Target Group has reported a third consecutive year of growth in its annual results.

The financial services outsourcing and software provider announced last month that it is to be acquired by global information technology firm Tech Mahindra.

The figures from the 2015 financial year reveal EBITDA increased 17% to £6.8m while turnover increased 11% from £46.1m to £51m and assets under management were up to £24bn. The continued growth of the company and the backing of the Indian tech firm provides a platform for Target to further develop and grow the products, services and solutions it provides to clients and customers.

The growth in the past financial year was underlined by a 24% increase in the number of employees within the organisation. Target employed a further 130 people over the last 12 months, taking the total number of staff from 543 to 673. A further 250 additions to the team are set to be made over the coming months as Target is set to bring several new clients on board.

In 2015, Target entered the UK structured products market through the Hartmoor Financial brand enabling it to both design and distribute retail structured products. During the year, it also secured several new clients including Goldman Sachs, digital affinity provider Direct Money and underpinned the launch of the new unsecured lender Bumblebee.

Ian Larkin (pictured), co-group CEO of Target Group, said: “This is proving to be an exciting time to be involved in the financial services sector. Participants across the spectrum are increasingly turning to new operating models and partnerships in order to keep up with the pace of the competition.

“In partnering with Target, organisations get a high quality service and peace of mind when it comes to treatment of their customers. Indeed, having served more than 50 organisations across financial services, ranging from start-ups to traditional banks, we have proven we can deliver consistently to all our clients and their customers.

“As the industry evolves, we continue to see large growth in the demand for advice on process improvement, data analytics, and regulatory matters. As a result, our plan is to continually adapt and innovate to deliver these services at an exceptional standard.”