AM Bid has reported a record turnover in excess of £1 million for the second year in a row.
The bid and tender specialist revealed that in the year ending 30 September 2022, the company posted revenues of £1,153,165 compared to £1,044,684 on the previous 12 months – an increase of 10.4%.
While gross profits grew by 15.4%, net profits were down due to continued investment in marketing Ultimate Tender Coach, the company’s public sector bid writing training programme.
Net profit before tax was £32,933, compared to £94,633 the previous year.
Despite a challenging business climate at times, the company stated that it continues to be debt free and has had no bad debt since launching in October 2014. It has also achieved an independently audited bid success rate of more than 80%.
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 USA and Australia.
The year saw a restructure of the senior management team following MD David Gray’s decision to pursue a fresh challenge after six years with AM Bid. The senior management team now comprises Andrew Morrison (founder & 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).
In May, Andrew Morrison received the APMP’s inaugural Global Thought Leader of the Year Award, while AM Bid was also shortlisted for the Contribution to the Profession Award at the annual APMP UK Awards.
“2021-22 marked our second year of continued regrowth and building back from the initial impacts of the Covid-19 pandemic,” Mr Morrison said. “Everyone has worked hard to ensure another set of positive financial results and we can look forward with cautious optimism.
“The directors would like to place on record our sincere thanks and appreciation to all colleagues at AM Bid, who continue to demonstrate commitment to providing high-quality professional bid support to our clients. The need and demand for our services remains strong and we have entered 2022-23 with a healthy pipeline of opportunities including with many regular repeat clients.
“We are starting to see increased traction with Ultimate Tender Coach and expect this training course to deliver an increase to our company revenues. 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 9th year of trading with confidence whilst mindful of the need to both continue to grow the business whilst keeping control of our costs.”