LEADING umbrella services company i-paye has seen an increase in new business amid signs that its industry is returning to pre-recessionary levels.
The company, whose head office is in Knowsley, Merseyside, achieved a turnover of £59.8million for the last financial year, down slightly from £67.4million the previous year.
However, i-paye says client numbers rose by 13 per cent in the last quarter and the signs are good for this momentum to continue into 2011.
The company, which last year was ranked 7th in the Sunday Times Fast Track 100 league table, has launched a number of new initiatives during recent months including the opening of a second office in Scotland, the unveiling of its Pure umbrella service products for contractors and freelancers and further investment in technology, website and marketing strategies.
Gaynor McGrail, Managing Director of i-paye, said: “Given the global recession, it would have been incredible if turnover had not dipped slightly on the previous 12 months.
“However, of greater importance to us is that we did not lose any customers at all during this period, the issue was more to do with the contracting industry suffering reduced activity levels.
“During the first six months of 2010, activity remained stable, but in the third quarter i-paye has witnessed a 13 per cent increase in new business. We are seeing strong activity across key sectors including telecoms, oil and gas and IT while the construction sector is starting to show signs of recovery after a difficult couple of years.
“In addition, our Scottish office, which only opened in the summer, is going great guns and we are considering further office openings and possible acquisitions in other parts of the UK.”
i-paye was founded in 2006 and provides payroll and financial services help for contractors, freelancers and self-employed professionals.
In addition to its Sunday Times awards success, the firm was recently shortlisted for the prestigious Association of Professional Staffing Companies’ Innovator of the Year award, with the winner due to be announced later this month.