottom line in its Net profit: 5.9% Staff: 47 vendor Autodesk’s switch to a year to 31 March 2018, with net This cybersecurity VAR – an subscription model will “benefit profits hiking from £231,000 to arm of £400m-revenue monster the business in the long term”, £263,000 on revenues of £30.2m. Bytes Technology Group – moved despite the change wreaking havoc A Manchester office, opened in into larger offices in Reading in in its results for the 10 months September 2018, is billed as a “key August 2018 after outgrowing its to 31 January 2018. Revenues hub” for expansion into the north. previous HQ. In a bumper year hit £23.7m, up 16 per cent on an The Cisco, AWS, Azure, Equinix to 28 February 2018, the Check annualised basis, but net profits – and NetApp partner counts 80 Point partner saw net profits hike while roughly flat year on year at UK universities and research from £1.5m to £1.7m on revenues £335,000 – are well down on the organisations among its clients. that clambered 27 per cent. £1.2m it banked in its fiscal 2016. Sister companies Bytes Software 128 Olive Communications Services and Phoenix Software 131 GV Multimedia Revenue: £31.3m (+11%) rank 13th and 29th in this report, Revenue: £29.2m (+4%) Net profit: -4.2% Staff: 125 respectively. Net profit: 6.2% Staff: 89 Recent EU roaming charges may This higher education-focused have hit its mobile stomping 134 Arrow Business audiovisual integrator said in ground hard, but Olive branded Communications recently filed accounts that it is on its year to 31 January 2018 Revenue: £28.2m (+16%) track for an “exceptional growth “a successful one”. The High Net profit: -12.6% Staff: 154 year”, adding that it planned to Wycombe-based Vodafone This acquisitive comms provider open a new Scottish branch office partner’s cloud UC business is has made six purchases since in January 2019. For its year to flying, contributing 35 per cent of the start of 2017 after taking 31 March 2018, revenues rose its £31.3m total turnover, up from on investment from Growth four per cent, while net profits just five per cent in 2014. It flagged Capital Partners in August 2016. dipped from £1.9m to £1.8m. up a recent Mitel contact centre This includes Pulse Business An authorised device reseller for win with a “leading” BPO firm Energy, a deal which marked its the Microsoft Surface Hub, the among its annual highlights. Net diversification into the energy Hounslow-based outfit counts the losses for the year halved to £1.3m. sector. For its year to 31 December University of Bristol, Aberystwyth 2017, the Godalming-based Mitel, and Falmouth University among 127 Novatech BlackBerry and Gamma partner its clients. Revenue: £32.1m (+9%) posted net losses of £3.5m on Net profit: 1% Staff: 114 revenues of £28.2m, up 16 per cent 130 CCL Computers Best known for its gaming on an adjusted basis. Revenue: £29.7m (+18%) machines, this system builder put Net profit: 2.1% Staff: 60 a nine per cent hike in its revenues 133 Pure Genius Holdings This Bradford-based e-tailer, for its year to 30 April 2018 largely Revenue: £28.4m (-7%) which sells own-branded PCs down to its ‘special projects’ Net profit: 1% Staff: 109 alongside more than 10,000 other business, which sees it supply This large-format print specialist lines, proudly states on its website complex technical rack and server blamed a seven per cent drop that it is “run by enthusiasts, builds for the simulation and in revenues in its year to 31 not shareholders”. It put a rise in security infrastructure markets. December 2017 on customer revenues and profits in its year The Portsmouth-based firm said attrition from CWE Solutions, a to 31 August 2017 partly down it sees “huge potential” in the deep £14m-revenue rival it acquired to accelerated purchases from learning/AI market, in which it in 2016. CWE has since been clients wary about further UK “invested heavily” during the year. integrated into Pure Genius’ price hikes. Its CCL for Business largest subsidiary, Papergraphics arm offers a range of desktops, 126 Midshire Business Ltd. Net profits for the year almost enterprise hardware and software Systems

32 VAR 300

Revenue: £32.4m (+4%) Net profit: 6.7% Staff: 220 The 10 per cent club By our calculations, the various trading entities of this Sharp- Some 32 of the 300 resellers featured in this report boasted double- owned print and office equipment digit net profit margins in their most recent financial years. dealer posted combined net profits Profit margin Net profit of £2.2m on revenues of £32.4m in the year to 31 August 2017. Sharp Pinewood Technologies plc 53.9% 14.621 bought Midshire in July 2017 in Bistech Group 39.7% 6.113 what was the Japanese electronics giant’s largest ever European PCMS 33.1% 11.301 acquisition. Despite this, the West Invenio Business Solutions 21.7% 5.537 Bromwich-based firm still works with a range of other vendors Systems Technology 19.5% 1.678 including HP, Lexmark and Riso. BJSS 19.5% 22.638 125 Red Stack Tech D4t4 Solutions 18.8% 3.773 Revenue: £32.4m (+15%) Akhter Group 17.8% 0.857 Net profit: 4.1% Staff: 121 Castleton Technology 17.7% 4.123 It’s now a misnomer to refer to this Oracle partner as ‘Red Stack’, Edenhouse Solutions 16.0% 6.117 the Chelmsford-based firm’s Content & Code 15.4% 1.839 brand having been fully subsumed by US owner Data Intensity, Aspire Technology 15.4% 2.474 which acquired it for $13.9m in Pythagoras Communications 15.0% 1.608 September 2016. However, to Columbus 14.9% 2.794 simplify things, we’re sticking with the status quo until Data Node4 14.5% 5.659 Intensity’s 2017 (now overdue) Microtech Group 14.3% 0.749 UK accounts are published. In its year to 31 December 2016, Red ANS 14.2% 8.875 Stack’s net profits rolled back from TESM 14.0% 3.167 £1.9m to £1.3m on revenues that swelled 15 per cent. Retail Assist 13.8% 1.898 ECS Security 13.6% 3.566 124 Albion Computers Revenue: £32.5m (+27%) SICL 13.4% 1.207 Net profit: 0.6% Staff: 104 Pinnacle 13.0% 0.494 Operating nine iStores across the Zensar Technologies 12.5% 4.576 UK, including at its headquarters in the Strand in central London, Deans Computer Services 12.4% 0.382 this Apple reseller claims it took Consilium UK 11.8% 0.683 market share in its year ending 31 December 2017, as revenues EOS IT Solutions 11.7% 5.744 pogoed 27 per cent to £32.5m. Ridgewall 11.3% 0.821 Albion also sells Apple devices Exception Ltd 11.3% 2.491 and Google software to business and education customers, and Ethos Group Holdings 11.2% 2.205 is an Apple Authorised Service Ampito Group 11.2% 4.553 provider. OnePLM 10.7% 0.547 123 Excel Group Avanade 10.2% 14.801 Revenue: £33.2m (+10%) Net profit: 7.9% Staff: 178 The case study section of this helped high-street retailer H&M coverage, in partnership with O2 Cambridge-based comms reseller’s overcome issues with billing, and Vodafone. With results for website highlights how it recently device management and network its year to 30 April 2018 overdue,

33 VAR 300 we’ve fallen back on Excel’s 2017 divested its managed print arm to per cent, which the Chesterfield- figures, which showed revenues SCC. In September 2018, Hobs based outfit blamed partly on the rising 10 per cent and net profits scored £4m in funding from the short-term pain associated with expanding even more quickly, Business Growth Fund. the industry shift from on-premise from £1.8m to £2.6m. to SaaS. 119 PCMS 122 TSG Revenue: £34.2m (+8%) 116 Saville Group Revenue: £33.5m (+2%) Net profit: 33.1% Staff: 314 Revenue: £34.9m (+0.4%) Net profit: -1.5% Staff: 348 Headquartered in Coventry, this Net profit: 3% Staff: 228 TSG has acquired and integrated retail tech specialist claims its Founded in 1876 by chemist 27 businesses since it was set VISION commerce suite is used by John Saville, this York-based up by Sage founder Graham over 140 retailers. It also provides audiovisual specialist recently Wylie in 2003. The Newcastle- managed IT services, counting rebranded, with two new brands based firm, which in September Waitrose, M&S and Krispy – Visavvi and Sparq – launched to became one of only 11 partners Kreme among its clients. PCMS distinguish the AV integration and worldwide accepted as a charter generated revenues of £34.2m in live events sides of its business, member of Microsoft’s new its year to 30 September 2017, respectively. Saville Group claimed SharePoint Business Apps partner with net profits hiking from £2.6m it achieved its aims for its year to programme, fell back into the to £11.3m thanks to movements in 31 December 2017, as net profits red in its fiscal year ending 31 provision against inter-company dropped from £1.6m to £1m on March 2018, thanks to a one-off debt. In November 2017 it flat revenues of £34.9m. Parent impairment charge. Revenues performed an MBO, backed by SEA Holdings, which also sells AV inched up two per cent to £33.5m. PE house Inflexion. furniture, turned over £43m. It also partners with Sage, Datto and Sophos. 118 IT Lab 115 SecureData Revenue: £34.4m (+37%) Revenue: £35.4m (+33%) 121 Version 1 Net profit: -10.6% Staff: 249 Net profit: -5.8% Staff: 205 Revenue: £33.5m (+51%) This London-based managed The UK’s self-styled “largest Net profit: 4.5% Staff: 223 IT provider is looking to scale independent cybersecurity This Dublin-based Oracle, its revenues beyond £100m services and solutions provider” Microsoft and AWS partner added under new private equity backer had a busy year to 31 July 2017, another 80 UK staff in June when ECI Partners. Its acquisition of recruiting 70 staff, opening two it acquired London-based Oracle Microsoft Sharepoint partner new offices, and completing a HCM specialist Cedar Consulting, Content and Code in October “major upgrade” of its secure its sixth UK purchase in quick boosted its run rate to £60m. operations centre in its home succession. UK revenues hit Although CEO Peter Sweetbaum town of Maidstone. Its holding £33.5m in its year to 31 December told us informally that fiscal 2018 company, SDH Holdco, saw net 2017, a 51 per cent leap, with net revenues stood at £40.2m (see losses halve to £2.1m on revenues profits doubling to £1.5m. At a interview, p23), the most recent that rose 33 per cent to £35.4m. group level, Volpi Capital-backed numbers filed on Companies EBITDA, its preferred profit Version 1 turns over €120m and House – covering the year to 31 measure, more than doubled to enlisted its 1,000th member of March 2017 – show a net loss of £2.6m. It recently strengthened its staff in March 2018. £3.7m on revenues of £34.4m. partnership with Symantec. 120 Hobs Group 117 eBECS 114 Sapphire Systems Revenue: £34.1m (+2%) Revenue: £34.8m (+5%) Revenue: £35.7m (+14%) Net profit: 0.1% Staff: 452 Net profit: -1.4% Staff: 311 Net profit: 8% Staff: 231 This Liverpool-based This Microsoft Dynamics partner Headquartered in the UK’s reprographics specialist is pushing branded its fiscal 2017 ending 31 tallest building, The Shard, this full tilt into 3D printing though March “challenging”, claiming SAP Business One and Infor its Hobs Studio arm, an activity “considerable management time” Sunsystems specialist has lofty it expects will generate £5m was invested in forging a strategic international ambitions to match, revenues this year. For its year partnership with CSC that would acquiring an Argentinian software to 30 April 2017, it made a small eventually lead to its acquisition developer and opening offices in £50,000 net profit on revenues by CSC successor brand DXC the Philippines and Mexico in its that rose two per cent to £34.1m, Technology in April 2018. Revenue last financial year. Sapphire’s latest although since year end it has growth slowed from 17 to six numbers, covering nine months

