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Pre-tax profit rises at IT services company

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Pre-tax profit has risen at a Nottingham-headquartered IT services business during its latest financial year, new documents have confirmed.

XMA was founded in 1982 and was acquired by the Westcoast Group of companies about a decade ago.

Pre-tax profit reached £11.2m for the year to 31 December 2020, up from £7.5m in 2019.

However, turnover fell from £413.3m to £399.1m over the same period.

A statement signed off by the board said: “Despite the exceptional year experienced due to the Covid-19 pandemic, turnover in 2020 was only marginally down on 2019.

“However, the underlying revenue growth trend in XMA’s core business was strong due to the increased demand for devices and technology to enable remote working caused by the pandemic lockdowns.

“As we move into 2021, the continued market uncertainty caused by both the Covid-19 pandemic and the new trading challenges relating to Brexit, causes us to remain cautious. Our expectations are for revenues to be around five per cent down on 2020, with gross profit and operating profit flat year-on-year.

“The company remains well placed to compete strongly in a number of channels in the public sector and corporate markets and we have aligned our resources and management focus to maximise the opportunities we can see ahead in these areas.”

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