Revenues almost doubled at Voxpro ahead of €150m sale

Voxpro, the Cork-based business process outsourcing firm that was acquired by Telus International for a reported €150 million in August, delivered record operating profits last year as turnover almost doubled to more than €60 million.

Newly-filed accounts for the company show it reported a €1.85 million pretax profit for 2016, against €1.5 million a year earlier.

Revenues rose 81 per cent to €60.4 million from €33.4 million as adjusted earnings before interest tax, depreciation and amortisation (Ebitda) climbed 70 per cent to €5.1 million from €3 million.

Operating profit amounted to €2.36 million compared to €1.8 million the previous year, representing a 33 per cent increase and a record result for Voxpro.

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Shareholders’ funds increased from €1.77 million to €3.06 million.

Gross margin remained at 34 per cent, which the company said was to be expected while bedding in new business and a significant ramp up in employee numbers. Headcount rose to 1,923 in 2016 from 1,114 a year earlier as staff costs jumped to close to €46 million from €25 million.

Voxpro, which started out with six people working above a pub on Marlboro Street in Cork city in 2002, offers customer experience, technical support and sales operations solutions to international customers. Still headquartered in Cork, the company now has offices in Dublin, San Francisco and Folsom, both in California, the US state of Georgia, Bucharest and Manila.

Established by Dan and Linda Kiely, the company has grown fivefold over the past few years, fuelled by growth in its partners, which include Nest, Google and Airbnb, and after gaining a number of new clients in the internet of things (IoT) and fintech sectors.