A Durham based home appliance repair specialist is expanding and investing after its revenues grew by 18%.
The continued growth of Pacifica Group has allowed the company to expand its workforce by adding over 100 new colleagues across its operations and investing more than £1.5m in an engineer trainee programme.
In its preliminary results for the 2021/22 financial year, Pacifica has reported turnover of £61.4m, an increase on the previous year’s results of £52m, generating a significant operating profit.
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This year’s performance builds on the momentum generated in the previous year; growing its UK market share and gaining customers from key competitors. The company repairs over 350,000 home appliances every year and also has over 320,000 warranty customers with policies in force.
In order to fully support the business in its next phase of growth the management team has also been strengthened in key areas with the business continuing to invest more than £1m in IT development over the period.
The sales growth has been helped by two strategic acquisitions in FY21 and a further acquisition in the current year. There was a strong pipeline of acquisitions at the year-end positioning the Group well for further acquisitions, driven by its management team and private equity investors, Synova.
Pacifica Group’s focus on the appliance repair and warranty sectors will also increase following the disposal of Pacifica Home Services (PHS), through a management buyout with share capital acquired by Viessmann and the existing management team, which took place in January 2022. This allowed for a multi-million investment in building a renewables-driven home services operation in the UK.
With customers becoming increasingly conscious of the environmental measures taken by companies they use, Pacifica has become the first in the sector to be certified as Carbon Neutral and has developed a plan to achieve net zero by 2035.
Kevin Brown, Chief Executive of Pacifica Group, said: “Pacifica Group has shown incredible strength and agility following the pandemic and during the current cost of living crisis.
"By putting our customers and colleagues first we have built a stronger business. I’d like to say a huge thank you to the entire team for rising so selflessly to every challenge they've faced. Their efforts have been truly heroic.
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“Our continued investment in our trainee programme means we have a growing and highly skilled workforce to meet the increased demand we are seeing. This demand is in no small part down to the change in legislation that means there is now a full right to repair an appliance.
"The continued investment in IT has resulted in overhead savings and operational efficiencies which are being fully realised through the 2023 financial year, this has resulted in the business reporting significant improvements in profitability during the current financial year.
“Sustainability now forms an integral part of our business strategy and increasing our efforts to reach net zero. The business has now been certified as Carbon Neutral, making us the first in the sector to achieve this milestone, and we have published a detailed plan to become operationally net zero by 2035.”
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