Redeem’s revenue has quadrupled to £80m in last 4 years


Revenue growth up 49 per cent on FY14 while EBITDA up 30 per cent to £3.4 million for financial year ending March 30

Mobile recycling firm Redeem says its revenue has quadrupled over the last four years from £20 million to £80 million following an international expansion.

Revenue at the recycling firm grew 30 per cent Year-on-Year for its financial year ending March 30, revealed by the Scottish company today.

It also maintained profitability with operations earnings before interest, taxation, depreciation and amortisation (EBITDA) up 30 per cent to £3.4 million.

EBITDA after group costs more than double on FY14 from £1.1 million to £2.4 million for the firm, which recently added Three to its list of partners which also includes O2.

In January, Redeem announced the renewal of its recycling agreement with O2 that has seen it recycle more than 100 million handsets over the last five years. It also reached an agreement with distributor Tech Data to service all of its corporate partners in the UK, Sweden, Norway and Finland.

It recycled more than 420,000 devices for O2 during the financial year, according to the latest figures, up 18 per cent on the previous year.

It said UK revenue growth had been particularly strong, up 106 per cent due to its growing mobile operator relationships, compared with 80 per cent growth in the rest of Europe and a nine per cent decline in the rest of the world.

Redeem chairman Trevor Bayley said: “These results demonstrate the great progress which Redeem has made over the last four years. The business is now scaling well across a number of countries.

“Central to our growth has the expansion of our MNO and retailers relationships. We have extended our relationships with Telefónica UK and Vodafone Spain.

“Our omni-channel strategy whereby we aim to cover all three major sourcing channels in each region is beginning to bear fruit with our C2B and B2B offerings (Envirofone and emc) supporting the MNO business.

“We are actively considering a number of acquisitions which will broaden our base of MNO relationships and extend our reach into new territories. With the solidity of the business and its market leading position, we feel we are well positioned to lead the expected growth and market consolidation.”