We worked with an early stage company with a research team in Italy and a small team in the UK that sells organic pesticides to the agricultural industry. The founder traveled a lot for the business and places trust in his team at home to work pragmatically in his absence.
Case Studies > Scaling up early stage agricultural business
The Need
The business was experiencing increasing revenues due to results of trials they were undertaking around Europe. This caused an impact on the ability of the book keepers as they were not able to undertake the level of financial analysis required for the growing accounts. Therefore, the company contacted Numitas as they needed a pragmatic Finance Director who was able to take a high level of initiative and ‘get on with the job at hand’, who:
• was skilled in establishing and enhancing processes, controls, systems and reporting
• had the experience and skills to provide commercial and strategic advice
• was experienced in working with early stage start ups
• could quickly build a strong working relationship with the MD, as well as the current book keepers and the team in the UK
• would be able to adapt to the changing requirements as the business grew.
The Engagement
Understanding the needs of the client was crucial in Numitas being able to select the right person from the team who had the level of skills and experience required to meet the client’s objectives.
Our Finance Director was engaged on a part time contract and undertook the agreed scope of work including:
• discussing goals, key priorities, industry threats and challenges with the senior team.
• reviewing current financials and associated processes, systems and controls.
• ensuring back-end finance functions could scale efficiently with growth.
• developing good reporting and KPIs for the management team.
• creating forecasting, budgeting and longer term models.
• providing commercial input to deals, pricing, client negotiations etc.
Outcomes
Using the Numitas Finance Director on a part time engagement meant that the client benefitted from being able to make better decisions which supported the continued growth of the business. The client received immediate expert financial support at a fraction of the cost and at a more senior level than a scale up would receive from a full-time hire. The Numitas Finance Director also provided added value for the client by:
• providing excellent recommendations and attention to detail to support the business in scaling up
• working collaboratively and proactively with the team
• taking on more responsibility as the business grows
• exceeding expectations and keeping to strict deadlines.
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Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
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