Dundee personal development firm Insights is reporting record-breaking sales figures after a “challenging” year through the pandemic.
This is despite recently filed accounts for the firm showing a drop in turnover of more than £30 million.
The firm’s turnover for the year to 31 March 2021 was £42.9m, down from £73.3m for the previous year.
Insights also reported a pre-tax loss of £2.3m, compared to pre-tax profit of £8.4m in 2020.
In the financial year, the firm also cut 15% of its workforce as a result of the Covid pandemic, with 75 jobs lost.
Despite a drop on pre-pandemic growth, the group was able to strengthen its financial position significantly in the latter half of the year.
More than six million people worldwide have used the company’s flagship Insights Discovery personality evaluator tool, which uses a four-colour psychological model to help team members develop human skills.
Much of the firm’s work was conducted face-to-face with customers around the world, including Microsoft, Expedia Group and Allergan.
Covid meant it was a challenging year
Insights Learning and Development accounts for 95% of the group’s financial returns.
Fiona Logan, chief executive at Insights Learning and Development, said the year had been “challenging”.
But she said there had been “exceptionally strong demand” for Insights’ work as organisations re-evaluate learning and development needs.
Ms Logan said: “Inevitably the last financial year proved challenging for Insights, as it did for many organisations globally.
“In response to shifting customer needs, we had to adapt from predominantly face-to-face delivery to virtual delivery in a matter of weeks.
“It is through the hard work of our entire community that we finished the last year in such a solid financial position.”
She said the current financial year has seen “record-breaking” figures.
Ms Logan said September was the firm’s best ever revenue and profit month.
The three months from September to December this year is also set to exceed pre-Covid levels.
Insights has also significantly invested in its Dundee head office, Terra Nova, creating a state-of-the-art collaboration space which will reopen in 2022.
Time to invest in digital transformation
Insights Group also includes Vidatec, digital transformation specialists that are now headquartered in Dundee.
Vidatec design and build successful digital platform for clients of all sizes, ranging from mobile apps designed to enhance health and wellbeing, to complex technical platforms for large enterprises.
Chief executive Greig Johnston said despite challenges now is the time to invest in opportunities.
He said: “The need for digital transformation across many organisations has increased.
“It is more important than ever that we work to improve people’s experience of life through technology.
An exciting time at Insights, boss says
Insights Group chief executive Andy Lothian said the group is well placed.
Mr Lothian, co-founder of Insights, said: “We have seen a fundamental transformation in the way we work together, communicate and connect during this year.
“As we move forward, many of these ways of working will continue.
“This is an exciting time for the group.
“Our investment in research and development reflects the confidence we have both in the market and in our teams.”
