Member Article

Durham technology business aiming to treble turnover to £6.5 million

An ambitious County Durham technology business is aiming to treble its turnover over the next three years by substantially expanding its operations both at home and abroad.

Powerdial Services is a provider of business collaboration and ICT solutions and services to dozens of well-known national and international brands, as well as many others across the North East, and is currently on target to achieve an 87% year-on-year turnover increase through its current financial year.

Founded in 2007, Powerdial has already reached an annual turnover of around £2 million, and is now aiming to increase this to £6.5 million over the next three years by deploying further ‘new wave’ technologies, such as digital signage and cloud-based business communication applications.

The Seaham-based firm’s development plans include doubling its existing workforce over the next 18 months, with new high tech sales and technical roles being created alongside administrative and apprentice positions.

To provide the working capital required for implementing its plans, Powerdial has turned to regional fund management firm NEL Fund Managers for a six figure investment from the Finance For Business North East Growth Fund, with additional capital being provided by the company’s existing shareholders.

Powerdial’s expansion plans are receiving further impetus through the appointment to its board of leading US Asset Management Fund owner and serial investor Dr Ranga Krishna.

Powerdial’s managing director and co-owner, Paul Farn, said: “Our industry has changed more rapidly in the last three years than in the previous thirty, and we’ve positioned ourselves to take advantage of ever increasing demand for advanced business applications which enhance companies’ commercial performance and drive down their cost base.

“We will continue to deploy our portfolio of market-leading Unified Communications solutions, and are embracing all of the new wave technologies which will enable us to continue to deliver important benefits for our clients across the board.

“Our future success will, as ever, be based upon the people we employ, and the jobs we’re looking to sustain and create will all focus on growing markets which have strong future prospects.

“The NEL team has been highly supportive of our plans, and their investment is central to the implementation of our three year expansion programme. We’re now ready to really push the company forward and are highly confident of hitting the £6.5m annual turnover target we’re aiming for.”

Investment executive at NEL Fund Managers, David Thomas, added: “Powerdial has built a highly reputable national brand and achieved admirable commercial success in the middle of the worst economic downturn in decades, and the management team has a clear, carefully-developed strategy to further strengthen its position in the UK and overseas from a North East base.”

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