Press release: Cool Company grows 113% in the UK during 2020
– And Increased the companys revenue by 21% during the record month of December
After a turbulent year for most industries, Cool Company can state that the year has been successful, especially in the UK where the business has grown with 113% during 2020 compared to 2019. Cool Company also breaks the all time record in December 2020 by increasing the companys revenue by 21 percent, and the B2B service itself resulted in increased revenue by 71% in December.
Cool Company Skandinavien AB operates in Sweden, Norway and the UK. The umbrella company Cool Company was started in 2009 and has since then helped contractors and temporary workers to easily work contract assignments without having their own company. Cool Company, with the venture capital company Verdane as the main owner, saw a growth in sales of 21% in December and the B2B service grew by 83%, despite the pandemic and believes that 2021 will continue to be strong.
– The last months of 2020 and especially December set the agenda for 2021. The contracting industry is growing, both among the individual contractors and among companies that are increasingly adapting their operations to be able to streamline and scale, says Jonny Simonsson, CFO at Cool Company.
Cool Company started the year with an extra focus on the UK market and recruted a new Head of Business, Kris Simpson, to lead the work. The end of year results shows that the business in the UK grew by as much as 113%, compared to 2019.
Contracting is recovering – especially in the IT industry
For Cool Company’s B2C service, where consultants and freelancers undertake contact assignments without the need to set up a company. Q1 of 2020 began with a growth of 3%. But like the contracting industry in general, the service was also affected during the pandemic and decreased by 15% during Q3. However, along with the B2B service, Cool Company saw a strong recovery during Q4 and sales increased by 3% during the record month of December. Which resulted in only a loss of an overall of 5% during the pandemic.
– Contracting and temporary work through umbrella services will continue to grow. We are one of the most experienced players in the field and using technology, also continue to develop our service and continue to make it easier for people to freelance safely and easily. We are entering 2021 with a really good self-confidence, says Michael Sundqvist, CEO of Cool Company.
Self-employment has more than doubled in Sweden between the years 2011–2020, and although many consulting and freelance professions have been hit hard by the pandemic, there are still some industries that have gone even stronger this year. The consulting and freelance professions in the IT industry have grown the most during the year, also during the period April-December when covid-19 had a major impact on the labor market in general.