Rigby Group, which owns and part-owns a variety of technology services firms and other businesses, has reported record annual sales.
For the year-ended 31 March, 2023, consolidated group turnover reached £3.9 billion, 16% higher than the previous financial year. Adjusted operating profit more than doubled to £163.2m, boosted by the sale of cyber security and networking distribution business Nuvias during the year.
“Technology is the cornerstone of Rigby Group, with SCC [the main technology subsidiary] continuing as the principal driver of growth as the group seeks to create long-term value as a technology-focussed business operator and investor,” said the firm.
The group’s newest division, Rigby Technology Investments, is focusing on investments in new technology related businesses outside of SCC operations.
For SCC alone, sales went up 23% to £3.287 billion, with a 7% growth in operating profit to £68.9m, largely driven by a strong performance in France - where revenues rose 26% to over €2.6 billion, and the business delivered a 42% growth in operating profit to €66.2m.
In the UK, revenues were up 13% to £877m. The acquisition of Visavvi in May 2022 contributed £23m of revenue and delivered £300,000 in operating profit in 11 months.
In March 2023, SCC acquired Vohkus, a UK-focused VAR. SCC Spain delivered another record year, with 22% growth in turnover to €107m, and a 64% increase in operating profit to €3.2m.
Rigby Technology Investments (RTI) holds minority and majority investments in three technology businesses, including Infinigate, CloudClevr, and Nuvias Unified Communications. The Nuvias cyber security sale raised £104m, which went to RTI.
Through RTI , the group has a trade investment in European distributor Infinigate, with RTI being the second largest investor. As a minority investor, the group does not include the revenue or operating profit of the Infinigate investment in its financial results.
The group also operates airport, hotel, real estate, and building and design services businesses.
James Rigby, co-CEO of Rigby Group and EMEA CEO of SCC, said: “Technology is the driving force behind Rigby Group and sits at the heart of our investment strategy. Being family-owned, we are able to remain agile, and throughout FY23 we have continued to take decisive action and deliver strategic initiatives that align with our long-term vision, resulting in another record year.
“This will remain the case as we look ahead to 2024 and beyond, and we remain firmly committed to investing in our business, our people, and new technologies for strategic and sustainable growth.”