Apprenticeship and workplace training provider Multiverse has posted a 29 per cent rise in sales to £58.4 million for the year ending March 2024, but its losses also deepened, underscoring the high cost of its rapid expansion.
Founded by Euan Blair, son of former Prime Minister Sir Tony Blair, the company reported pre-tax losses of £60.6 million — up from £45 million the previous year — as administrative expenses surged from £77.5 million to £106.1 million.
The business, which was valued at £1.4 billion in a 2022 funding round, said the growth was fuelled by increasing demand from businesses seeking AI-focused training programmes and a broader range of industries embracing apprenticeship-led workforce development. Its AI-related programmes now account for roughly one-third of UK sales.
Multiverse also completed the acquisition of Searchlight, a San Francisco-based AI business, during the year. The integration of its technology has contributed to a rise in gross profit margins, which climbed from 66 per cent to 72 per cent.
Founded in 2016, Multiverse began by matching school leavers without university degrees to apprenticeship roles funded by employers. The company has since shifted focus to upskilling existing staff and now works with both private companies and public sector clients — including the NHS — to retrain workers in digital and data skills.
“We’re training everyone from doctors and nurses through to administrators, operations managers, and others to use data to improve patient care, triage faster, and reduce wait times,” said Blair.
One of the fastest-growing demographics for Multiverse is employees aged over 45 — a reflection, Blair noted, of the increasing need to adapt mid-career workers for the AI-driven workplace.
Blair said technology alone will not be enough to transform productivity in the public or private sectors without a strong focus on reskilling. “There’s a long history of large government spends on technology not delivering,” he said. “Unless we get the skills and adoption component right, it’s not going to make the meaningful difference we need.”
Despite widening losses, Multiverse remains well-funded with net assets of £131 million and a cash balance of £135.3 million, giving it substantial runway for future growth. The business continues to position itself at the heart of the UK’s digital skills revolution — but must now prove it can translate sales momentum into sustainable profitability.
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Sales rise at Euan Blair’s Multiverse but annual losses widen to £60m