Newcastle tech firm Opencast sees revenues close in on £50m mark

One of the North East’s fastest growing tech firms has seen revenues close in on £50m during what it described as a “year of consolidation”.

Newcastle-based Opencast has published accounts for 2023 in which its turnover increased from £36.3m to £49.9m. Operating profit fell slightly to £3.3m as the company invested in staff, growing headcount significantly from 258 to 431.

The company has seen big success providing digital transformation for Government departments, and recently announced a £32m contract with the Department for Work and Pensions. It is planning to deepen relationships with Government departments and other parts of the public sector, as well as moving into the healthcare sector and remaining open to new opportunities.

In the accounts, Opencast executive chair Charlie Hoult said: “2023 was a year of consolidation for Opencast, as revenue grew to £49.9m, an increase of 38%, and pre-tax profits fell 22% to £3.2m against a backdrop of increased volatility in the operating and macroeconomic environments.

“The UK technology sector slowed overall, leading to increased competition for work in Government, alongsi