Shred-it Confirms Successful 2010 Financial Performance

Posted: January 31, 2011

Shred-it, the leading on site information destruction company has today announced UK revenues of £35m for 2010, up 18 per cent on the previous year. This is the 11th consecutive year that Shred-it has achieved double digit growth, with a 78 per cent increase in revenue since 2007.

The growth in Shred-it's revenue reflects increased demand from organisations for the secure destruction of their confidential information, following on from the additional powers awarded to the Information Commissioner's Office (ICO) in April 2010. These new powers enable the ICO to issue fines of up to £500,000 for organisations found to have committed a serious data breach.

Robert Guice, Executive Vice President, Shred-it UK, said: "This has been another momentous year for our UK business, which has flourished as both public and private sector organisations have grown more aware of the financial and reputational risks associated with breaches of confidential data."

"The key attribute to our growth in 2011 is the fact that organisations are becoming more aware of the need to securely destroy confidential information, both to maintain compliance with the data protection laws and industry regulations. When operating in an environment with tough market conditions maintaining customer loyalty and trust are key differentiators in the battle for increased market share."

The company has also created over 20 new jobs in the UK this year, following on from the 84 additional roles created in 2009. Shred-it plans to further increase the number of new roles throughout its UK operations during 2011, beginning with the creation of 15 new jobs in its Manchester branch.

In addition to Shred-it's organic growth and increased revenue, the company also invested more than £1.5m in capital in its operations during 2010 and also acquired a new facility in South Wales, South Wales Shredding Ltd, which has now been combined with Shred-it's own operations.

Robert Guice commented: "Customers recognise value in secure information destruction and welcome our excellence in providing on site services which are convenient and completely secure. This success has given us the confidence to both invest in our business and put a blueprint for sustained growth into 2011 and beyond."

Shred-it UK has led the company's growth in Europe and now operates a total fleet of over 120 specially adapted trucks nationwide for the provision of its on site services. The company also expanded its operations in mainland Europe during 2010 with the acquisition of three companies in Belgium and Luxembourg.

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