34 VAR 300 ending 31 December 2017, show now delivers a “significant Since year end, SCC has acquired a net profit of £2.9m on revenues element” of its revenues. Recurring Hobs On-Site, a document that rose 14 per cent to £35.7m on revenues fell from 78 to 68 per management specialist it said will an annualised basis. Two thirds of cent of the total during the year. now “sit alongside” M2. sales still come from the UK. 110 Zensar Technologies 107 Grey Matter 113 DTP Revenue: £36.6m (+20%) Revenue: £38.2m (+6%) Revenue: £36m (-4%) Net profit: 12.5% Staff: 207 Net profit: 2.4% Staff: 94 Net profit: 0.2% Staff: 101 The UK arm of this Oracle, SAP Based in picturesque Dartmoor, This Leeds-based reseller claims to and Salesforce partner, which is this Devonshire software reseller differentiate itself from its “multi- headquartered in Pune, India, enjoyed a solid year to 30 June brand supermarket” rivals by bagged eight new orders in its 2017, with sales rising six per working solely with HP and HPE, last fiscal year, including a seven- cent and net profits clocking in at the latter of which counts DTP year deal with an unnamed bank. £905,000 – flat year on year. The MD Howard Hall as the UK&I Revenues for its year to 31 March Microsoft and Adobe partner, member of its global advisory 2017 bounced 20 per cent to which emphasises on its website council. For its year to 30 June £36.6m, with net profit following that it was founded by developers, 2017, DTP posted a £56,000 net suit, pogoing from £2.7m to recently signed on as a UK profit on revenues that fell four £4.6m. During the year it acquired partner of data analytics vendor per cent to £36m. It claims its own London-based experience design Silo Breaker. platform, Solutionpath, can help firm Foolproof. universities predict student drop- 106 Edenhouse Solutions outs before they occur. 109 ECS Europe Revenue: £38.2m (-3%) Revenue: £36.7m (-0.2%) Net profit: 16% Staff: 258 112 Esteem Systems Net profit: 2.5% Staff: 152 Warwickshire-based Edenhouse Revenue: £36.1m (+3%) This Glasgow-based IT reorganised its business in its fiscal Net profit: -0.7% Staff: 247 infrastructure consultancy claims year to 31 March 2018 to focus This Citrix, Oracle and Dell it is laser-focused on helping more on cloud, and claims vendor EMC partner was acquired enterprises adopt cloud. It counts ally SAP recognises it as the first in the run-up to this report’s AWS, VMware, Microsoft, of its UK mid-market partners to publication by 99th-ranked outfit ServiceNow and Docker among its make such a transition. Its top line Roc Technologies, which singled key vendors and financial services shrank slightly due to the fact the out Esteem’s managed services as its largest vertical. The largest majority of sales from its largest prowess as motivation for the trading entity of ECS we located project to date fell in its previous deal. In its year to 30 June 2017, on Companies House, ECS Europe fiscal year. Ignoring this, revenues the Wetherby-based outfit saw has 150 staff and posted a net bounced 18 per cent. Net profits net losses narrow from £662,000 profit of £912,000 on revenues of also fell from £9.4m to £6.1m, but to £249,000 on revenues that £36.7m in its year to 31 December it still has one of the juicier profit rose three per cent to £36.1m. 2017, both figures being roughly margins in this report. Its website trumpets case studies flat year on year. from several councils and 105 DMC Canotech universities. 108 M2 Digital Revenue: £38.7m (-1%) Revenue: £36.9m (-20%) Net profit: 9% Staff: 151 111 Advanced 365 Net profit: 1.1% Staff: 249 This managed print specialist Revenue: £36.4m (-10%) Owned by sixth-ranked outfit is gunning for growth under Net profit: -4.3% Staff: 314 SCC, this managed print reseller new private equity backer Part of healthcare software giant saw revenues slump by a fifth Horizon Capital, which nabbed a ACS, this managed services in its year to 31 March 2018 as “significant stake” in the Croydon- provider suffered a dip in fortunes it grumbled that several large based firm in July 2018. The in its year to 31 March 2018 as projects were delayed. The Canon partner claims it enjoyed sales slumped 10 per cent and net Manchester-based HP Platinum an “exceptional” year to 31 March losses hit £1.6m. Two large deals partner has seen the revenues it 2018, as net profits more than won during the year “present draws from SCC rise from 30 to doubled to £3.5m on flat revenues strong growth expectations”, 49 per cent of total sales over the of £38.7m. Since year end it has however, the Microsoft, Cisco, Red last two years, a development it divested its distribution business Hat, IBM and Oracle partner said, admitted has hit its margins as net and acquired telephony reseller adding that its own cloud platform profits fell by a third to £409,000. Hobbs Parker.

35 VAR 300

104 Node4 101 Natilik Despite grumbling about falling Revenue: £39.1m (+19%) Revenue: £40m (+23%) computer prices and margins, Net profit: 14.5% Staff: 204 Net profit: 5.4% Staff: 128 this London-based Apple reseller This Derby-based cloud and MSP This Cisco Gold partner enjoyed managed to grow both its top claims it has a total co-location a barnstorming year to 31 March and bottom lines in its year to and cloud capacity of 1,500 racks 2018 with revenues ballooning by 31 December 2017. Trams put following an expansion of two of its a third and net profits virtually its improving numbers down to three datacentres in Derby, Leeds doubling to £2.2m. Having continued growth in storage and and Northampton. The Cisco, rebranded from Touchbase its own in-house cloud services NetApp and VMware partner saw UC in 2015, the London-based for the management of desktops, revenue hop 19 per cent to £39.1m collaboration specialist now boasts tablets and smartphones. During in its year to 31 March 2018, offices in Sydney and New York the year it acquired media with net profit rising from £5.5m and generated almost £5m of technology solutions specialist to £5.6m. Backed by Bowmark its £40m turnover from outside NMR Consultancy. Capital since 2016, Node4 lists the UK. It recently developed a Provident Financial and the chatbot named ‘Natbot’. 97 Cisilion University of Nottingham among Revenue: £40.7m (-5%) the case studies on its website. 100 Elite Group Net profit: 1.7% Staff: 98 Revenue: £40.2m (+22%) This Cisco and Microsoft partner 103 MTI Net profit: 5.2% Staff: 146 endured a five per cent revenue Revenue: £39.7m (-3%) This unified comms reseller slump in its year to 31 May 2017 Net profit: 1.4% Staff: 106 recently rebranded from Elitetele. as its strategy of pursuing services This Godalming-based Dell EMC com to Elite Group to hammer resulted in lower equipment sales. partner recently published its home its recent diversification into Although gross margins rose, first consolidated group accounts, IT services. The Chorley-based net profits fell from £850,000 to offering a panoramic view of firm has made 16 acquisitions £674,000 as foreign exchange losses its operations in Germany and since it was founded in 2000 and stemming from Brexit weighed on France, as well as the UK (see now employs 180 staff across its bottom line. Boasting offices p37 for more). Revenues for the seven offices. Recent deals, in Leatherhead, Heron Tower 15-month period to 31 March including one for £16m-revenue in London, New York and Hong 2018 hit £94.6m, which MTI Nexus last May, have pushed Kong, Cisilion recently promised claims is a 12.4 per cent hike when Elite’s revenue run rate to £57m, further global expansion. compared with the previous 12 although the figure stood at months on a like-for-like basis. £40.2m in its year to 31 July 2017. 96 Ampito Group With its 2018 UK accounts yet Revenue: £40.8m (+60%) to be published, the headline 99 Roc Technologies Net profit: 11.2% Staff: 36 numbers in this report are based Revenue: £40.3m (+64%) This highly profitable Gatwick- on its UK numbers for the period Net profit: -7.3% Staff: 89 based IT and comms provider ending 31 March 2017. Founded by a gaggle of former saw a 60 per cent annual growth 2e2 executives, and after a £10m spurt this year. Founded in 2006, 102 Electrosonic investment from BGF in 2018, Ampito trades through a number Revenue: £39.9m (+35%) this Newbury-based outfit of subsidiaries including Vanix Net profit: 0% Staff: 279 recently acquired Citrix and Object Source and Appcelerate This audiovisual integrator Oracle partner Esteem Systems, and boasts offices in locations gains the 102nd position on the propelling revenue run rate to as far flung as New York, Hong back of a whopping 35 per cent the £80m mark. Recently filed Kong and Kenya. Net profits for its revenue jump in its year to 31 accounts for holding company Roc year to 30 September 2017 nearly December 2017, although its net Transformation show a net loss doubled to £4.6m. profit thinned from £236,000 to of £1.5m on revenues of £20.2m £20,000. Robert Simpson, who for the six months ending 31 95 Solid Solutions founded Electrosonic in 1964, was March 2018 – numbers annualised Revenue: £41.3m (+36%) awarded an MBE last year. The for this profile. Roc’s operating Net profit: 11.2% Staff: 182 Dartford-based firm whose clients company made a profit of £5.4m. Billing itself as the largest include Kennedy Space Centre and UK partner of CAD vendor Eversheds appointed a new CEO 98 Trams Solidworks, this Leamington this July in the form of former Revenue: £40.5m (+16%) Spa-based outfit saw annualised HCL bigwig John Hancock. Net profit: 1.7% Staff: 45 revenues soar by over a third in

