# How a finance and tech consultancy recorded 93% growth through a ‘recession’
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-05-05
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: How a finance and tech consultancy achieved 93% growth amid
Meta Description: Discover how emagine Group achieved 93% growth in 2022 despite economic challenges in Europe. Learn their strategies for success!
URL: https://financedigest.com/how-a-finance-and-tech-consultancy-recorded-93-growth-through-a-recessionhtml

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# **How a finance and tech consultancy recorded 93% growth through a ‘recession’**

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_By_ **_Martin Hartley,_** _CCO, emagine Group_

We don’t need the European Commission’s financial figures to know that 2022 was a tough year for many businesses across the continent. But I’ll give them to you anyway; growth of only 0.3% in Q3 and 0.1% in Q4. So, technically we avoided a recession. But not by much.

In particular, markets such as Germany – Europe’s [largest economy](https://www.financedigest.com/bangladesh-moves-up-the-ranks-and-could-become-the-24th-largest-economy-by-2036.html "Bangladesh moves up the ranks and could become the 24th largest economy by 2036"), which shrank by 0.7% in Q4 due to reduced consumer spending – have impacted the broader Eurozone, meaning its economy has not returned to pre-Covid-19 levels of GDP. This [despite a surge](https://www.financedigest.com/oil-prices-stay-firm-on-fuel-demand-despite-covid-19-surge.html "Oil prices stay firm on fuel demand despite COVID-19 surge") of growth in 2021 – to 5.2%, the region’s highest rate of expansion in five decades – as we emerged from lockdowns.

Growth is still growth, of course, but for any [business to have posted significant successes](https://www.financedigest.com/why-seo-is-crucial-for-business-success-post-pandemic.html "Why SEO is crucial for business success post-pandemic") in the last year is highly commendable. That’s why I am extremely proud that, against the backdrop of a slightly bleak wider business environment, emagine has posted growth of 93% in 2022, passing the DKK 4.5 [billion mark](https://www.financedigest.com/spotify-listeners-cross-half-a-billion-mark.html "Spotify listeners cross half a billion mark") (€605 million) for the first time.

### **So how have we done it?**

From small Nordic roots, emagine has grown to be a leading player in the consultancy sector, employing more than 800 full-time [staff and more than 4,500 consultants in 26 offices across](https://www.financedigest.com/gumgum-appoints-new-staff-members-across-germany.html "GumGum appoints new staff members across Germany") ten countries. This success is based on a [business model](https://www.financedigest.com/why-now-is-the-time-to-implement-a-time-saving-business-model-encouraging-team-members-to-discuss-their-challenges.html "Why now is the time to implement a time saving business model, encouraging team members to discuss their challenges") that offers scalable, flexible and high-quality consulting services.

The strategy is largely two-fold; the excellent results delivered by our dedicated staff allow us to grow organically, while we have also consolidated and [expanded our position in the market](https://www.financedigest.com/gas-insulated-transmission-line-market-expand-at-a-healthy-cagr-of-4-5-over-2021-2031.html "Gas Insulated Transmission Line Market Expand At A Healthy CAGR of 4.5% Over 2021-2031") through tactical acquisitions.

### **Services that suit**

Let’s talk services first; the quality of our digital, tech and business consulting services, and [managed solutions sees us work with some of the world’s biggest organisations](https://www.financedigest.com/how-giving-insights-into-card-spend-can-help-organisations-to-manage-their-business.html "How giving insights into card spend can help organisations to manage their business"). In the UK we focus on the [financial services](https://www.financedigest.com/the-chase-is-on-for-more-alternative-data-within-financial-services.html "The chase is on for more alternative data within financial services") sector, working with clients such as HSBC, Royal Bank of Canada, Bank of America, MUFG and other tier one investment banks, but elsewhere across Europe, and indeed the world, our services extend across all industries and sectors.

It’s our ability to react quickly to the challenges organisations face in a rapidly-changing [business and digital](https://www.financedigest.com/how-digital-marketing-images-can-help-improve-your-business.html "How Digital Marketing Images Can Help Improve Your Business") environment that has seen us challenge the traditional consultancy service establishment. [Driving change](https://www.financedigest.com/the-future-of-energy-tech-and-data-are-driving-change-fast.html "The Future of Energy: Tech and Data are Driving Change, Fast") and results is all about having the requisite expertise, at the right time and in the right setup, which is why our unique ‘nearshoring’ and ‘bestshoring’ strategies allow us to set up flexible, scalable, and agile expert IT teams in the locations that best suit our clients from a value and innovation perspective. This means we can deliver a programme of work with the best people from the best location, whilst keeping to an efficiently blended budget, and it has helped [drive organic group revenue growth](https://www.financedigest.com/multilocal-underlines-storming-growth-with-hiring-drive.html "multilocal underlines storming growth with hiring drive") of 25%. It is also a solution to the talent shortage in the tech sector, throwing [open the pool to a global market](https://www.financedigest.com/italy-open-to-selling-down-mps-stake-on-market-if-terms-buyers-are-right-sources.html "Italy open to selling down MPS stake on market if terms, buyers are right – sources").

