31 May 2020 marked the end of our 2019-2020 financial year. This period has seen us achieve an annual turnover of £107.9 million, representing an increase of 8.67% on 2018-19. In the last two years, our revenue has grown by 28%.
We added over £4.7m in new annual recurring business and over £4.9m in brand new project work.
Of course, these numbers must be taken in context. As with most businesses, the final quarter of our financial year was impacted by the Coronavirus pandemic, yet our early planning ensured we remained resilient throughout.
In addition to these impressive figures and despite the extreme economic backdrop around the world, we have not used the furloughing scheme, we have made no redundancies, we have not deferred payments to our people and our business remains busy.
Our prudent financial management put us in a good position going into the crisis and our finances remain robust. We are proud to be independent, 100% owned by our partners. We do not have any significant debts as a business and cashflow remains positive.
Given the strength of our business, we remain very positive about our future. Our ownership structure enables us to be nimble through challenging economic conditions and to focus on providing a market leading quality service for our clients. Thanks to the hard work and quality service we provide, we continue to win new clients and to expand the services we provide. We will continue to invest in our people and systems to deliver on our objectives and to maintain our high quality services to clients.