36 VAR 300

Q&A: Scott Haddow, MTI

CEO of 103rd-ranked Dell EMC partner opens up previous year], operating profit was up about 2.5 per about his first year in charge cent. On the face of it, that’s not enormous. But bear in mind it was a year of huge restructuring going on You’ve been at MTI since March 2017. As a in every geography, from the main board all the way challenge, how does it contrast with your previous through. There was a lot of investment in our services venture, Trustmarque? lines and into our security business and professional We believed as a management team and also services. We’ve spent about £2.5m more in the last investors that there was a lot of latent value in the 12 months compared with the previous 12. There MTI business that hadn’t really been capitalised on was pretty much nothing that wasn’t changed in for a very long time, if ever, so that’s similar to the each geography at some point. Trustmarque business. But the Trustmarque business was highly focused How did the UK business perform? on software reselling and we had to build out a The UK business probably needed the most services business over a period of six to eight years, restructuring and refocusing during the period. But with some small bolt-on acquisitions along the way. we’ve seen some fantastic customer engagement Services is about 35 per cent of MTI’s turnover and and success stories from bringing our security and more than 35 per cent of its profitability, so it was a datacentre businesses together, and have seen circa very different proposition. 20 per cent [UK] growth in professional services, so there’s significant growth in all the right areas, in the You recently filed your first UK specifically, but also Germany and France. group accounts (for the year to 31 March 2018). How likely is it that you will make an acquisition in How would you assess them? the next 12 months, and if so, where? It was the first time ever We are keen to make an acquisition in the next 12 we’ve had consolidated group months. That said, if we don’t [acquire] given the accounts including Germany, caveats we’ve put on table, we are very confident France and the UK. If we take the we can have a super success story from MTI over the same 12-month period [as the coming year on an organic basis. its most recent accounts which partner’s UK accounts for the 92 Hardware Group covered a truncated nine-month year to 31 December 2017 show Revenue: £41.8m (-7%) period ending 31 December 2017. revenue climbing 12 per cent to Net profit: -10.2% Staff: 137 Its numbers were bolstered by its £41.6m, with £15.8m of that total This Swindon-based Juniper acquisition of fellow Solidworks coming from the UK. Net profits Networks, Dell and HP partner reseller NT Cadcam for £5.5m in hit £488,000. specialises in complex network August 2017. Solid Solutions has solutions and counts service 18 UK and Irish regional offices. 93 Intercity Technology providers, e-tailers, universities, Revenue: £41.7m (+4%) airlines and online gaming firms 94 Kinly (formerly Viju) Net profit: 6.1% Staff: 219 among its clients. Parent company Revenue: £41.6m (+12%) With a heritage in the mobility Hardware Holdings saw net losses Net profit: 1.2% Staff: 152 space, this Birmingham-based narrow from £5.2m to £4.2m and Private equity house Avedon firm is seeking to reposition revenues slide seven per cent in its claimed in September 2017 itself as a “complete technology year to 31 March 2017. Although that it had created a leading service provider”. Organic growth international sales generate almost global audiovisual and across unified comms and IT half of the total, Hardware Group collaboration provider with its ensured revenues for its year to scaled back its US operation at the double acquisition of Viju and 31 December 2017 grew four start of 2017. VisionsConnected. A new brand per cent to £41.7m. Since its year identity for the duo, Kinly, was end, Intercity has sold its Dutch 91 Probrand unveiled in February 2018. The business as it looks to focus Revenue: £42.2m (+3%) Microsoft Surface Hub and Cisco growth on the UK market. Net profit: -0.3% Staff: 131

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This Birmingham-based VAR the “outperformance” achieved its first deal since taking on fresh fell to a £135,000 net loss in its by its UK business, which was private equity investment in year to 31 December 2017 as it established in 1985. Total revenues 2017. In its year to 31 December admitted its merger with sister rose 28 per cent to £45.7m but 2017 the London-based managed company Icomm at the start of the net profits fell from £1.1m to services specialist saw revenues year hit its first-half performance. £688,000. During the year the HP clamber 19 per cent to £46.5m as Probrand recently launched an and NetApp Gold partner, whose its purchase of APSU fed into its online B2B marketplace designed full name is Trans European top line. Net profits, however, fell to ensure it stays relevant in the Technology, moved its HQ to from £3.2m to £1.1m. industry. It claims the platform Charterhouse Street. was instrumental in driving a 22 84 Bechtle per cent rise in revenues in the 87 European Electronique Revenue: £46.8m (+29%) first half of 2018. Revenue: £46m (-8%) Net profit: 3.2% Staff: 57 Net profit: 0.3% Staff: 140 The UK arm of this Germany- 90 Nine Telecom A lack of investment in technology headquartered reseller behemoth Revenue: £43.7m (-6%) by schools left its mark on this enjoyed a decent year, with Net profit: -1.9% Staff: 107 education-focused reseller’s results revenues powering up 29 per This Gloucestershire-based for the year to 31 March 2017 as cent and net profits hopping telecoms provider sells direct to revenues dipped eight per cent from £1.2m to £1.5m. The wider customers and through resellers. and net profits halved. During Bechtle business operates 70 With its 2017 results overdue, the year, Oxfordshire-based “system houses” in Germany, we’ve annualised old accounts European Electronique claimed Austria and Switzerland, as well as covering an extended 18-month that it invested heavily in its core e-commerce businesses in some 14 period to 30 June 2016, which vendors including HPE, Aruba European countries, turning over showed revenues of £65.6m and Fortinet, adding that its own- €3.6bn in its last financial year and compared with £46.7m for the branded Freedom cloud offering employing more than 8,000 staff. previous 12 months. It also slipped now services more than 100,000 to a £1.3m net loss. But Nine users across 75 institutions daily. 83 Blue Chip Customer said it “maintained strong sales” Engineering during the period as it pointed to 86 AdEPT Technology Group Revenue: £47.1m (+6%) its write-off of a bad debt as one Revenue: £46.4m (+35%) Net profit: 8.6% Staff: 242 reason for its profit woes. Net profit: 8.5% Staff: 179 Founded in 1987, this IBM This AIM-listed outfit is clearly maintenance specialist claims it 89 Printerland intent on branching out from manages 10 per cent of the UK’s Revenue: £44.5m (+20%) its heritage as a comms VAR, banking traffic from its tier- Net profit: 7.9% Staff: 47 acquiring Citrix and Microsoft four datacentre. A new holding Billing itself as the UK’s largest partner Shift F7 in August 2018 company for the Bedford-based printer and consumables reseller, before changing its name from firm reported revenues of £47.1m Printerland saw revenues jump AdEPT Telecom to AdEPT in the year to 30 September 2017, by a fifth to £44.5m in its year Technology Group on 2 October. up six per cent on an adjusted ending 31 March 2018. Net profits In its fiscal year ending 31 March basis. Net profits fell sharply shot up from £2.7m to £3.5m. 2018, AdEPT saw revenue rise by to £4m, however, as Blue Chip Harbouring a goal of exceeding 35 per cent to £46.4m. This was admitted that a change in its £1m of revenue per employee, the more than matched at the bottom revenue mix in favour of managed Cheshire-based firm expects to line as net profit hiked from £2.7m services stunted margins. break through the £50m revenue to £3.9m. It claims to have over a barrier in fiscal 2019, driven million Office365 users. 82 PC Specialist by growth in its managed print Revenue: £47.6m (+8%) division. 85 CSI Net profit: 0.7% Staff: 86 Revenue: £46.4m (+19%) This Wakefield-based PC builder 88 TET Net profit: 2.5% Staff: 168 enjoyed another year of solid Revenue: £45.7m (+28%) CSI chief executive Simon growth, as rising demand for its Net profit: 1.5% Staff: 44 Payne told CRN last February custom devices fuelled an eight per This London-based reseller that this IBM and SAP partner’s cent sales rise in the 12 months admitted that results for its year revenue run rate now stands at ending 31 August 2017. The to 31 March 2018 were “mixed” as £57m following its acquisition average number of production and its small US arm failed to match of struggling rival Niu Solutions, warehouse staff it employed also

38 VAR 300 rose, from 59 to 66. Net profits fell Profit analysis: 1-100 from £361,000 to £315,000. It sells to businesses, the public sector and The UK’s 100 largest VARs suffered a margin crunch in their most education, as well as consumers. recent financial years on record, with average profit margins tumbling 81 RedstoneConnect from 3.1 to 1.8 per cent. Revenue: £47.6m (+15%) The 92 firms in the top 100 that qualified for this analysis banked Net profit: 3.2% Staff: N/A collective net profits of £309m, equivalent to 2.4 per cent of their RedstoneConnect holds the total £12.7bn revenues. That’s down from the £322m collective net distinction of being the only firm profits they generated a year earlier, equal to 2.9 per cent of their in this report that no longer exists. £11.2bn revenues. The AIM-listed outfit rebranded Of the 92, 19 made Net profit margin as SmartSpace Software in July a net loss and 74 a net BJSS 19.5% 2018, following the sale of its profit. Only five (see right) ANS 14.2% managed services and systems achieved a double-digit integration activities to Excel IT margin, compared with EOS IT Solutions 11.7% in May. It now focuses solely on 14 firms ranked 101st Ampito Group 11.2% developing its own occupancy management software, an activity to 200th and 13 firms Avanade 10.2% that generated just £5.3m of its ranked 201st to 300th. £47.6m revenues in its year ending Some 42 grew their profit margins year on year, while 50 suffered a 31 January 2018. contraction. Although the top 100 firms in this report are responsible for a 80 MCSA whopping 69 per cent of net profits of £449m, they also hold the Revenue: £49.2m (-18%) dubious distinction of having the lowest profit margins of the three Net profit: -4.9% Staff: 133 groupings. Additionally, they are the only one of the three groups that This Buckinghamshire-based saw margins and absolute profits fall in their latest financial year. multi-vendor support specialist As for the top line, the top stumbled to a £2.4m net loss in its 100 grew collective revenues 1-100: Total revenue year to 31 March 2017 as a number by a whopping 13.3 per cent to recen of exceptional costs, including a ost t ye M a settlement with HMRC, weighed £15.8bn, equating to 82 per cent ious y r rev ea on its bottom line. Revenues also of the top 300’s total. P r tanked by 18 per cent, which £15.8bn it attributed to its “planned *Firms not qualifying for profit £13.95bn withdrawal” from low-margin analysis: WWT, SHI, BT, KCOM, business. The Huawei, HPE and Capita, PCM, Daisy, Six Degrees Fujitsu partner claimed however that its actions during the year will set it up well for the future. and Japan. 77 Sabio 78 Viadex Revenue: £49.5m (+14%) 79 EOS IT Solutions Revenue: £49.4m (+51%) Net profit: 4.9% Staff: 234 Revenue: £49.3m (+84%) Net profit: 1.9% Staff: 57 This Avaya Diamond partner Net profit: 11.7% Staff: 215 This Surbiton-based VAR is one claims 19 years of consecutive The only Northern Ireland-based of the most globally diverse firms growth have made it Europe’s firm in the top 100 is also one in the top 300, having completed “leading specialist” in the support of the report’s fastest-growing projects in 104 countries as far and delivery of contact centre and most profitable included. flung as Tanzania, Cameroon, technologies. An acquisition The Cisco Gold partner, which Bahrain and Taiwan in the last 18 spree bankrolled by its private specialises in video collaboration, months. It reached number 78 in equity house Horizon Capital saw revenues rocket 84 per cent this report courtesy of a 51 per helped swell revenues by 14 per to £49.3m in its year to 30 June cent revenue boom in its year to cent in its year to 30 September 2017, with net profits hitting a 30 June 2017, with just over half of 2017. Since year end it has sky-high £5.7m. Headquartered in that total generated overseas. This snapped up analytics specialist Banbridge, EOS also boasts offices summer it opened a Dubai office Bright UK. Sabio’s clients include in California, Ireland, Singapore, and launched a joint venture with the AA, SSE and Liverpool Australia, Brazil, Hamburg, India cybersecurity VAR Performanta. Victoria.

