A tech start-up has achieved triple digit growth for three years in a row, with turnover up by 164 per cent in its third year of trading.
Principle Networks, founded in Leeds, creates innovative network solutions to enable companies to operate seamlessly from multiple sites and remote locations.
Its 2020-2021 financial year saw the company achieve a turnover of £2.35m, whilst adding a further seven employees to the rapidly growing team and winning major contracts in the financial services, legal and manufacturing sectors.
Demand for its services has accelerated over the past twelve months, as businesses transformed working practices to remain operational during a global pandemic. Many have been required to introduce flexible working solutions, adapting their networks to cope with new demand for home workers.
Working practices are expected to permanently change as a result; making safe, fast, flexible networks a vital foundation for business functionality. Principle Networks’ unique networking solutions enable businesses to securely connect their workforces, no matter where they’re based.
Significant investments have been made in systems and technology to enhance the service Principle Networks provides over the past year. The team now consists of thirteen employees, with further recruitment on the horizon.
Russell Crowley, who founded Principle Networks with Alex Steer in June 2018, said: “When we set up Principle Networks we had a vision and a reason ‘why’. We knew the technology landscape was evolving rapidly, we knew there was a need for change, and we hoped we could lead the way.
However, we never anticipated a global pandemic and that the demand for our flexible networking solutions would surge in the way it has done. We’ve been incredibly fortunate to be able to continue our work during the pandemic, enabling our customers to embrace the change to a more dynamic working environment.
We have huge ambitions for what can be achieved in this industry. We’re willing and able to innovate. Financially, we’re in a strong position to invest and further enhance the services we provide to our customers, and we truly believe in what we’re doing.
We have a challenge on our hands to educate the market and develop our brand – I don’t want to be the best kept secret in the IT Network Industry – but we need to scale in a way which is non-disruptive to our existing customers. Getting that balance right will be crucial to our success in the coming years”.
Alex Steer said: “The way businesses are operating today is presenting a big challenge for legacy network providers. Workforces tend to be mobile, working from anywhere at any given time. Businesses want to host their systems and applications in a multitude of locations. For the most part, this doesn’t suit the rigid, static nature of traditional branch office networks.
We take a holistic approach, with solutions that provide a consistent experience and security posture for workers and business applications, wherever they happen to be located. We’ve gone as far as investing in this technology for our own business, with all of our employees working remotely, so we know it works well.
Our strategy is to keep investing in the right people and technology, and to stay true to our principles. We’re currently planning how, as a service provider, we can leverage data intelligence and advanced technologies to further enhance the customer experience which we think could be very compelling. Watch this space.”