Stuba was formed by a merger of the two competitors a year ago. Moving into year two, it is promising “radical changes” and investment in its technology division to “help customers sell more effectively”.
Chief executive Ruchir Bang said the company had “smashed” its 12-month targets and milestones. “Our objectives for year one were really to have a successful launch with Stuba quickly becoming a recognised brand in the trade wholesaler space, but more importantly to ensure a unified team and migrate all clients over to a common platform.”
The business on Tuesday (30 April) confirmed the majority of clients had now been moved onto new systems, with the few remaining “going live in the next two weeks”.
Stuba says while business with existing clients has increased over the past 12 months, it has also experienced a 45% increase in new client bookings.
Global sales are up in all markets: first-quarter sales grew 52% year-on-year in the UK and Ireland; 58% in Australia and New Zealand; and 29% in the Middle East.
In the UK specifically, first quarter bookings for Brazil are up 277% year-on-year; Egypt 241%; Malaysia 172%; Croata 155%; Jamaica 122%; and the US 108%.
“A lot of businesses stagnate after a merger,” added Bang. “However, we have truly bucked this trend with fantastic sales growth year-on-year, which is huge testimony to our great teams and a successful merger.
"Moving forward, we are expecting healthy double-digit growth this year and our vision is to only go after quality business.”
