Turnover up by nearly 50% year-on-year to reach £44m
Global Procurement Group (GPG) has turned out to be one of the most successful B2B energy solution providers across the UK and France.
GPG’s revenue has grown at 40% p.a. from 2017 to 2020. The latest accounts show GPG’s turnover has grown by 48% to £44m for the year ended 2019. Revenue growth has been strong across all markets GPG operate in, with particularly strong growth in the relatively new French and US markets. GPG entered the French market in 2014 and has grown revenues in this short time to account for 16% of the group’s total revenue by 2020. French revenues are growing at over 110% p.a. from 2017 and 2020.
The business is expected to deliver EBITDA of £31m in 2020 (46% EBITDA margin), vs. £14m in 2019 (32% EBITDA margin).
Despite the challenges presented by Covid-19, 2020 has seen sustained and continued growth, proving to be an extremely strong year for the group. It has delivered 2020 YTD group revenues of £52m and is projected to finish 2020 with a total of £67m, demonstrating a 56% increase over 2019 figures.
GPG’s headcount has surpassed 700 this year and Q1 next year it is set to move into its new HQ RIGA Building, a stunning custom-built Gateshead-waterfront office complex, taking 4 floors at 30,000 sq. ft.
2021 will see UK headcount continue to grow with allocation at Riga for hundreds of additional people; with the group’s global headcount set to grow to around 1000 heads.
In January this year, Energies France took on a new 13,000 sq. ft. Paris office in prime central location, and the continued rapid expansion has seen the current French location approaching capacity. A larger office move is scheduled for Q2 April 2021, allowing GPG to grow the operation by a further 150 people in France – doubling its current headcount.
GPG has also launched a price comparison website targeting micro-businesses: Business Energy Quotes in the UK and Energie Supermarche in France (both launched in Feb 2020). This online, technology-enabled proposition has allowed for the expansion of its customer base to now include the micro SME sector, a sector which has historically been untapped by the group.
Through its subsidiary ClearVUE Systems, GPG has also launched its cloud-based, energy management software and hardware solution, allowing B2B customers to monitor energy consumption and work towards a NET Carbon Zero Future. This specialist sector for the Energy Monitoring Systems market represents an estimated £500m opportunity for the group across the UK and France. The market is forecasted to grow at 10% p.a. and the group hopes to gain a leading market share through is proprietary technology solutions.