Profit at FTSE 100 supplier Workday almost doubles

Profit at the UK arm of software giant Workday almost doubled during its latest financial year, it has been revealed.

The US group’s division has reported a pre-tax profit of $39.5m (£30.6m) for the 12 months to 31 January, 2024, according to newly-filed accounts with Companies House.

The new figure comes after the firm posted a pre-tax profit of $21.3m (£16.5m) for its prior year.

The results also show that Workday’s UK turnover rose from $253.2m (£196.3m) to $264.4m (£205m) over the same period.

The group works with more than 35 per cent of the FTSE 100 including the likes of Diageo, Lloyds, GSK and Rolls-Royce as well as the Crown Commercial Service, Department for Education and The National Archives.

In the fourth quarter of its latest financial year, it also signed up David Lloyd Leisure, Compare the Market and Newcastle United.

Workday was founded in 2005 and completed its IPO in 2012. It now has more than 18,800 employees worldwide.

Workday to invest over £550m in the UK and create jobs

The results come after Workday announced plans to invest more than £550m in the UK over the next three years.

In May, the Nasdaq-listed company said the move will also see it up its headcount in the country – although it did not confirmed by how much.

During its latest financial year, the UK arm of Workday employed 666 people, up from 647 in the prior 12 months and a rise from 528 in the year before that.

Workday said the investment is a 40 per cent increase over the previous three years, “furthering the organisation’s commitment to strengthen the nation’s economy and support the goal to cement the UK as a science and technology superpower by 2030″.

Workday said that the investment will support its strategic capital arm, Workday Ventures, the growth of the Workday Partner Ecosystem and the launch of its applications running in Amazon Web Services’ London region for UK cloud customers in early 2025.

Oa group level, Workday’s total revenue increased by 17 per cent in the year to 31 January, 2024, to $7.3bn (£5.6bn).

Its annual gross profit for the 12 months also rose by almost 22 per cent to $5.4bn (£4.1bn).