Irish IT recycling company Vyta more than doubled its revenues last year as the company benefitted from an increased focus on sustainability and a recent acquisition that grew its UK business.
The company saw revenue surge to €18.2 million in 2022, up from €8 million in 2021 on strong demand for its secure recycling services. Businesses have been investing in environmental and social governance (ESG) and sustainability, which the secure refurbishment and resale of retired IT equipment can support.
Vyta, formerly known as AMI, helps organisations manage the secure retirement of their end-of-life IT, mobile and electrical equipment.
The company has been pursuing a consolidation strategy which saw it acquire Essex-based IT asset disposal company, FGD, last year. It plans to acquire similar companies in Europe in the future to further bolster its market position, following a €13 million investment from MML Growth Capital Partners Ireland last year that was intended to support an ambitious growth and acquisition strategy.
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Vyta said its customer base expanded in all its territories in its last financial year. The FGD acquisition has also increased the size of Vyta’s team, helping to drive growth. It also added a a fourth premises in Belfast’s Titanic Quarter in February 2022, increasing capacity, and grew its geographical reach, providing services to any organisation based in the UK or Ireland, and businesses elsewhere in Europe.
“Sustainability has become a key motivator for organisations today. They are being held to very strict sustainability targets and their bottom line depends on it, as an increasing number of businesses and customers will not to buy from those who do not prioritise sustainability,” said Philip McMichael, chief executive and co-founder, Vyta.
“This focus on sustainability has enabled us to drive organic growth while also pursuing a market consolidation strategy, which started with the acquisition of FGD last year following a €13 million investment from MML Capital Ireland. We are currently exploring acquisition opportunities in mainland Europe and expect that Vyta will continue to grow as we fulfil our ambition of being the largest IT asset disposal company in Europe.”
