US growth speaks volumes for translation service Lingo24
Christian Arno, chief executive, said existing clients including Beats by Dre, Eventbrite and The Economist, had played a significant part in driving growth, but it was overseas business that was responsible for most of the company’s income.
Two-thirds of revenue (68%) now comes from outside the UK, a rise of 62% on 2013, while earnings from the US alone are up 59%. Overall revenue for 2014 came in at £8.28 million.
Last year saw backing from a Scottish consortium led by former Wood Mackenzie chairman Paul Gregory who became chairman of Lingo24, together a first investment by US investor, Ted Alling.
Technological developments have helped improve translation service turnaround times.
Mr Arno said: “It’s been another solid year for Lingo24 with double-digit growth and we’re really confident we can expect the same in 2015. The addition of Paul Gregory as a significant investor in the business and as chairman of our board earlier this year has given us a huge boost. He brings incredible levels of insight and motivation to our team.
“In addition to investment from Paul, I was very happy to welcome interest and investment from American entrepreneur Ted Alling, who joins our advisory board as director for the US.
“Technology will continue to play a central part in our business, and we will push forward with developments in Machine Translation Technology and plugins for our API solution to really support our clients in their requirements for faster, cheaper and more accurate translations.
“We’re also recruiting for five new roles in Scotland right now, and are proud to be supporting growth in the Scottish economy in 2015.”
The company was founded by Mr Arno in Scotland in 2001. It now employs more than 220 staff worldwide, based across the UK, as well as in Germany, Romania, Panama, the Philippines and New Zealand. Its network of 4,000 professional linguists translates more than 65 million words a year.