Once again politics has taken centre stage after the snap election threw up some intriguing results. during this busy period the political train even stopped by Target’s offices in Newport in May as we welcomed the Foreign Secretary Boris Johnson to learn more about our business and our exponential growth.
While Theresa May will remain in power for now, it will be interesting to see what is kept and what is scrapped from the manifesto pledges.
In the lead up to polling day there was certainly one aspect that was of particular interest to us at Target. Both Labour and the Conservatives promised to introduce a “Breathing Space” scheme aimed at helping those with problem debt compounded by additional vulnerability. This scheme will look to provide those in serious problem debt to apply for legal protection from further charges for six weeks. While this scheme is already in place in Scotland, it is good to see this discussion is beginning to enter the mainstream. Vulnerable customers need help and must be treated with compassion. Any developments to help further this cause can only be a good thing, and as a result it must not be put on hold while the political landscape remains unclear. Our risk and compliance director Terry Baxter has been looking at how firms can help vulnerable customers in this digital age in more detail and you can read more here.
We are also delighted to announce that Target saw yet more growth in 2016 with earnings before tax up 61%, while turnover increased 26%. With the acquisition by Tech Mahindra, our own purchase of leading commercial and residential mortgage servicer Commercial First, and the great work we are doing with the likes of the DVLA, it can really be considered a milestone year for the company. Last year saw a large increase in the number of employees at Target and we want to thank everyone that has helped make the extraordinary growth. It is an exciting time for the company and we look forward to seeing similar success in 2017 and beyond.