Travel technology firm Comtec yesterday opened new purpose-built offices in Cardiff as it revealed a move back into the black.
The switch to the Welsh capital comes as Comtec announced a projected turnover of £5.1 million for 2015 with a gross profit of £1.1 million after a £2 million loss last year.
The company, previously based in Cwmbran, was bought by a group of investors last September.
The deal was led by current chief executive Mike Russell and Comtec’s original founder Simon Powell, with the backing of Finance Wales.
The firm now employs more than 70 staff and continues to grow with plans to increase numbers to over 80 in the next nine months.
The move represents a new start to the business, which reflects the “huge steps” that have been taken in the 12 months since the buy-out.
The offices will provide staff with a modern space to work from, as well as access the talent pool of new graduates leaving South Wales universities.
The company was originally founded in 1995 by Powell, before he sold the company in a £27 million management buyout in 2008.
Powell said: “We’re delighted to have relocated Comtec to brand new offices in Cardiff.
“Initiatives such as Finance Wales and the Single Investment Fund programme have been very important in helping us to build businesses across Wales. Comtec has benefited greatly from these.
“We’re passionate about discovering the next generation of talent and Wales has huge potential to produce the skilled tech professionals of the future, and I am pleased the Welsh government is supporting initiatives to ensure that young people are encouraged to consider pursuing a career in IT.”
The Welsh government has established an active research community across academia and business to identify ICT skills shortages and support the development of the sector across Wales. Simon Powell supports a number of these initiatives, currently sitting as Co-Chair of EstNet and member of the Renewport panel.
Welsh economy, science and transport minister, Edwina Hart, who opened the new offices, said: “The ongoing development of Comtec is a success story for the Welsh economy and I am pleased it is benefiting from support through the Welsh government and Finance Wales.
“ICT is one of our key economic sectors with high growth potential so it’s very welcome news to see a home grown company expanding and creating jobs.
“Comtec has employed more than 20 individuals in new graduate level jobs through the Single Investment Fund programme and I am delighted to hear the company continues to invest in cutting-edge products and services which are valued by customers in Wales and beyond.”
Comtec supplies travel technology to companies such as Dnata, Tui Travel and Thomas Cook.