AN ambitious North-East technology business is aiming to treble its turnover and double staff numbers by expanding its operations both at home and abroad.

Powerdial Services based in Seaham, County Durham is a provider of business collaboration and ICT (Information and communications technology) to dozens of well-known national and international brands, as well as many others across the North-East, and is on target to achieve an 87 per cent year-on-year turnover increase through its current financial year.

Founded in 2007, Powerdial has already reached an annual turnover of around £2m, and is now aiming to increase this to £6.5m over the next three years by deploying further new wave technologies, such as digital signage and cloud-based business communication applications.

The firm’s development plans include doubling its existing workforce of 12 people over the next 18 months, with new sales and technical roles being created alongside administrative and apprentice positions.

To provide the working capital required for implementing its plans, Powerdial has turned to regional fund management firm NEL Fund Managers for a six figure investment from the Finance For Business North East Growth Fund, with additional capital being provided by the company's existing shareholders.

Powerdial's expansion plans are receiving further impetus through the appointment to its board of leading US Asset Management Fund owner and serial investor Dr Ranga Krishna.

Paul Farn, Powerdial's managing director and co-owner, says: “Our industry has changed more rapidly in the last three years than in the previous thirty, and we've positioned ourselves to take advantage of ever increasing demand for advanced business applications which enhance companies' commercial performance and drive down their cost base.

"We will continue to deploy our portfolio of market-leading Unified Communications solutions, and are embracing all of the new wave technologies which will enable us to continue to deliver important benefits for our clients across the board.

"Our future success will, as ever, be based upon the people we employ, and the jobs we're looking to sustain and create will all focus on growing markets which have strong future prospects.

"The NEL team has been highly supportive of our plans, and their investment is central to the implementation of our three year expansion programme. We're now ready to really push the company forward and are highly confident of hitting the £6.5m annual turnover target we're aiming for.”

David Thomas, investment executive at NEL Fund Managers, adds: “Powerdial has built a highly reputable national brand and achieved admirable commercial success in the middle of the worst economic downturn in decades, and the management team has a clear, carefully-developed strategy to further strengthen its position in the UK and overseas from a North-East base.”