39 VAR 300

profits came in flat at £2.1m in its Away from the day job year to 31 December 2017, even as revenues slid nine per cent. Reseller bosses have some fairly unusual hobbies, but Headquartered in Stockholm, the probably not many as gruelling as that of Roger Harry, CEO of wider Proact business employs 246th-ranked VAR Circle IT. 800 staff in 15 countries and Harry recently told us that the Cardiff-based IT support claims to manage 100 petabytes specialist’s revenues zoomed 39 per cent to £15m in its of data in the cloud. Key vendors recently completed financial year, mirroring his speedy include NetApp, Dell EMC, AWS antics around the recent IRONMNAN Wales course. and Microsoft. Harry (pictured) completed the punishing 140-mile 72 Axians course – which ends with a marathon – in 13 hours and Revenue: £51.4m (-14%) 47 minutes. Net profit: 3.8% Staff: 83 “The hardest part is stopping drinking, because of the Part of French engineering social side of the business and getting out and about with monster Vinci, Axians bills itself customers,” he told us. as a high-performance networking “The weight loss has been phenomenal. I’ve always specialist and turns over €2bn been a gym goer, but not an endurance athlete person. globally. Its UK arm, which has a So doing six-hour bike rides and an hour in the pool and laser focus on service providers two- or three-hour runs has changed things quite considerably. and the public sector, enjoyed a You skim the weight off and the water retention quite quickly.” “solid year” to 31 December 2017 despite revenues falling 14 per cent. Net profits almost halved 76 Millgate 2018 the company, which counts to £2m but the Cisco and Juniper Revenue: £50.1m (+14%) Brocade, HPE and Microsoft Networks partner held up a rise in Net profit: 1.3% Staff: 116 among its partners, opened an gross profits as evidence that its This Sheffield-based reseller office in New Zealand. pursuit of a more service-driven broke through the £50m revenue model is paying off. barrier in its year ending 31 July 74 Commercial 2017 on the back of 14 per cent Revenue: £50.5m (+21%) 71 Zones growth. The impact of currency Net profit: 1.6% Staff: 57 Revenue: £51.6m (+11%) movements stemming from the Founded in 1991 by brother Net profit: -0.4% Staff: 71 Brexit referendum squeezed its and sister Arthur Hindmarche Having acquired its way into margins, however, causing net and Simone Hindmarche-Bye, the UK in 2011, this US-based profits to shrink from £997,000 Commercial offers everything reseller’s local arm now turns over to £654,000. Sister company from IT and managed print more than £50m ,split roughly Millgate Connect, a wireless services to stationery and interior equally between the UK and the comms specialist whose numbers design. Despite referencing EU. Although revenues grew 11 are not included in this profile, “difficult market conditions”, per cent in its year to 31 December turned over £4.7m in its year to 31 the Cheltenham-based business 2017, it slipped to a small net December 2017. packed an extra £8.3m onto its loss of £203,000 compared with top line in its year to 31 January a £1.6m profit the previous year. 75 Options IT 2017 thanks to a combination of The HP, HPE, Apple, Dell and Revenue: £50.4m (+38%) organic growth and its acquisition Cisco partner said it is currently Net profit: 1.3% Staff: 172 of Wiles Greenworld. Net profits evaluating the benefits of Despite being headquartered in fell slightly to £816,000. incorporating a separate business London, this managed service and entity within the EU. IT infrastructure provider to the 73 Proact global capital markets industry Revenue: £50.6m (-9%) 70 Xeretec now counts the US as its largest Net profit: 4.2% Staff: 230 Revenue: £52.6m (-6%) market. Revenues rose by 38 This storage integrator is in the Net profit: 5.3% Staff: 198 per cent to £50.5m in its year to minority in that it increased its Billing itself as Europe’s largest 31 December 2017, with £32m profit margins in its latest year, Xerox partner, Xeretec now claims generated by its US arm and £16m despite complaining that its to employ over 250 staff across by the UK. Net profits fell from core business is coming under 14 offices in the UK and Ireland. £3.1m to £662,000. In October pressure from public cloud. Net A new holding company for the

40 VAR 300

Wokingham-based firm, Xeretec up to £25m of funding to make a costs by reducing expenditure in Group Limited racked up net series of acquisitions over the next its retail stores and head office. profits of £3.2m on revenues of few years. Revenues last year hiked £61.4m in the 14-month period 19 per cent to £54.2m with net 63 Academia ending 31 August (we have profits up 23 per cent to £4.1m. Revenue: £60.1m (+26%) annualised these numbers for this Net profit: 0.7% Staff: 103 profile). In 2016 it swallowed HP 66 Timico Concerned that its brand name print specialist Landscape Group. Revenue: £55.7m (+6%) implies that it sells only to schools, Net profit: -3.7% Staff: 357 this education specialist launched 69 PCM This mid-market MSP unveiled a a new unit – Atama – this April Revenue: £53.2m new chief executive in December in order to target the commercial Net profit: N/A Staff: 240 2018 in the shape of former Daisy space. The London-based Apple, This US reseller landed in the UK and Computacenter bigwig Neil Jamf, HP and Microsoft partner with a bang in May 2017, quickly Muller. It has also just made enjoyed a barnstorming year to 30 hiring scores of sales staff and its first acquisition under new June 2018 as revenues rocketed making two small acquisitions private equity owner Horizon by 26 per cent and a net loss of including Scottish Cisco partner Capital. Accounts for Timico’s £70,000 last year was reversed to Provista. Although its first set of new holding company Steeple a profit of £399,000. In October UK accounts covering the period Topco were overdue as this report 2018 it invested in fellow schools to 31 December 2017 show a was published, meaning we have IT supplier Vital York. net loss of £3.7m on revenues had to fall back on old numbers – of £8.6m, we felt it was fairer to covering the year to 31 December 62 Annodata rank PCM using a revenue run 2016 – for the purposes of this Revenue: £60.5m (+1%) rate figure based on the $17.3m profile. Net profit: -2.7% Staff: 311 (£13.3m) the UK operation turned This Hertfordshire-based managed over in Q3 2018. 65 NTT Data print comms and IT provider Revenue: £57.1m (-2%) has aligned its financial year to 68 ProAV Net profit: 0.9% Staff: 472 match that of new Japanese parent Revenue: £53.3m (-10%) A lack of new UK accounts means Kyocera. Losses for the nine- Net profit: 3% Staff: 304 we have had to recycle last year’s month period ending 31 March This Egham-based audiovisual numbers for this Japan-based 2017 hit £1.2m, compared with a specialist recently opened its Oracle, SAP and Salesforce £4.4m profit a year earlier seventh UK office in Edinburgh partner. NTT Data’s UK arm saw as investments in its ICT and also boasts a presence in net profits halve to £535,000 on capabilities and one-time loyalty Germany and China. In its year revenues that fell two per cent to bonuses associated with the to 31 March 2017 ProAV – which £57.1m in its year to 31 March Kyocera acquisition weighed on its has a 25-year relationship with 2017. In August 2018 parent bottom line. However, revenues Barclays Bank – saw revenue dip NTT announced it would roll rose by one per cent on an 10 per cent to £53.3m, although all its businesses including NTT annualised basis. net profits widened from £1.5m Data and fellow VAR 300 entrant to £1.6m. A “smart home space” NTT Security into one giant entity 61 NG Bailey IT Services project for John Lewis’ flagship called NTT Inc. Revenue: £60.7m (-20%) Oxford Street store is among Net profit: -0.7% Staff: 415 the case studies displayed on its 64 Stormfront Part of facilities management website. Revenue: £57.4m (+3%) firm NG Bailey, this networking Net profit: -0.4% Staff: 316 specialist posted a 20 per cent 67 Focus Group This Exeter-based Apple Premium drop in revenues and a small net Revenue: £54.2m (+19%) Reseller’s latest results were hit by loss in its year to 2 March 2018 Net profit: 7.6% Staff: 239 Apple’s decision to hoist UK prices as it complained of turbulent Selling direct and through a by up to a fifth in the wake of the conditions within the structured reseller channel, Focus works Brexit referendum. The move led cabling market. During the year across the voice, mobile IT and customers at its 23 stores across the Cisco partner racked up a data arenas and recently began the UK to buy fewer high-margin whopping £1.7m in exceptional work on building a new 30,000 sq items, pushing Stormfront to a costs related to its restructuring ft head office. The West Sussex- £212,000 net loss in its year to 30 efforts and in addition took a based outfit said in its 2017 annual September 2017. During the year £200,000 bath relating to the report that it is looking to secure it took action to cut its distribution liquidation of Carillion.

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Year ends

The vast majority of the headline revenue figures in this report are drawn from the last UK annual accounts filed on Companies House by the firm in question. This covers a big spread of year ends, from 31 July 2018 in the case of Softcat, to 30 September 2016 in the case of Dimension Data. In three cases – WWT, SHI and BT – we have had to provide a revenue estimate based on market sources, while we have listed a run rate figure for PCM based on its most recent quarterly revenues. Some of the firms featured may have reported fresh numbers since we conducted the research for it (between November 2018 and January 2019). 100 90 80 70 60 50 40 30 20 10 0 30 31 30 31 31 28 31 30 31 30 31 31 30 31 30 31 31 28 31 30 31 30 31 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2016 2017 2018 Estimate Run rate

60 ANS net losses narrowed to £1.1m. The Change is in the air at this Revenue: £62.7m (+36%) Sunbury-on-Thames-based firm cybersecurity integrator – Net profit: 14.2% Staff: 260 reignited its M&A engine in May formerly known as Integralis A lack of new accounts for this by acquiring £10m-revenue rival – after Japanese parent NTT Manchester-based Cisco Gold and Focus 21. announced in the summer that Advanced AWS partner means it is combining it with its other we have had to recycle last year’s 58 IDE Group companies into one mammoth numbers, which showed a net Revenue: £65m (+50%) organisation named NTT Inc. profit of £8.9m on revenues that Net profit: -17% Staff: 519 NTT Security’s UK arm saw net rose 36 per cent to £62.7m for Built through a series of quick- losses widen from £2.5m to £7.6m its year to 31 March 2017. Last fire acquisitions, this mid-market on revenues of £65.3m in its year December ANS acquired cloud MSP is now being dismantled to 31 March 2017, results it told us transformation and application just as rapidly under new chief reflect its recent reinvention as a development firm Webantic. It executive Ian Smith, who upon “centre of excellence” for the other now claims to have more than 300 his appointment in September NTT companies. Microsoft and AWS certifications, declared the firm had been equal to its tally of customers. heading for insolvency under the 56 Total Computers previous management. IDE sold Revenue: £65.5m (+26%) 59 AVMI 365 ITMS for £3m in October, Net profit: 2.2% Staff: 111 Revenue: £64.2m (+13%) leaving it with two remaining This Kettering-based reseller Net profit: -1.7% Staff: 410 businesses in Selection Services continues its march up the This audiovisual integrator claims and C4L. The fire sale comes after rankings after a growth in it is seeing growing demand from the AIM-listed Cisco partner big-ticket deals helped it swell customers that are relocating swung to an ugly £11.2m loss for revenues by more than a quarter activities to European locations in its year to 31 December 2017. in its year to 31 December 2017. response to Brexit. In its year to 30 Revenues hit £65.5m, meaning it June 2018 revenues hopped 13 per 57 NTT Security has quintupled in size since 2010, cent to £64.1m, with £6m of that Revenue: £65.3m (-10%) with net profits also bulging from drawn from outside the UK while Net profit: -11.7% Staff: 270 £953,000 to £1.4m. Total moved

