Recent revenue surge fuelled by increased demand for Sustainable IT Asset Disposal and an Acquisition
Vyta, Ireland’s leading secure IT recycling company, today announces newly-audited financial results that show Group revenues reached £16M last year, up from £7M the previous financial year. The significant revenue growth was driven by strong, increased demand for Vyta’s services as well as a market consolidation strategy which saw Vyta acquire Essex-based IT asset disposal (ITAD) company, FGD, last year.
As businesses strive to meet stringent Sustainability targets, Vyta has seen an increase in demand for its services. Recent research1 has found that 40% of ISEQ 20 companies now have an ESG or sustainability committee. The wider enterprise market is behaving similarly, with ESG now being embedded in their long-term business strategies as both customers and investors demand it. By securely refurbishing and reselling retired IT equipment, Vyta supports these efforts by enabling enterprises to extend the life of their decommissioned IT assets, ensuring they stay in the circular economy.
This increase in demand has been coupled with Vyta’s expanded geographical reach, enabling it to provide services to any organisation based in the UK or Ireland, while also providing services to businesses elsewhere in Europe. Vyta has also extended its worldwide partner network – particularly in the US, Europe, UK and Ireland – which sees it deliver ITAD solutions on behalf of international companies with operations in Vyta markets.
With a larger team following the FGD acquisition, as well as a strong emphasis on enterprise customers, Vyta expanded its customer base across all of its regions – the Republic of Ireland, Northern Ireland and Great Britain – in the last financial year. This was supported by the opening of a new premises in Belfast’s Titanic Quarter in February last year, which is enabling Vyta to increase its equipment reselling capacity and office space. The company anticipates that further acquisitions in mainland Europe will help to bolster its market position in those regions, as well as further across Europe.
Also contributing to Vyta’s growth in revenues are its industry compliance achievements, which provide customers with peace of mind that Vyta is adhering to the highest industry standards. Customer data is wiped using industry leading, Blancco data sanitisation software before it is passed as 100% erased and unrecoverable with any existing technology. This ensures any business using Vyta’s services is compliant with all data regulations in Europe, including GDPR.
In addition, Vyta has put a greater emphasis on providing additional services to customers such as complete decommissioning of IT equipment; outsourced technical support through Vyta Smart Hands; onsite setup and installations; software configuration; and fully-managed secure IT equipment relocation services.
Philip McMichael, CEO and co-founder, Vyta, said: “Sustainability has become a key motivator for organisations today. They are being held to very strict sustainability targets and their bottom line depends on it, as an increasing number of businesses and customers will not to buy from those who do not prioritise sustainability.
“This focus on sustainability has enabled us to drive organic growth while also pursuing a market consolidation strategy, which started with the acquisition of FGD last year following a £13M investment from MML Capital Ireland. We are currently exploring acquisition opportunities in mainland Europe and expect that Vyta will continue to grow as we fulfil our ambition of being the largest ITAD in Europe.”
1 2022 Ireland Spencer Stuart Board Index