Alchemy Technology Services Limited

Founded in 2018 and headquartered in Derry / Londonderry, Alchemy Technology Services has grown to become a key provider of technology and consulting services to the global insurance sector. We are a Consulting Partner of Guidewire Software Inc and have derived most of our revenue since formation through collaborating closely with Guidewire, its clients and other system integrators to deliver high-quality projects on time and within budget, leveraging our deep understanding of the insurance domain and proficiency in all Guidewire products and tools. Following the strategic acquisition of r10 Consulting in July 2023, we have provided consultancy services and delivery teams to a range of prominent (re)insurers, syndicates, brokers, MGAs, insurtechs and service and software providers. In particular, we have supplied resources to work on the Blueprint 2 programme, whose purpose is to deliver profound changes in the Lloyd’s insurance market through digitalisation. The company deploys over 200 skilled professionals across its two locations. 70% of our resources are based in our Head Office in Derry / Londonderry where we continue to make a substantial contribution to the socio-economic development of the region. Fair review of the business The year ended 31 December 2024 saw the business return to growth. Turnover grew by 35% compared to last year, with significant new business wins and increased spend from our existing customers. Combining this revenue growth with reasonable cost control measures, we were able to improve our profitability, from a loss last year to a profit before tax of £1.3m. Many of our customers are based outside of the UK and Northern Ireland and in May 2024, we were honoured to receive the prestigious King’s Award for Enterprise in the category of International Trade. Alchemy was one of only four recipients from Northern Ireland and among 252 organisations nationally recognised this year, highlighting the company’s continuous commitment to excellence. In September 2024, we announced a strategic partnership with NTT DATA, a global leader in digital business and IT services. Our collaboration aims to transform P&C insurance platforms and services, supporting the full insurance lifecycle for insurers grappling with legacy systems and complex cloud migrations. NTT DATA brings its global reach, extensive knowledge, and comprehensive services, including end-to-end data modernisation, cloud integration, and application management, to the partnership. In October 2024, we signed a lease to move our head office to Ebrington Plaza in Derry/Londonderry. As the first tenants of this prestigious new office location, we are thrilled to have chosen a location that will support our ongoing expansion and provide an outstanding work environment for our team. The move completed in March 2025. Key performance indicators The key performance indicators used by the Board to monitor progress are listed below: Turnover: £20.30m (2023: £15.02m) Gross Profit: £5.54m (2023: £2.79m) Operating Profit: £1.28m (2023: Operating Loss £0.42m) The Board also closely monitors Staff Utilisation, in particular the percentage of time billed to customers, but has chosen not to publish this information as it is deemed commercially sensitive. Prinicipal risks and uncertainties The financial risks identified are liquidity, cashflow and credit risk. Liquidity risk and cashflow are managed by ensuring that the Company has sufficient liquid resources to meet the operating needs of the business. Formal credit control procedures are in place and trade debtors are reviewed on a regular basis. The current principal trading risks include the recruitment and retention of talent; leadership development and succession; competition from both local technology service providers and global system integrators; and the general economic environment.