42 VAR 300 into new digs and was awarded 52 Vohkus Centerprise founder Rafi Platinum partner status with HP Revenue: £67.1m (+4%) Razzak told us last December during the year. Net profit: 0.4% Staff: 130 that he would gradually hand This Southampton-based HP over control of the company to 55 Itelligence and Vodafone partner packed newly appointed chief executive Revenue: £65.7m (+10%) an additional £3m onto its top Jeremy Nash after spending 30 Net profit: 6.3% Staff: 254 line in its year ending 31 May years at the firm’s helm. Nash With revenues approaching 2017, despite “streamlining” its is a former RAF officer, which €900m and 7,000 employees, sales team. Net profits fell from plays to Centerprise’s heritage Germany-based Itelligence is one £358,000 to £288,000, however, as in the defence and public sector of SAP’s largest partners globally. investment in a sleek new website verticals. For its year to 31 August Its UK arm hit £65.7m revenues and the relocation of its London 2017 Centerprise Group saw in its year to 31 December 2017, sales office pushed up overheads. revenue vault 23 per cent, which it a 10 per cent rise. UK net profits In May 2018 mid-market-focused attributed partly to an investment inched up from £3.9m to £4.2m. Vohkus bagged Titanium partner in its business continuity and Offering a range of services status with Dell EMC. disaster recovery business. including consulting, managed services and training, NTT Data- 51 OneCom 48 Stone Group owned Itelligence claims it leads Revenue: £71.1m (+19%) Revenue: £73.6m (-13%) the way in new SAP technologies, Net profit: 6.5% Staff: 356 Net profit: 0.9% Staff: 197 including S/4HANA digital core. Hampshire-based OneCom claims This PC builder’s decision to exit it is Vodafone’s largest enterprise a lucrative Apple universities 54 Cloudreach partner, managing 325,000 mobile framework – citing a lack of Revenue: £65.9m (+43%) connections. Revenue rose 19 per opportunity to add value – fuelled Net profit: -11% Staff: 265 cent in its year to 31 December a 13 per cent drop in revenues in Having acquired two US firms 2017 thanks to a mixture of its year to 31 December 2017. But since its majority buyout by organic growth and its hiving up of a net loss of £1.2m in 2016 was Blackstone Equity in February recent acquisition, fellow Vodafone reversed to a £642,000 profit this 2017, this London-based cloud partner Evolve Telecom. However, time. In May Stone won a deal to migration specialist now has its it admitted that the EU’s abolition supply Public Health England with sights set on leaping into Asia. A of roaming charges hit its bottom 6,200 Toshiba and Lenovo devices. poster boy of the AWS channel, line as net profits shrank from Cloudreach saw revenues power £7.5m to £4.6m. 47 NSC Global up 43 per cent to £65.9m in Revenue: £80.2m (+12%) its year to 31 July 2017. Net 50 Altodigital Net profit: 4.2% Staff: 232 losses widened from £1.1m to Revenue: £71.2m (+10%) This Cisco Gold partner was £7.1m, which it said reflected Net profit: 0.6% Staff: 492 set up in 1997 with the aim of its investment in future growth. Altodigital declared a £13.5m managing the global IT needs of During the year it withdrew from dividend to CEO James Abrahart large customers, counting PwC as the Salesforce market. to facilitate his return into active an early client. Based in London management of the Leighton Bridge, it now has 26 global offices. 53 Getronics Buzzard-based print and copier For its year to 31 October 2017 Revenue: £66m (+26%) player in its elongated financial NSC’s UK arm saw revenue vault Net profit: -5.5% Staff: 512 year covering the 18 months 12 per cent to £80.2m. Net profits This IT services firm’s 2017 UK ending 30 September 2017. He shrank from £4.1m to £3.3m as accounts were overdue as we recently told CRN that rival it ate £3.9m in finance expenses went to press so we have had to Apogee’s acquisition by HP in from foreign exchange losses. fall back on old numbers for its August left it as the UK’s largest year ending 31 December 2016, independent office and technology 46 K3 Business Technology which showed a net loss of £3.6m provider. Revenue (which we have Revenue: £83.4m (-6%) on revenues that rose 26 per cent annualised) hit £106.8m during Net profit: -16% Staff: 765 to £66m. Globally, Getronics is the period, a 10 per cent rise on an This Microsoft Dynamics and in growth mode, snapping up US adjusted comparison. Sage partner’s most recent annual MSP Pomeroy in July in a move results covering an elongated that propelled its turnover beyond 49 Centerprise 17-month period ending 30 $1bn. It now has 9,000 staff and Revenue: £72.8m (+23%) November 2017 showed an 2,800 active customers worldwide. Net profit: 2.7% Staff: 162 eye-watering £13.4m net loss on

43 VAR 300 revenues that fell six per cent to including HMRC and Bupa. This the US, CACI is a $4.4bn Fortune £118m (we have annualised these unit saw revenue fall three per cent 1000 outfit and its UK business is figures for the purposes of this to £88.3m in KCOM’s year to 31 knocking on the door of £100m profile). But the AIM-listed firm, March 2018 due to an unexpected revenues following six per cent which now generates a fifth of slowdown in government business. growth in its year to 30 June revenues from its own intellectual Despite incurring £5.3m in losses 2017. Since its year end it has property, is enjoying a brighter from two software contracts it acquired two UK outfits in the 2018 under new CEO Adalsteinn quit, KCOM Enterprise’s EBITDA form of Spargonet Consulting and Valdimarsson following efforts to rose from £4.5m to £5.1m. Mapmechanics Software. restructure and refocus. 42 Storm Technologies 39 Redcentric 45 OCSL Revenue: £93.2m (+14%) Revenue: £100m (-4%) Revenue: £85.9m (+9%) Net profit: 2.1% Staff: 138 Net profit: 0.5% Staff: 501 Net profit: 1.2% Staff: 217 This Watford-based firm describes This mid-market-focused MSP This West Sussex-based VAR was itself as “one of the fastest-growing admitted it “didn’t sell enough” on the receiving end of one of the independent IT VARs in the during its fiscal year to 31 March year’s biggest acquisitions as it was UK”, a billing it honoured in its 2018 as its revenues tumbled grabbed by German VAR Cancom year to 31 December 2017 as its four per cent to £100m. But a for £29m in August. Cancom revenue pogoed 14 per cent. Net cost-cutting drive, which saw it will use OCSL as its new UK profits rose by a similar margin to trim UK headcount from 387 to hub. It claimed that the HPE and £2m while sales from mainland 347, helped the AIM-listed firm Microsoft Azure partner generated Europe nearly doubled to £5.5m. reverse a net loss of £2.4m in 2017 revenue of “over £70m” in its last The Dell EMC, Titanium and HP to a profit of £511,000 this time full financial year, although the Gold partner said it intended to around. At the time of publication last accounts filed by OCSL on “significantly” expand its office and Redcentric was hunting for a new Companies House covering its warehouse facilities in its current leader after binning chief executive year ending 31 March 2017 show a year to support its growth. Chris Jagusz following poor 1H net profit of £1m on revenues that 2019 numbers. rose nine per cent to £85.9m. 41 Ultima Business Solutions 38 Claranet 44 GCI Revenue: £97.6m (+1%) Revenue: £101.2m (+7%) Revenue: £86.7m (+67%) Net profit: 1.1% Staff: 396 Net profit: 7.3% Staff: 459 Net profit: -3.4% Staff: 398 This Reading-based VAR and This acquisitive London-based This Microsoft Skype for Business MSP is among the minority MSP continues to expand and partner expects turnover for of firms in this report to have now boasts a turnover of £325m, its current year to top £96m built its business through pure 43 datacentres, 1,800 staff and 24 as it continues to bed down organic growth without any offices across Europe and Brazil. In recent acquisitions which outside investment funding or its year to 30 June 2017 Claranet’s include Outsourcery, Freedom debt. In its year to 31 March 2017 UK arm saw net profits shrink Communications and Blue Chip Ultima’s top line nudged closer by £1.3m to £7.4m on revenues Data Systems. For its year to 31 to £100m with revenues up one of £101.2m. A deal to provide December 2017 revenue boomed per cent, while net profits rolled managed hosting for the micro- by 67 per cent to £86.7m, although back from £1.5m to £1.1m. The sites of Peugeot is among the case net losses widened from £923,000 Microsoft, Citrix and VMware studies displayed on its website. to £2.9m. GCI was gifted a fresh partner recently rolled out robotic £60m M&A war chest in May 2018 process automation vendor 37 Six Degrees by new private equity majority Thoughtonomy across its business. Revenue: £101.6m (+25%) owner Mayfair Equity Partners. EBITDA: 18% Staff: 539 40 CACI Constructed from 20 acquisitions 43 KCOM Enterprise Revenue: £99.5m (+6%) over seven years, private equity- Revenue: £88.1m (-3%) Net profit: 9.7% Staff: 752 backed Six Degrees is striving EBITDA: 5.8% Staff: 87 This technology services giant to be the UK’s top converged Hull-based telco KCOM’s systems develops a wide array of its own managed services provider for integrator arm KCOM Enterprise software but also acts as a channel mid-market and large firms. Its has 87 staff and punts contact partner for vendors such as Cisco, ultimate parent company CB-SDG centre and cloud solutions to large Qlick, Check Point and NetApp. Topco posted revenues of £101.6m enterprise and government clients Headquartered in Delaware in in its year ending 31 March 2017,

