Edinburgh-based digital development partner xDesign is having an excellent time as it has reported record revenue of £14.5 million for 2022.
xDesign says this will be the fourth consecutive year of growth for the company and is up from £3.8 million on its 2021 reporting.
As part of its revenue announcement, the owner-operated company also reported that it is on track to expand its workforce to 550 people in the next year, while looking to grow its revenue to £40 million in the same period. Currently, it has over £26 million of revenue booked in for this financial year.
Euan Andrews, Founder and CEO of xDesign, states: “At a time of great uncertainty – one that’s seen many UK companies look for answers to their talent demands – we’ve been able to satisfy a growing need in the market by providing high-quality, highly-motivated, and locally-based technologists.”
xDesign reckons its current momentum is bucking industry trends as it comes amidst a backdrop of geopolitical tensions, economic uncertainty and the digital skills gap which Tech Nation warned could “stifle growth” for the UK digital sector.
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In fact, last month the UK government unveiled a new Digital Skills Council as it attempts to fix the alarming lack of suitable recruits across the country.
According to the government, over 80% of all jobs advertised in the UK now require digital skills, however employers say the lack of available talent is the single biggest factor holding back growth. Estimates suggest the digital skills gap costs the UK economy as much as £63 billion a year in potential GDP.
Anyway, xDesign seems to be in good spirits.
Andrews adds: “We’re currently hiring around 30 new people every month, but also keeping attrition to under 4% compared to the tech sector average of 23%. As a result, we’re well on track to meet our target of employing 1,200 people by 2025.”
In May 2022, it signed a multi-year partnership with FanDuel, a North American sports gaming platform, to jointly fund the creation of “hundreds” of new tech jobs in the UK.
Founded in 2010, xDesign’s other clients include brands such as MoneySuperMarket Group, Tesco Bank, Yorkshire Building Society and Zonal.