### **Strategic acquisitions**

The second pillar of emagine’s [successful growth](https://www.financedigest.com/the-perfect-storm-of-growth-and-success-for-the-restech-market.html "The Perfect Storm of Growth and Success for the ResTech Market") has been carefully selected acquisitions – six in the last three years and two in 2022 – which have strengthened the group’s development in the Nordic region and driven scalable opportunities in wider territories.

Joining forces with international consulting and [technology business](https://www.financedigest.com/why-businesses-must-invest-in-cloud-technology-now.html "Why Businesses Must Invest in Cloud Technology Now") Aspira has given emagine a presence in Ireland, the Netherlands and Portugal, creating significant and scalable opportunities for the group. Aspira has a strong reputation for its Advisory and Solutions [services and this partnership will add a new catalogue of high-end business and IT consultancy services to our offering](https://www.financedigest.com/why-the-banking-industry-needs-to-offer-more-than-just-enticing-perks-and-subscription-services.html "Why the banking industry needs to offer more than just enticing perks and subscription services").

Also, the acquisition of Peak Consulting Group in Denmark has reinforced our strong position in Denmarkand the rest of Europe, and brought new skills to the areas of [business transformation, project management](https://www.financedigest.com/uncertain-times-for-uk-landlords-how-to-avoid-insolvency-for-your-property-management-business-in-2020.html "Uncertain Times for UK Landlords: How to Avoid Insolvency for Your Property Management Business in 2020"), business service management, agile transformation, and training and competence-development. With a similar approach to internal professional knowledge and a business model that allows for flexibility, this brings emagine one step closer to its goal of becoming one of [Europe’s largest](https://www.financedigest.com/portugal-set-to-start-up-europes-largest-floating-solar-park.html "Portugal set to start up Europe’s largest floating solar park") consulting businesses.

### **Strong appointments**

Meanwhile, key appointments across the business have brought new perspectives and expertise to fuel [future growth](https://www.financedigest.com/the-trend-is-your-friend-fuelling-future-growth-with-time-aware-crm-data.html "The trend is your friend – fuelling future growth with time-aware CRM data"), since emagine has set ambitious plans for the upcoming year to sustain the company’s recent performance and growth rates.

Marika Fredriksson joined as the new Chair of the Board in early 2022, after a ten-year tenure as CFO of the Danish [wind turbine](https://www.financedigest.com/wind-turbine-maker-vestas-cuts-2021-outlook-on-supply-constraints-and-costs.html "Wind turbine maker Vestas cuts 2021 outlook on supply constraints and costs") giant, Vestas Wind Systems. She will play a [key role in ensuring that we’re on track to build on our record-breaking success](https://www.financedigest.com/why-ai-can-be-the-key-to-success-for-fund-managers-in-the-post-covid-landscape.html "Why AI can be the key to success for fund managers in the post-COVID landscape") in 2022. And in Q3, Jesper Diget, also from Vestas, where he was Senior Vice President, joined as [Chief People Officer](https://www.financedigest.com/impact-com-appoints-mike-head-as-cro-and-jenna-mills-as-director-public-relations-promotes-cristy-ebert-garcia-to-chief-marketing-officer.html "impact.com appoints Mike Head as CRO and Jenna Mills as Director, Public Relations, promotes Cristy Ebert Garcia to Chief Marketing Officer"). As we continue through this period of hypergrowth – we have eyes on new goals, new services and new territories – we will only be as strong as our people and Jesper will spearhead the group’s [ESG efforts and enhance emagine’s attractiveness](https://www.financedigest.com/measurement-is-key-if-the-circular-economy-is-to-attract-more-esg-investment.html "Measurement is key if the circular economy is to attract more ESG investment") as an employer.

With the right talent, a business model that can respond to [market trends and a plan to scale further with strategic partnerships](https://www.financedigest.com/market-harborough-building-society-announces-mhr-analytics-partnership.html "Market Harborough Building Society announces MHR Analytics partnership"), we are looking ahead to another year of success for our clients with a team stronger than ever before.

**_About Author:_**

_Martin Hartley is CCO of emagine Group, a leading IT, business & engineering consultancy and a [Big Four challenger](https://www.financedigest.com/how-barclaycard-scored-big-by-setting-customers-a-challenge.html "How Barclaycard scored big by setting customers a challenge") across Europe. He is also on the [Bank of England](https://www.financedigest.com/explainer-why-is-bank-of-england-acting-again-what-next-in-the-uk-crisis-2.html "Explainer-Why is Bank of England acting again? What next in the UK crisis?") decision-maker panel._


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