44 VAR 300 up from £61.1m in the previous solutions and digital signage related to 2014 acquisition Matrix nine-months as its acquisitions among other things. During the Development Software. of Carrenza and Insite boosted year it implemented a workplace its top line. Although net losses wellness strategy. 30 Bell Integration widened to £44.9m on the back Revenue: £129.9m (+17%) of hefty amortisation and interest 33 BJSS Net profit: 0.5% Staff: 328 charges, EBITDA rose to £18.3m. Revenue: £116m (+39%) It was a busy year for this Net profit: 19.5% Staff: 775 Portsmouth-based datacentre VAR 36 CAE This AWS and Azure partner as it snapped up IBM partner The Revenue: £103.9m (+9%) claims to be the UK’s largest Portal Partnership, and IT and Net profit: 1.7% Staff: 242 privately owned IT and business audiovisual rentals firm Hamilton This Cisco Gold partner joined consultancy. Revenues for its year Rentals. The acquisitions added the £100m-revenue club in its year to 30 April 2018 mushroomed £6.9m to Bell’s top line in its year ending 30 June 2018 on the back 39 per cent to £116m, with net to 31 March 2017 as total revenues of nine per cent annual growth. profits swelling at a similar rate to hiked 17 per cent on an annualised Two thirds of its £103.9m sales £22.6m. Founded in Leeds in 1996, basis to £129.9m. Founded in are generated by networking, BJSS’ clients include Waitrose and 1996, Bell bills itself as a datacentre with CAE highlighting Microsoft it is one of the largest suppliers workload and cloud migration and and Palo Alto Networks among on G-Cloud. Its core propositions optimisation specialist and has its growth vendors. Net profits include AI, digital transformation overseas footprints in Hyderabad dipped by £300,000 to £1.8m. and journey to cloud. and Singapore. The Watford-based firm, which underwent an MBO in November 32 Logicalis 29 Phoenix Software 2018, recently celebrated turning Revenue: £116.6m (-24%) Revenue: £130.3m (+10%) 25 by treating all its staff to a Net profit: -6.5% Staff: 435 Net profit: 2.7% Staff: 163 weekend break in Monaco. The UK arm of this Cisco HPE This York-based software licensing and IBM partner saw losses widen outfit’s latest annual results cover 35 Chess to £7.6m in its year ending 28 an elongated 16-month period Revenue: £110.3m (+25%) February 2017 as it continued ending 28 February 2018 after it Net profit: 3.5% Staff: 528 to reel from the loss of a key aligned its financial year end with Acquisitive Chess burst through seven-year Welsh public sector new parent Bytes Technology the £100m revenue mark in its deal. Although revenues are Group, whose principal subsidiary fiscal year to 30 April 2017 and also on the slide, plunging from ranks 13th. Revenues hit £173.7m, was recently crowned the top UK £204m in 2014 to their current equating to £130.3m on an workplace by the Sunday Times’ level, the directors said they annualised basis – a 10 per cent Best Companies to Work For remain “optimistic about future leap year on year. Phoenix noted 2018. With a heritage in fixed-line prospects” as they detailed plans that the sales models available telecoms, Alderley Edge-based to restructure the firm. Part of from vendors in its core software Chess is seeking to re-invent itself South African IT group Datatec, business are continuing to switch as a ‘unified solutions provider’ Logicalis turned over $1.6bn from on-premise to hybrid or pure and in April 2017 leapt into the globally last year. cloud solutions. cybersecurity space by acquiring Foursys, a deal it said would add 31 Jigsaw24 28 Maintel £11m to its top line. Revenue: £128.7m (+35%) Revenue: £133.1m (+23%) Net profit: -0.1% Staff: 229 Net profit: 2.3% Staff: 652 34 Scan Computers Billing itself as the “undisputed The financial woes of Avaya left Revenue: £113.1m (+13%) leader in the B2B Apple reseller their mark on the last set of annual Net profit: 1.5% Staff: 228 market”, Nottingham-based accounts of this London-listed This Bolton-based PC builder and Jigsaw24 performed a secondary comms specialist, with revenues e-tailer claims to ship 1,500 orders MBO in March. Its wackily named for the year to 31 December a day, with a success rate of 99 per parent Insanely Great smashed the 2017 falling short of expectations cent. It enjoyed a bumper year £100m revenue barrier in its year at £133.1m. This included a to 30 June 2017 as revenues rose to 30 May 2017 on the back of 35 12-month contribution from 13 per cent to £113.1m and net per cent growth, driven by Apple Azzurri and five months from profits widened from £1.1m and associated services. However, Intrinsic, which it acquired in to £1.7m. Its business division it slipped to a £183,000 net loss August 2017. But CEO Eddie offers Intel and NVIDIA server as it ate an exceptional charge Buxton said in September that

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Maintel’s Avaya practice has 24 Buy IT 21 Compu b enjoyed a “resurgence” as he Revenue: £146.5m (+21%) Revenue: £157.4m (+61.1%) unveiled its interim 2018 results. Net profit: 0.8% Staff: 322 Net profit: 0.6% Staff: 158 This Huddersfield-based e-tailer This Apple distributor, retailer 27 SoftwareONE grew revenues by over a fifth in and reseller enjoyed a bumper Revenue: £137.9m (+10%) its year to 31 March 2017 but year to 31 December 2017, with Net profit: 1.7% Staff: 141 net profits virtually halved to revenues powering up 61 per This Switzerland-based software £1.2m as a recent infrastructure cent to £157.4m, £102m of which licensing firm has endured an investment hit its bottom line. was generated in the UK. Net eventful year, with the untimely CEO Nick Glynne recently told us profits, however, dropped from and tragic death of its founder that its 2018 numbers will show £1.2m to £1m as it complained Patrick Winter in June preceding revenue of £182.3m, with most of of “difficult market conditions”. its blockbuster acquisition of the growth driven by IT sales. Its On top of its six stores in its rival Comparex. KKR-backed brands include Laptops Direct, native Ireland, Compu b boasts SoftwareONE finds itself one place Drones Direct and Furniture 123. an outlet in the heart of London behind Comparex in this report in Selfridges. In November 2018 despite its UK revenues for the 23 Banner crooks raided its Galway store, year to 31 December 2017 rising Revenue: £153m (+114%) making off with €15,000 to by 10 per cent to £137.9m. The Net profit: 0.5% Staff: 243 €20,000 of gadgets, the Connacht Comparex deal will swell its global Starting life 200 years ago when Tribune reported. headcount to 5,500. it was part of Her Majesty’s Stationery Office, Sheffield- 20 CCS Media 26 Comparex based Banner claims it is now Revenue: £180.2m (+18%) Revenue: £143.7m (+68%) the UK’s largest reseller of Net profit: 2.4% Staff: 420 Net profit: 0.9% Staff: 48 workplace products, holding stock Staff at this Chesterfield-based Microsoft licensing giant in excess of £50m and making reseller now have the option of Comparex may have just been 18,000 deliveries from a fleet of working from one of its 18 offices, gobbled up by rival SoftwareONE, 350 vehicles per day. It recently working from home or a mixture but when it comes to UK revenues launched a dedicated technology of the two following its “largest it is now fractionally larger than website offering HP printers, ever” investment in technology. its new owner after clocking up Acer and Lenovo laptops and For its year to 31 December 2017 growth of 68 per cent in its year mobile handsets. Revenues for revenues pogoed 18 per cent to to 31 March 2018. The fall in its year to 31 December 2017 £180.2m and 1H sales of £109m the pound means the UK has more than doubled as it brought put it on track to break £200m in become a good location for buying its Banner and Supplies Team 2018. It now has close to 500 staff for some European and global arms into one legal entity. Net and 14,000 customers. customers, Comparex noted in profits rose from £628,000 to its annual UK accounts, adding £826,000. 19 GBM Digital that it centralised more support to Revenue: £182.9m (-27%) Germany during the period. 22 Software Box (SBL) Net profit: 0.8% Staff: 55 Revenue: £155.5m (+19%) Billing itself as the UK’s largest 25 Avanade Net profit: 1.4% Staff: 126 Apple Authorised reseller, Revenue: £145.5m (+22%) Known for its strong ties with this Manchester-based outfit’s Net profit: 10.2% Staff: 377 the Ministry of Defence, this revenues for its year to 31 Mirroring the fortunes of its York-based Microsoft and Apple December 2017 slid 27 per cent sole vendor partner Microsoft, partner has developed its own to £182.9m. GBM Digital sells Avanade’s UK arm is enjoying non-internet-reliant software to schools and businesses but in a growth spurt, with revenues patch delivery service under the March it leapt into the consumer for its year to 31 August 2017 DOBUS brand. SBL enjoyed space when it opened a technology soaring 22 per cent. Net profits “strong progress” in its year to hub in Manchester city centre increased even more quickly 31 August 2017, with revenues under the ‘Sync’ banner. It also from £9.8m to £14.8m. Globally, soaring 19 per cent to £155.5m partners with Adobe, WatchGuard Avanade – a 50-50 joint venture and net profits coming in roughly and Jamf Software. between Microsoft and Accenture flat at £2.2m. It has 69 services in – has 30,000 staff and 24,000 G-Cloud 10 and references a deal 18 RM certifications in Microsoft to manage 25,000 mobile devices Revenue: £185.9m (+11%) technology. for DEFRA on its website. Net profit: 6.9% Staff: 1,734

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RM’s heritage may be in building This East Yorkshire-based e-tailer 16 Apogee PCs for schools, but it now draws defied “competitive pressure” in Revenue: £208.4m (+85%) more revenues from its curriculum the electronics marketplace to Net profit: 1.6% Staff: 1,125 resources arm RM Resources than post a 7.2 per cent rise in sales Europe’s largest independent it does from ICT. For its year to in its year to 31 December 2017, managed print provider was 30 November 2017 RM’s revenues with net profits roughly flat at acquired for £380m by HP on 1 rose 11 per cent to £185.9m but £995,000. However, it warned August 2018 in a deal HP’s CEO ICT arm RM Education, which that Brexit is likely to “provide Dion Weisler has admitted was a supplies ICT software and services challenges”, stressing that it defensive move. to 7,000 UK schools and colleges, may not be able to pass on the Speaking at the recent Canalys saw sales slip eight per cent to full extent of the “inevitable” EMEA Channels Forum, Weisler £70.6m. price hikes associated with the was at pains to point out that HP impending event. Last October will continue to run Apogee as 17 eBuyer it launched a managed IT and an independent entity, claiming it Revenue: £202.1m (+7%) cloud service aimed at business will get no special treatment. The Net profit: 0.5% Staff: 228 customers. Maidstone-based outfit is thought

Insolvency watch

Following the bankruptcy of £200m-revenue giant Misco in 2017, it is testament to the resilience of the channel that all major resellers survived 2018 intact. Besides BT Business Direct, which BT liquidated in September 2018 as part of a wider reorganisation, there was not a single insolvency among the top 100. This is despite a backdrop of rising corporate insolvencies in the UK last year, with the number of firms going bankrupt in England and Wales topping 4,000 in a quarter for the first time since 2014 in Q3 of 2018. However, the reseller cemetery was not completely out of commission last year, with several smaller players biting the dust. Leeds-based Firstnet Solutions was liquidated in February 2018, owing over £1m to creditors. It cited issues relating to hardware costs and casfhlow pressures as the primary cause of its problems. Another well-known channel brand that hit the wall – for a second time in two years – was former high- flying Citrix partner Centralis. Centralis Limited first went bust in 2016 owing creditors £388,000. It was purchased in the administration process by Centralis Transformation, which itself went under in March 2018 having never turned a profit and racking up “substantial” arrears with HMRC, according to administrator FRP. In June 2018, Basingstoke- based Microsoft Gold partner ICS Solutions called in administrators after more than 30 years in business. Although its clients included Aviva, B&Q and Balfour Beatty, its revenues had fallen to as low as £2.8m in its fiscal 2017. Administrator Leonard Curtis blamed the firm’s investment in AI chatbot software – results from which took longer to generate returns than expected – for its demise.

