12. XMA

Revenue: £351.2m (-20.3%)

Staff: 564

XMA saw a substantial hit to revenue this year and dropped one spot in the list, after splitting from distributor Westcoast.

However, the company sees strong potential in digital transformation and refresh contracts.

Looking forward, many customers are now reviewing the ‘sticking plaster solutions' they employed during the pandemic and reviewing their overall IT strategies, which the Nottingham-based reseller sees as its biggest opportunity.

Despite the revenue drop, XMA cites its invoice discounting facility with a four-bank consortium led by Lloyds as a stabilising source of cash flow through August 2024.

In April 2023, the group acquired Capito, a Scottish reseller, for £3.5m. Its main source of revenue continues to be public sector contracts.