Communications and IT solutions provider Excalibur Communications has reported turnover growth of 13% to £9.2m this year – but the news is accompanied by the announcement that former CEO James Phipps is to leave his role as Executive Chairman.
The Swindon-based firm’s annual results for 2018-19 showed a year of strong growth for its IT and fixed-line business, and an increase in revenues from its mobile business too.
Its profitability has also risen, with its £1.6m EBITDA representing an increase of 24%.
However, the company also confirmed Mr Phipps will stand down in April 2020 after 22 years with Excalibur, a move which marks the completion of the 2018 management buyout by the current team.
CEO Peter Boucher said: “Healthy financials are very important for Excalibur, but there is more to our story than pure profitability. I believe our focus on doing more for customers and investing in new products is driving the business.
“This year, we concentrated on expanding our product portfolio and exclusively launched CityFibre gigabit internet services in Swindon. We have introduced a Cyber Security Evaluation system and implemented a cloud security platform for mobile customers.
“I would also like to thank James for his great contribution to Excalibur and his wise guidance as Executive Chairman. He was not only instrumental in building a healthy business, but creating a great, open company culture with professionalism, trust and charity at its core.”
And Mr Phipps said he would look back with satisfaction on the firm’s evolution during his time in the role, but fresh challenges lie ahead.
He said: “I am very proud of what Excalibur has achieved since I joined the company in 1998, culminating in the MBO, which marks a new era for the company.
“I have enjoyed my continued involvement as Executive Chairman for two years, supporting the five-year growth plan, but, as an entrepreneur at heart, it’s time for new ventures and developing my charitable foundation.”
Excalibur employees have also seen a good year and were awarded their second pay-out of the company’s £1m bonus scheme.
This recognises their contribution to meeting business plan milestones and confirms the company’s five-year growth strategy remains on track.