Ultratec delivers strong growth in profitability

Corporate footprint and end-to-end IT recycling solutions enhanced by
Else Refining acquisition

Stevenage, UK – Ultratec, the leading provider of data security services and solutions, announces
its full year results for the 12 months to 31 March 2017

Operational highlights

  • Corporate footprint and end-to-end IT recycling solutions substantially enhanced by acquisition of Else Refining (Else)
    • Else brings bespoke and environmentally accredited recycling capabilities
    • Integration of Else completed, financial performance ahead of expectations
  • Transitioned to a more integrated sales and logistics CRM solution
  • Continued R&D investment enabling new growth opportunities
  • Continuing to expand operations in reverse logistics and strengthen ties with manufacturers

Financial highlights

  • Revenue of £5.3m (2016: £5.8m) reflects strategic focus on enhancing quality of earnings and margin
  • EBITDA* up 43% to £558k (2016: £390k)
  • International revenue accounts for nearly 52% of total revenue
  • Strong balance sheet with cash of £1.6m (2016: £1.8m)

Post year-end

  • Board significantly strengthened with three key appointments, bringing range of
    complementary capabilities

    • Gotthard Haug, formerly CEO of Teleplan International NV, appointed Non-Executive Chairman
    • Mark McCrimmon, formerly a Vice President at Seagate, appointed Non-Executive Director with specific focus on product and engineering strategy
    • Paul Hughes appointed to Board, to advise on value creation and strategic M&A


  • Continued focus on enhancing margin to deliver further growth in profitability
  • Cash and banking facilities to fund further strategic M&A ambitions
  • Regulatory change driving business need for licensed and dependable data erasure, including GDPR (General Data Protection Regulation) in May 2018
  • Targeting further growth into vertically aligned business opportunities *EBITDA is earnings before interest, tax, depreciation and amortisation

Ian Turnbull, CEO of Ultratec, commented:

“2017 was a transformative year for Ultratec. Our renewed focus on significantly enhancing the quality of our earnings delivered a clear uplift in profitability, driven by both M&A and organic growth.

“The acquisition of Else Refining has strengthened our recycling capabilities and positioned Ultratec as a one stop shop for customers requiring a full suite of data security and recycling services. Ultratec now has a diversified business model that incorporates accredited data erasure and destruction solutions and recycling capabilities, supported by environmental certification.

“The integration of Else Refining is now complete and the business is performing ahead of expectations. We anticipate further double digit growth in both revenue and profit in the current year, as the introduction of GDPR and other regulatory changes drive increasing demand for licensed and dependable data destruction services and solutions.”


Ultratec +44 (0) 1438 211 200
Ian Turnbull, Chief Executive Officer
Instinctif Partners +44 (0) 207 457 2077
Kay Larsen / Chris Birt