Bid specialist eyes 'big year ahead' after turning profit
AM Bid, Scotland’s largest bid and tender specialist, is looking to turn over at least £800,000 in the next year after adapting its offering on the back of Covid-19.
The North Berwick-based business, which says it is Scotland's largest bid and tender specialist, unveiled the aim as it said its net profit for the year to 30 September came in at £20,380, a “nominal” increase on the previous year. Turnover remained “solid” at about £740,000, down around 18 per cent, with trading “significantly” affected by the pandemic and its impact on the global economy.
The company is to focus on helping organisations win public sector contracts as it continues to bounce back from the effects of the pandemic.
Revenue between October 2019 – February 2020 was up 50 per cent on the previous year’s figures, but the impact of Covid-19 was then felt “sharply”.
Consequently, it has developed new services aimed at supporting the “increasing number of organisations looking to bid for public sector contracts as sources of reliable, long-term revenue”.
The firm said the new strategy sees the introduction of Public Sector Bid Training and Public Sector Bid Readiness as it targets revenue of at least £800,000 in the next 12 months while continuing to grow its profit.
MD David Gray said the firm’s latest financial year proved to be a “challenging” one for the business, but it ended the year in a “strong position, with a solid turnover figure, increased profitability and a significant pipeline of opportunity ahead”.
He added: “Whilst there is still significant economic and political uncertainty around Covid-19 and Brexit, the business has agreed appropriate financial forecasts for the forthcoming year, centred on rebuilding turnover whilst remaining agile, to ensure it can adapt quickly to challenging and regularly changing circumstances.
“We have adapted both the services we offer clients and the ways we deliver them, and I am excited about a big year ahead, with further new offerings in development.”
The firm, which was founded by Andrew Morrison, says it provides services to businesses across the UK and Republic of Ireland, with clients from FTSE 100 companies and household names to micro businesses and sole traders. It also has several international clients, helping them when bidding into UK and Irish markets.
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