Accounts for the year to the end of September show that the company increased revenues to just over £1.15m compared to £1.04m in the previous 12 months. While gross profits grew by 15.4 per cent, net profits were down due to continued investment in marketing Ultimate Tender Coach, the company’s new public sector bid writing training programme. Net profit before tax came in at £32,933, which compares to £94,633 a year earlier.
Bosses noted that the firm now operates in more than 25 sectors, continues to be debt free and has had no bad debt since launching in October 2014. It has also achieved an independently audited market-leading bid success rate of more than 80 per cent.
AM Bid provides services to businesses across the UK and Ireland and has also serviced clients based in Spain, the Middle East, the Falkland Islands, the US and Australia. Clients range from large multinational companies and household names, through national and regional businesses, to small and medium-sized enterprises (SMEs) and micro businesses.
The prior year saw a restructure of the senior management team following managing director David Gray’s decision to pursue a fresh challenge after six years with the firm. The senior management team now consists of Andrew Morrison (founder and business development director), Philip Thomson (bid director), Chantelle Seaborn (bid development director), Jeanette Shaw (senior bid manager/writer), Gavin Cowan (business support manager) and Carrie Campbell (non-executive finance director).
Morrison said: “2021-22 marked our second year of continued regrowth and building back from the initial impacts of the Covid-19 pandemic. Everyone has worked hard to ensure another set of positive financial results and we can look forward with cautious optimism. As the country prepares for an economic recession, we are experiencing an uptake in enquiries about our services, especially from businesses looking to pivot more towards securing public sector contracts. We enter our ninth year of trading with confidence.”