4Front Technologies Plc, the London, UK-based computer services group, said it has now achieved the annualized revenue run-rate of $250m, which it originally planned to achieve next year. This follows a second quarter to July 31 when net income rose 66% to $2m on revenue up 113% at $58.3m. At the mid-term stage, net income was up 73% to $4m on revenue up 114% at $115.6m.
Chairman and CEO Anil Doshi says it will hit the $250m run-rate figure thanks to the $20m revenue contribution this year from its acquisition last month of SIL Service Industries Group (CI No 3,717). He says the contribution of services to total revenue is close to 70%, taking it closer to its target of a 75%-25% split between services and products next year.
4Front’s business plan has been to buy up companies throughout Europe in the unglamorous low-margin field of hardware maintenance and then use the connection to sell additional services as it moves into the high-margin consultancy field. It claims that this is guaranteed to produce soaring revenue and says it has ambitions to be a $1bn company by 2003.
