Symatrix bucks industry trend with 42% revenue growth in FY23

Employee numbers more than double in 18-month period, as Manchester-based Oracle partner continues to expand team in UK and India

Symatrix, the Manchester-based Oracle HCM and ERP partner, has reported a 42% growth in revenues in the financial year to end February 2023, this is on top of the 18% growth in the  previous financial year. This growth is set to escalate further, with the company projecting a 60% uptick in revenues for the year to end February 2024; annuity revenues will continue to contribute about 50% of the total revenue. 

To support this growth and service growing customer numbers, Symatrix has more than doubled headcount over the past 18 months. The company has now surpassed 100 members of staff. As well as the growth in the UK, Symatrix’ expansion into India is key to its growth. In 2021, the company launched a new wholly owned subsiduary, Symatrix Global IT Services, supported by an office in Delhi. It has nearly doubled its team in India over the past six months; and it recently set up an intern programme to nurture new talent in the region. In recognition of its success, the company also won in the India 500 Startup Awards 2022. 

To manage this ongoing growth in employee numbers, Symatrix is also expanding its HR team and strengthened its Leadership team. In line with that, it recently appointed Helen Snowden-Smith as Head of HR on the Executive Committee. 

Chris Brooks, Managing Director, Symatrix said: “Helen’s appointment highlights the importance we place on our people in planning the future of our business. We are expanding our HR team to cater for ongoing growth in employee numbers.  

“At the same time, we are still seeing competition for resource,” added Brooks. “Yet, we are overcoming it in two main ways. First, we focus on retaining and attracting great people through competitive packages, providing a fun and flexibility place to work and having great projects they enjoy working on. Second, we have successfully augmented our UK projects by expanding our resources in India.”  

Over the next year, Symatrix expects to expand its HCM, ERP and Oracle Cloud Infrastructure (OCI) businesses, based on new wins and contract extensions. The company also plans to develop its existing change management team as interest from customers continues to grow. Symatrix anticipates that 50% of its revenues will still be recurring, while managed payroll, central government and higher education will continue to be key areas of focus.  

HM Land Registry recently signed as a new customer, underlining Symatrix’ ongoing success in winning public sector contracts. 

“There is no great secret to our success,” added Brooks “We have a fabulous team of people; and we provide them with all the tools they need to focus on and deliver exceptional outcomes for our customers.  

“Given the challenging market at the moment, our customers are laser-focused on showing a return on investment so they can justify new projects,” he continued. “Therefore, rather than jumping on the bandwagon of every new trend that comes along, we monitor the market and see where we can add value to it. We believe it is a strategy that will continue to pay off for us.”