The market-leading supplier of redeployable surveillance solutions, WCCTV, has announced record financial results following a year of expansion both at home and overseas, and investments.
The company reported a 35% growth in revenue to £25.2million (FY21: £18.6million) and a 21% growth in EBITDA to £8.3million (FY21: £6.85million) for the year ending July 2022, citing a strong contribution from its US business and expansion across the UK.
Headquartered in Rochdale, Greater Manchester, WCCTV is the UK’s leading equipment-as-a-service provider of wireless surveillance products, including redeployable CCTV, electronic site security, body-worn cameras and time-lapse video cameras. It supports a broad range of clients across the infrastructure, utilities, retail, transport and construction sectors, as well as local authorities and housing associations.
The management team, led by CEO David Gilbertson, was backed by mid-market private equity firm LDC in February 2021 to help accelerate its domestic and international expansion plans, and support the launch of new products and services.
Growth has since been driven by investment in the company’s products and services. In the UK, WCCTV has launched new depots in Birmingham, Luton, Newport and Rochdale, in addition to a new office in Manchester city centre. In the US, the company has invested heavily in a new larger facility in Dallas, Texas, growing the team from five to 45 employees. The US business now accounts for 20% of the company’s revenues.
The company has also focused on product innovation, launching its revolutionary Help Points as part of the Home Office’s Safer Streets programme. Each Help Point comprises a camera, audio address system and a two-way control panel that allows a person in distress to contact their local authorities instantly.
Looking ahead, WCCTV will continue to invest in its people, products and offices to support the future growth of the company. This includes a continued focus on innovation ahead of several planned product launches, as well as investment to launch new sites that will enable WCCTV to serve a broader spread of clients across the UK and US.
In the US, WCCTV will open two new sites in Texas in 2023 while continuing to target expansion across the Southern States. Alongside this, the team plans to launch a further four depots in the UK over the next 12 months.
WCCTV has already doubled headcount over the last two years, today employing 203 people worldwide, and will create up to 70 new roles over the next 12 months to support its ongoing plans.
To further support these growth plans, alongside LDC’s investment, WCCTV has secured a new multi-million-pound funding package from Lloyds Bank and HSBC. This provides the management team with capital to accelerate their growth strategy and capitalise on the growing demand for surveillance equipment in the UK and USA.
David Gilbertson, CEO of WCCTV, said: “We’ve had another great year and the business continues to go from strength-to-strength. I firmly believe these results are down to the expertise and commitment of our people. They put innovation and client service at the heart of everything they do, and as a result we are seeing increased demand for our surveillance solutions from a growing set of customers.
“As well as driving growth and commercial success, we also want to be able to give our people a fulfilling career, and our plans for the year ahead will enable us to do just that. We’ll be expanding here in the UK, as well as in the USA as we seek to increase footprint across the USA, particularly the sunshine states, and will create more opportunities for our people along the way. It’s an exciting time for us all at WCCTV, and I feel like we’re only just getting started.”
Richard Ibbett, Investment Director at LDC in the North West, added: “David and his team have built a fantastic business, firmly establishing WCCTV as a market leader in the surveillance sector both here and overseas. As demand increases, there are going to be further opportunities for the team to capitalise on and we’re looking forward to working with the team on the next phase of their expansion plans.”
Financing was provided by Lloyds Strategic Debt Finance (Nick Hughes, Philip Daley and Abhiraj Patel), supported by Mid Corporate Relationship Director Spencer Rhodes, and HSBC UK Leveraged Finance (Meghann Arnfield, Amrit Bhogal, Simon Dixon and Ross Mather).
WCCTV was advised by PwC’s Debt & Capital Advisory team (Richard Siddall, Dominic Renshaw and Samantha Morkel) and Addleshaw Goddard (Ben Edwards and Emma Whitehall).
HSBC and Lloyds Bank were advised by Pinsent Masons (Tim Fearn).
