Proposed EU Reforms to Data Protection Regulation
could provide boost for Information Destruction Sector
· UK market leader’s revenue up 13% to just under £40m
· 2012 to see continuation of investment in national service standards
Manchester, 1 February 2012, Less than a week after the European Commission proposed a reform to data protection rules, the UK’s leading information destruction firm has today reported a 12th consecutive year of double-digit growth.
Shred-it’s full year results show that UK revenues for 2011 were up 13% on the previous year at £39.6m illustrating how demand for paper shredding and electronic data storage destruction continues to grow. The Manchester-based company is expecting the discussions on changes to EU-wide data protection rules to provide a further boost for growth in 2012.
Robert Guice, Executive Vice President, Shred-it, said: “Shred-it’s outstanding 2011 revenue growth is further evidence that more and more companies are waking up to the fact that secure document destruction is a must-have if they are to protect their business and customers. We are pleased that an increasing number trust Shred-it to provide the required security.
“However, there is still a great deal of work to do. Data from last year’s Shred-it Security Tracker showed that half of small firms in the UK still believe that the loss or theft of data from their organisation would have no impact on their business - even with the dramatic increase in the ICO’s powers now allowing them to fine organisations up to £500,000 for breaching data protection regulation.
“We hope that the recently released proposals for a tougher EU data protection regime will serve as a further driver for all businesses and public sector organisations to recognise that both electronic and paper-based document destruction services are must-haves and not nice to haves”, Mr Guice continued.
Among the proposals released by EU Justice Commissioner Viviane Reding last Wednesday are reforms which would give more powers to national data protection authorities so they can better enforce the EU rules at home. In the UK, this would mean the Information Commissioner’s Office (ICO) being empowered to fine companies up to either €1 million (£837,106) or 2% of their global annual turnover.
The strength of Shred-it’s financial performance will allow the company to continue to invest in its national information destruction service, building on the opening of a new £1.5m customer services centre at its UK headquarters in Sale, Greater Manchester in September last year. In total, the company added over 130 people to its staff in 2011.
Among improvements planned for 2012 is the full roll out of new hard drive destruction technology which is now available in each of the company’s 16 branches across the UK.