REDEEM, the Bathgate phone recycling company has revealed flat revenue of £80.2 million in the year ending March 31.

With 69 per cent of those sales coming from outside the UK, the company said it was demonstrable of its global reach.

Gross profit increased by £1.3m to £17.3m and gross margin percentage was up from 20.1 per cent to 21.7 per cent, as Redeem made a strategic move away from lower margin and more volatile segments of the market towards mobile network operators and retailers.

The company is now present in 32 countries and has opened regional offices in Spain, Sweden, Estonia, Austria, Hong Kong and Dubai. It handles more than 1.8m devices per year and paid out in excess of £62m to customers.

Significant new contracts won in the last year, include Three in the UK, Vodafone in Spain and Tele2 in Sweden. And, in July, Redeem passed two million phones processed for O2 as part of its trade-in scheme.

Redeem Holdings, in its first year with Paul Adams as chief executive, has also recently completed a major refinancing exercise with Clydesdale Bank.

Mr Adams, said: “In addition to expanding geographically, we are increasing our range of services to include, amongst others, device diagnostics and value-add refurbishment activities.”

This includes an online Envirofone shop, where customers can acquire the latest handsets and a residual value proposition which will provide customers with a guaranteed value for their mobile device over the lifecycle of the product.