Employee-owned contracting and accounting firm, Sapphire has reported turnover of £525m for the year ending 30 September 2024. This performance is its strongest to date and a major milestone for the fast-growing business.
The figure represents an 18% year-on-year increase and reflects sustained demand for Sapphire’s fully compliant payroll services, continued expansion of its contractor base, and rising wages across key sectors. EBITDA held steady at £4.2m, as the company prioritised investment in international expansion, product innovation, and operational scale.
The company’s employee ownership model, introduced in 2021, remains a central pillar of its growth. Productivity, engagement and retention have all strengthened as a result. In 2024, Sapphire awarded its first employee ownership bonus, an industry-first initiative that saw £350,000 shared with long-serving umbrella contractors. This marked the beginning of an ongoing commitment to ensuring all employees share in the company’s success.
“Reaching the £500m mark is a significant milestone and a reflection of the momentum we’ve built since becoming employee owned,” said Mark Connor, managing director at Sapphire. “Every team member, including our contractors, has a real stake in what we’re building, and that’s created an environment where people are motivated, engaged and committed to delivering great outcomes for clients.”
Alongside its focus on people, Sapphire has continued to lead the market on compliance and innovation. The firm secured SafeRec Certification for its Umbrella offering, giving recruitment agencies access to real-time auditing and full visibility across every payslip, a key differentiator as the regulatory environment tightens.
Sapphire also completed the acquisition of Quartz, a cloud-based SaaS platform that automates pay & bill, timesheet and expense management. Quartz is already reducing back-office admin by up to 80% for clients and forms the foundation of Sapphire’s growing technology offering.
Additionally, the company has expanded its international footprint, with payroll and accounting services now live in more than 100 countries, including fully compliant, localised solutions in Germany, Spain, the Netherlands and beyond.
“Our focus is on helping recruitment agencies grow, whether that’s through stronger compliance, access to international markets, or smarter back-office technology,” Connor added. “We’ll keep investing in what matters most to our clients and the people who power our business.”