47 VAR 300 to have around 11,000 managed principal UK arm Dimension Data per cent in January 2017 dented print devices in the field, 20 per Network Services Limited since its gross margins, net profits rose cent of which are HP branded. July 2017, meaning we’ve had to from £5.5m to £6.5m. In its year to 31 December recycle figures from last year. For Since year end the Leatherhead- 2017 Apogee’s revenues virtually its year to 30 September 2016 based firm – whose parent doubled to £208.4m as a full-year net profits shrank from £8.2m to company Altron is listed on the contribution from Danwood fed £2.9m on revenues that inched up Johannesburg stock exchange – into its numbers. Its headcount one per cent to £258m. It recently has bagged a £150m deal to roll bulged from 424 to 1,125. discontinued its Advanced out Windows 10 across the NHS. Infrastructure (DDAI) arm in the 15 NCC Group UK, which had a £30m turnover. 12 SHI Revenue: £233.2m (+8%) South Africa-based Dimension Revenue: £285m (+15%) Net profit: 3.1% Staff: 1,813 Data turned over $11.7bn globally Net profit: N/A Staff: 160 NCC’s CEO characterised its fiscal in the 18 months to 31 March With annual revenues north of year ending 31 May 2018 as a 2018 but Japanese parent NTT is $8bn and 4,000 staff, New Jersey- “year of recovery” as the London- in the process of combining it with based Microsoft partner SHI is the listed cybersecurity consultancy its other companies in a new giant largest US minority and woman- continued to overcome the organisation dubbed NTT Inc. owned business. indigestion associated with recent Based on market sources, acquisitions (including 2015 13 Bytes Software Services we estimate its UK arm, which purchase Accumuli). Revenue: £277m (+28%) employs 160 staff in Milton Having swung to an ugly £39m Net profit: 2.3% Staff: 266 Keynes and has been trading net loss in 2017, NCC registered Software licensing powerhouse for 20 years, boasts an annual a £7.2m profit this time around, Bytes recently told us it turned revenue run rate of about £285m, with revenues rising eight per cent. over £305m in the first half of 15 per cent up year on year. On It claims to have now completed its fiscal 2019, with acquisition a global basis SHI is enjoying a a rebalancing of its assurance Phoenix Software weighing in barnstorming 2018, with first-half arm away from single-transaction with an £88m contribution. revenues rocketing 21 per cent to reselling of third-party products This profile covers only $4.6bn and its top four vendors – and towards high-value activities. principal arm Bytes Software Microsoft, Dell, HP and Cisco – all This bears out in its results, with Services (we have profiled Phoenix exceeding that figure. products generating just £9.8m of Software and cybersecurity arm its £194m assurance revenues. Bytes Security Partnerships 11 Telent separately), however, which saw Revenue: £386.3m (-2%) 14 Dimension Data revenues in its last full year ending Net profit: 5.6% Staff: 1,888 Revenue: £258m (+1%) 28 February 2018 vault 28 per This Warwick-based player Net profit: 1.1% Staff: 621 cent to £277m. Although Bytes bills itself as “the UK’s leading This global Cisco partner hasn’t SS complained that Microsoft’s mission-critical network solutions filed any new accounts for its decision to hike UK prices by 22 provider” and recently won a VARs with interesting sidelines Scottish MSP Dacoll, ranked 156th in this report, moonlights as a designer and manufacturer of automatic number plate recognition systems for the global market.

Godalming-based comms provider and 134th-ranked Arrow Business Communications diversified into the energy sector in 2017 by acquiring Pulse Business Energy.

Essex-based system builder and 290th-ranked Akhter Group has a side interest in the green energy market, designing and producing commercial solar-powered street lights.

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£450m deal to provide telecoms estimate its European revenue and trading issues” that dogged its services to Highways England. It now stands at approaching $650m 2016 performance. has also become a sizeable player (£500m), the lion’s share of which Underlying revenue rose in the ICT channel through recent is drawn from financial service five per cent to £507.8m, with acquisitions and was recently and service provider customers in organic growth in networking crowned HPE UK and Ireland the UK. solutions and managed print Solution Provider of the Year. As services offset by declines in it hasn’t filed any new accounts 8 Insight technology solutions, managed since last year we’ve had to fall Revenue: £502m (+11%) IT solutions and major clients back on its annual accounts Net profit: 1.6% Staff: 816 within enterprise services. But covering the year to 31 March The UK arm of this global reseller underlying operating profit 2017, which showed net profit behemoth smashed the £500m bounced from £47.1m to £78.1m, falling from £32.2m to £21.6m on revenue barrier in its fiscal year which Capita said reflected the revenues that fell two per cent to ending 31 December 2017 thanks benefit of a restructuring drive £386.3m. to a “strong performance” in its and a payout of £9m in a one-off public sector business. Hardware supplier settlement. 10 XMA sales led the way, swelling 23 per Revenue: £396.6m (+11%) cent to £312m, while software 6 SCC Net profit: 1.2% Staff: 470 sales dipped from £185m to Revenue: £591.4m (+3%) This Nottingham-based VAR £173m and services revenues Net profit: 3% Staff: 1,622 recently bagged a monster iPad jumped 28 per cent to £17m. This The Birmingham-based channel education deal which will see it was more than matched at the bellwether halted a run of three deploy 50,000 devices and train bottom line as net profits widened straight years of UK sales declines more than 4,500 teachers in the from £5.1m to £8.1m. in its fiscal year ending 31 March technology. In May UK managing director 2018 on the back of an “excellent” Chief executive Lee Hemani Emma de Sousa attributed the second half. told us in August that XMA is firm’s uptick in fortunes to its UK revenues rose three per shifting its focus from revenue investment in field-based sales cent to £591.4m, with product to profit growth as it looks to staff, revealing that Insight now supply revenues growing three become a more services-driven has three times as many staff in per cent to £417m, core managed “performance VAR”. the field than it had three years services and datacentre services For its year ending 31 December previously. rising one per cent to £138m and 2017 the Westcoast Group-owned integration activities pogoing outfit saw revenues rise 11 per 7 Capita IT Services eight per cent to £36m. UK cent to £396.6m with net profits Revenue: £507.8m (+5%) operating profits have risen for hitting £4.9m, but the long-term Underlying operating profit: five straight years. goal is to double profit margins 15.4% Staff: 4,300 Part of The Rigby Group, from 1.25 to 2.5 per cent. Capita may be best known for whose interests span technology, its public sector outsourcing aviation, real estate, hotels, 9 World Wide Technologies prowess, but the IT services airports and finance, SCC also Revenue: £500m (+56%) division which houses its operates in France and Spain, with Net profit: N/A Staff: 80 reseller brands including offshore centres in Romania and This US-based Cisco, VMware, Microsoft licensing powerhouse Vietnam. It boasts group revenues NetApp Dell EMC and HPE Trustmarque, Pervasive Networks, of £1.8bn and vendor alliances partner has more than 5,000 staff Computerland and NTS is a with the likes of Cisco, IBM, and turned over $10.4bn in 2017, £500m-revenue monster. VMware, Microsoft, NetApp, making it the second-largest New chief executive Jonathan Lenovo and Oracle. global reseller by our estimates. Lewis set the tone for Capita’s Sizing its UK business is year when he warned in January 5 Daisy problematic since it does that “significant change” would be Revenue: £684.3m (+14%) not publicly divulge its local required to get the troubled giant EBITDA margin: 18.6% Staff: numbers, but at the time it back on track. Three months later 3,479 opened its Canary Wharf office it unveiled a £513m loss for its Having reportedly shelved plans in 2013 WWT said it was already fiscal year ending 31 December for a £1bn sale this summer, conducting $100m in business 2017. It was a similarly “variable” Daisy is now intent on ploughing in Europe. 2017 for Capita IT Services as it on with organic and acquisitive Based on market sources, we continued to address the “sales growth under its own steam.

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Revenues for its year to 31 The UK arm of the world’s BT and EE officially turned March 2018 which include the largest IT reseller pierced the over £24bn last year and with first full-year contribution of £700m revenue barrier in its year convergence between comms and Alternative Networks fell short of to 31 December 2017 on the back IT only accelerating, we would be expectations, rising 14 per cent of 11 per cent growth. Net profit, surprised if IT resale and related to £684.3m. EBITDA – Daisy’s however, rolled back from £34.8m services doesn’t represent a preferred profit measure (hence to £28.7m. By revenue area £336m growing chunk of that amount. why we have taken the special came from workspace solutions, measure of displaying EBITDA in £280m from datacentre and 2 Softcat this profile) – however powered £100m from services. Revenue: £1.082bn (+30%) up 31 per cent to £127m. Canalys CEO Steve Brazier Net profit: 5.1% Staff: 1,130 Having started life in 2001 as recently predicted that NASDAQ- Twenty-five years after starting life a supplier of lines and calls to listed CDW, which turns over as a mail order software company SMEs, the Lancashire-based firm $15bn globally, will follow up its and three years after listing on the now has a diversified portfolio 2015 acquisition of UK-based London Stock Exchange, Softcat and customer base, drawing Kelway by gobbling up one of has joined the £1bn-revenue club £127m of its sales from networks, Europe’s ‘top 10’ largest channel on the back of 30 per cent growth £167m from data, £200m from players within two years. in its year to 31 July 2018. systems, £147m from mobile and Its total sales hit £1.08bn, with £44m from business continuity; 3 BT software up 36 per cent to £564m, and vendor partnerships ranging Revenue: £1bn hardware bulging 29 per cent to from Vodafone and O2 to Cisco, Net profit: N/A Staff: N/A £367m and services rising 16 per Dell EMC, HPE, Microsoft and Calculating the size of BT’s reseller cent to £151m. VMware. Ninety per cent of its activities is now a guessing game This was more than matched at revenues are now recurring, up following its decision to roll a the bottom line, with net profits from 86 per cent year on year. clutch of its relevant businesses – ballooning by £16m to £55m. Since namely BT Business Direct, Dabs, year end Softcat has opened its 4 CDW Engage IT and iNet – into the first international office in Dublin Revenue: £719.4m (+11%) wider group. and now employs over 1,100 staff. Net profit: 4% Staff: 1,086 Totting up these interests as well Customer numbers rose by 4.7 per CDW UK has enjoyed an action- as the IT product resale and related cent to 11,900 during the year. packed 2018, bagging the largest services activities conducted by Despite this, CEO Graeme Watt ever G-Cloud deal – in the form BT Global Services, BT Northern struck a note of caution following of a £25.7m contract with the Ireland (which has a stranglehold the results in October, warning that Department of Education – and in the public sector) and various macroeconomic and supply chain snaring the title of Partner of the other units, we’d venture that BT is uncertainties could see growth Year with HPE. a £1bn VAR juggernaut. moderate in its current year.

