Retail IT consultancy and technology firm REPL Group has announced a £22.6 million in gross turnover for its latest financial year, posting a 40% increase on previous figures due to the expansion of its consultancy and digital side of the business.

The firm that specialises in providing supply chain, workforce management, point of sale, in-store digital, employee enablement and forecasting technology and consulting to large retailers such as Walmart, Tesco, BP, Aldi and John Lewis also plans to recruit a further 100 employees across the UK and US.

To support this, REPL has expanded its geographical presence following the recent opening of a new office in Dallas, Texas.

Mike Callender, Executive Chairman of REPL Group said: “The expansion of the consulting and digital side of the business have been key contributors to helping REPL grow. In current market conditions, some retailers are really struggling while a proportion are showing rapid expansion. The flexibility of our solutions however, mean that we have the agility to help retailers that are trying to cut costs as well as those that are in the process of rapid growth.”

The company which recorded profits of £2.4 million, a 240% increase year-on-year, is now focusing on growing its global profile. In addition to the new office in Dallas, where an additional 50 employees are expected to start over the next 12 months, REPL has also invested in a new Japan-based office to focus on the area of supply chain and manufacturing while growing business in the Far East.

As a result of this financial growth, as well as its company profile, REPL is also investing in its technology and last month launched a new product called ADAPT, a highly-adaptable piece of software that allows retailers to achieve a new level of forecasting accuracy by using machine learning technology and create what if demand models using newly applied branching techniques.

“A key contributor to achieving this high level of growth over the past year is our understanding of each retailer’s needs as they all have a has a very different set of challenges that they are trying to navigate”, added Callender. “We offer a bespoke solution tailored to their needs while remaining competitive in the marketplace. Over the past few years we have made a conscious effort to grow sustainably, rather than focusing on speed, this has allowed us to grow across different countries at the right speed for us and strategically plan ahead.”

As well as corporate growth, for the second year running REPL Group has also been recognised in the London Stock Exchange Group’s 1000 companies to Inspire Britain report, which identifies the UK’s fastest-growing and most dynamic SMEs. The firm had to demonstrate not only positive revenue growth over the last three years but also outperform its sector peers in order to be included in this acclaimed list.