MrQ remains confident about growth prospects for the next year, after posting double-digit increases in turnover and operating profit for the 15 months ending 31 December 2024.
In its latest figures filed with Companies House, CEO Savvas Fellas and Lindar Media director Oded Keinan were bullish on the operator’s future in the UK market.
In the strategic report, the pair pointed to new product developments and new opportunities as examples of where they are confident the operator will continue to improve over the next 12 months.
The report read: “The new product developments improved usage within the existing customer base and attracted new opportunities to further build for the future.
“The continued development of the company infrastructure means that the business is well placed to meet the demands of a market showing signs of contraction on account of the ongoing cost of living crisis and other pressures on discretionary spreads for consumers.
“The current static market appears to reflect the continual slow recovery in the UK economy continually burdened by high levels of inflation and taxation.
“Growth is forecast for the forthcoming year and the directors are confident the next 12 months will reflect maintained profitability despite continued uncertainties posed by the pressures on disposable incomes in the UK.”
While Fellas and Keinan also pointed to demand for MrQ’s product as another reason for growth, challenges in the UK market were mentioned, such as “any downturn in the UK economy”.
Financially, MrQ reported turnover of £96.9m for the 15 months ending 31 December 2024, up 40% from £69.3m for the 12 months ending 30 September 2023.
Operating profit for the period stood at £12.1m, a 38.9% increase from the £8.8m reported in its previous figures filed with Companies House.
However, gross profit was down 6.7%, from £22.7m to £21.1m.
The strategic report noted the operator performed in accordance with expectations on the back of challenging UK market conditions.
EGR recently spoke to CEO Fellas about the operator’s customer-first mindset and moving to its new multi-million pound headquarters in St Albans, Hertfordshire.
The post MrQ CEO bullish about further growth as turnover hits £96.9m first appeared on EGR Intel.
Operator’s latest Companies House report filings show turnover up 40% for the 15 months ending 31 December 2024
The post MrQ CEO bullish about further growth as turnover hits £96.9m first appeared on EGR Intel.