Fun facts 144th-ranked Invenio Business Tony Rowe (pictured), founder of Solutions formed a cricket 185th-ranked VAR South West team with its client, Universal Communications Group, is Music, adding that “together, we perhaps better known for being often win”. the CEO of Exeter Rugby Club, and was awarded an OBE in 2012. Western Computer founder Keith Courtman founded the 227th-ranked VAR in 1984 after he was one of the first users of an Apple II computer (pictured) in the UK and was so impressed by it, he felt compelled to set up an Apple reseller.

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1 Computacenter Revenue: £1.496bn (+9%) Net profit: 2.8% Staff: 4,210 Computacenter remains the UK’s Top staff and hand it its first US-only clients. VAR by a country mile after its domestic Computacenter got off to a flying start in its business returned to growth in its latest fiscal 2018, with first-half revenues powering financial year ending 31 December 2017. up by 18 per cent and UK sales booming 30 The recent recipient of a ‘Boring per cent. In August the company’s share price Award’ for its monotonous profit growth, reached its highest value since the turn of the the London-listed giant saw group revenue century as chief executive Mike Norris soar 17 per cent to £3.8bn last year, (pictured) – who is the longest- with the UK business generating standing CEO of a FTSE 350 firm close to £1.5bn of the total – a – pointed to “buoyant market nine per cent rise. conditions”. UK operating profits tumbled But the reseller and IT services by 18 per cent to £38.3m as powerhouse’s rapid growth a shift in the revenue mix faltered in its third quarter towards lower-margin ending 30 September 2018. software deals and higher Group revenues fell three administrative expenses per cent to £900m, with the dented the bottom line. UK’s contribution tumbling Underscoring the scale of nine per cent to £296m. its international ambitions, Norris blamed the shortfall Computacenter acquired on “tough comparatives” Misco’s Dutch arm in August from Q3 2017, telling the 2018 before making its maiden Financial Times he was “supremely US acquisition in October in the confident” that Computacenter would form of FusionStorm. The latter deal have a record 2018. “And we will do it will boost its US headcount to 1,000 again next year” he promised. Computacenter revenue breakdown

Professional Resold services 9% services 10%

Managed services Workplace 21% Computacenter UK revenue: last five years 24% 1.51.5

1.21.2

0.90.9 £bn 0.60.6

0.30.3

0.00 Software 18% Datacentre and 2018 2017 2016 2015 2014 networking 18%

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4NET Technologies £13m BSI Cybersecurity and Information Computacenter £1.496bn A2C Holdings £17.9m Resilience £5.4m Computerworld £14.5m Absoft £5.2m BT £1bn Concept Group £20.7m Academia £60.1m Buy IT £146.5m Connect Managed Services £20.9m Acora £16.7m Bytes Security Partnerships Consilium £5.8m ACS Business Supplies £17.7m £28.2m Content and Code £12m ACS Systems £21.7m Bytes Software Services £277m CSI £46.4m Acuma Solutions £10.5m CACI £99.5m CSPI £9.5m AdEPT Technology Group £46.4m Cadline £28.4m D4t4 Solutions £20.1m Adept4 £10.3m CAE £103.9m Dacoll Group £22.5m Advanced 365 £36.4m Capita IT Services £507.8m Daisy £684.3m Akhter Group £4.8m Capital Document Solutions Datel £22.7m Albion Computers £32.5m £21.2m Deans Computer Services £3.1m Altodigital £71.2m Capito £4.2m Dimension Data £258m Amicus ITS £9.8m Caretower £27.6m DMC Canotech £38.7m Ampito Group £40.8m Castle Computer Services £8.8m DTP £36m Annodata £60.5m Castleton Technology £23.3m EACS £20m ANS £62.7m CCE £17.9m eBECS £34.8m Apogee £208.4m CCL Computers £29.7m eBuyer £202.1m Arrow Business Communications CCS Media £180.2m ECS Europe £36.7m £28.2m CDW £719.4m ECS Security £26.3m ASL (Automated Systems Group) Celerity £26.8m Edenhouse Solutions £38.2m £19.9m Centerprise £72.8m Electrosonic £39.9m Aspire Technology Solutions Centiq £6m Elite Group £40.2m £16.1m Certus Solutions £7.4m EOS IT Solutions £49.3m Autodata £9.2m Charterhouse Voice & Data Escape Technology £16.2m Avanade £145.5m £20.5m Esteem Systems £36.1m AVI-SPL £23.5m Chess £110.3m Ethos Group £19.7m AVMI £64.2m Circle IT £10.8m European Electronique £46m Axial Systems £19.9m Cisilion £40.7m European Office Products £2.9m Axians £51.4m Civica Services £22m Eurotech Computer Services Babble Cloud £7.5m Claranet £101.2m £4.7m Bamboo Technology £12m Cloudreach £65.9m Excalibur Communications £7.7m Banner £153m Codestone £11.2m Excel Group £33.2m Bechtle £46.8m Columbus £18.7m ExcelRedstone £22.9m Bell Integration £129.9m Comcen Computer Supplies Exception Ltd £22m Bistech £15.4m £13.6m Excitech £27.4m BJSS £116m Commercial £50.5m Explorer UK £8m Block Solutions £24.5m CommsWorld £15.4m Focus 21 Visual Communications Blue Chip Customer Engineering Communicate Technology £4m £14.4m £47.1m Comparex £143.7m Focus Group £54.2m Boston Networks £9.5m Complete IT £14.7m Form IT Solutions £12.4m Britannic Technologies £14.4m Complete IT Systems £15.4m Freestyle IT £9m Brookcourt Solutions £20.8m Compu b £157.4m Frontline £10.2m

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G3 Comms £16m m-hance £11.5m PCM £53.2m Gaia Technologies £19.5m M2 Digital £36.9m PCMS £34.2m Galtec £14m Maintel £133.1m PCS Business Systems £22.4m GBM Digital £182.9m Majenta Solutions £11.5m Peach Technologies £8.1m GCI £86.7m Man and Machine £10.9m Pennine Telecom £9.7m Getronics £66m Managed 24/7 £8.6m Perfect Colours £19.4m Graitec £25m MBA Information Technology Phoenix Software £130.3m Grey Matter £38.2m £11.6m Pinacl Solutions £17.1m GV Multimedia £29.2m MCSA £49.2m Pinewood £27.1m Hardware Group £41.8m Meridian IT £18.3m Pinnacle £3.8m High Point Solutions £15m Microlink PC £8.5m Port -P £11.5m Highlander Business Solutions Microtech Group £5.3m Principal £11.6m £20.1m Midshire Business Systems Printerland £44.5m Highspeed Office £10m £32.4m Proact £50.6m Hobs Group £34.1m Millgate £50.1m ProAV £53.3m IDE Group £65m Mirus IT £7.6m Probrand £42.2m IDN Supplies £24.5m Modality Systems £12.5m Prodec Networks £13.2m Incremental Group £6.6m MTI £39.7m Prolinx £11.4m Inoapps £22m Natilik £40m Pugh Computers £11.5m Insight £502m NCC Group £233.2m Pure Genius Holdings £28.4m Intercity Technology £41.7m Nettitude £10.4m Pure Technology Group £22.6m Invenio Business Solutions New Signature UK £6.9m Pythagoras £10.7m £25.5m NG Bailey IT Services £60.7m Q Associates £30.2m Involve Visual Collaboration Nine Telecom £43.7m QuantIQ £15.7m £12.3m Niu Solutions £16.5m Recarta IT £9.2m IP Integration £20.3m Node4 £39.1m Red Stack Tech £32.4m IT Lab £34.4m Nolan Business Solutions £4.1m Redcentric £100m IT Professional Services (ITPS) Northdoor £26.3m RedstoneConnect £47.6m £16.8m Novatech £32.1m Reflex £14.8m ITC Global Security £15.3m Novosco £23.7m Retail Assist £13.7m Itelligence £65.7m NSC Global £80.2m Reynolds and Reynolds £15.5m ITRM £4.1m NTT Data £57.1m Ridgewall £7.3m Jade Solutions £12.4m NTT Security £65.3m Risual £10.7m Jarvis Tech £22m OCF £18.3m RM £185.9m Jigsaw24 £128.7m OCSL £85.9m Roc Technologies £40.3m JT (Global) £13.7m OGL Computer Services £20.1m Roche Audio Visual £11.9m K3 Business Technology £83.4m Olive Communications £31.3m Sabio £49.5m KCOM Enterprise £88.1m OneCom £71.1m SAGlobal Europe £4m Kinly (formerly Viju) £41.6m OnePLM £5.1m Sapphire Systems £35.7m KRCS £5.3m ONI £17.8m Saville Group £34.9m Krome Technologies £13.7m Open Systems Technology £9.4m Scan Computers £113.1m Lima Networks £12.5m Options IT £50.4m SCC £591.4m Logicalis £116.6m Pacific Computers £9.5m SecureData £35.4m Lynx Networks £4m PC Specialist £47.6m SecureLink £27.9m

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Servium £22.1m TESM £22.6m SHI £285m TET £45.7m The figures on this list are SICL £9m TIG £6.4m intended to be a fair and Six Degrees £101.6m Timico £55.7m reasonable reflection of Smartcomm £19.6m Total Computers £65.5m the annual sales of each Snelling Business Systems £8.3m Trams £40.5m company that are generated Softcat £1.082bn Transputec £14.7m in this country by a UK- Software Box (SBL) £155.5m Tryzens £7.1m registered trading entity. SoftwareONE £137.9m TSG £33.5m They are based on annual Solar Communications £20.3m Ultima Business Solutions £97.6m accounts filed at Companies Solid Solutions £41.3m Utilize PLC £9m House or, in select cases, Solutions Inc £17.1m Version 1 £33.5m reliable first-hand testimony South West Communications Group Vetasi £12.3m or informed market research. £18.5m Viadex £49.4m Figures may have been Spectrum Computer Supplies Vision Group £22.6m recalculated to account £15.5m Vodat Communications Group for sales or acquisitions; Stanford Marsh £18.7m £13.3m extended or truncated Stone Group £73.6m Vohkus £67.1m reporting periods; the Storm Technologies £93.2m Vysiion £14.7m identification of a UK sales Stormfront £57.4m Wavenet £14.4m figure from a larger total; Switchshop £9.5m Western Computer £12.7m or a currency conversion at SysGroup PLC £10.5m World Wide Technologies £500m a historically appropriate Systems Technology £8.6m Xeretec £52.6m exchange rate. Tangible Benefit £22.2m XMA £396.6m If you have any questions, Technoworld £27.6m York Telecom £13.4m comments or complaints, Tectrade £15.5m ZenOffice £14.8m please email doug. Telent £386.3m Zensar Technologies £36.6m [email protected] Teneo £19.7m Zones £51.6m

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