Turnover has jumped at an acquisitive private equity-backed communications company during its latest financial year, new accounts have revealed.
Wavenet, which is headquartered in Solihull and has bases in Warrington and Norfolk, reported a turnover of £23m for the year to 30 April 2018, up from £14.3m in the prior 12 months.
The financial year includes 12 months of results from Talk Internet, which was snapped up in April 2017, Efuse Telecom, acquired in May 2017, 11 months of Swains, bought in June 2017, and one month of APR Telecoms, acquired in April 2018.
Wavenet posted a pre-tax profit of £621,701 for the year, down from £1.4m.
The results come after it raised £75m in 2018 to support its expansion. The company underwent a £35m management buyout in August 2016 which was backed by Beech Tree Private Equity.