PMGC Technology sets out £2m profit goal

Vodafone Platinum Partner also looking to grow revenue by half to £15 million as it looks to make a number of changes over the coming weeks and months 

PMGC Technology will “get back to basics” by making a number of changes to grow revenue by 50 per cent £15 million and profits by a quarter to £2 million by the end of next year.

So says new MD Shez Cheema (pictured) following the departure of Jason Yeomans last month, two-and-a-half years after Yeomans formed the Vodafone Platinum Partner. Yeomans sold his 75 per cent stake to Cheema, who owned the remaining 25 per cent and also continues his role as finance director.

Six staff employed within PMGC’s back office operations were made redundant, leaving the company with 50 staff across its four offices in London, Birmingham, Bristol and Edinburgh.

Cheema is aiming to appoint up to six account managers and “more skilled individuals” across its offices in London, Birmingham, Bristol and Edinburgh by the end of March to form closer ties with existing customers and to better search for new business.

PMGC will also appoint a chairman and non-executive to assist the company’s senior management team, which includes Cheema, sales director Matt Jolley and director of customer support Sam O’Donnell.

A number of commission, bonus and share option schemes will be introduced to incentivise employees, with Cheema claiming all the changes will help in its quest to become Vodafone’s Platinum Partner of the Year and forming a much closer relationship with the operator.

“This year is about stabilisation, organic growth and driving the numbers upwards. I want £2 million in profits and revenues of £15 million by the end of next year.

“We’re on course for revenues of £10 million and profits of £1.6 million before the end of our financial year (ending May 31), so these targets shouldn’t be a stretch too far.

“We will be appointing highly-skilled people to form closer relationships with customers. I’m taking out unnecessary back office costs and reinvesting it back into the front line. It will see us bringing in people that in three months time will start to generate numbers.

“This, along with vigorously driving top-level revenue growth, will help us be more embedded with Vodafone.”