Design 1st Announces Record Results for FY2009
Profitable Growth Continues Due to Strong Demand for New Product Development
Ottawa, Ontario, September 9, 2009: Design 1st Inc., a physical product design consulting company, today announced FY2009 financial results that are the best in its corporate history. Over the last three fiscal years, the company has experienced sequential annual growth with 35% increases in revenue yearly and strong profitability.
Design 1st provides innovative physical product design for multinationals, product companies and start-up ventures and recorded a 52% increase in client projects secured since FY2006. In FY2009 the company signed 65 new projects compared to 39 in FY2006. Enjoying a strong referral business, 55% of revenue in FY2009 was from existing customers while 45% of the revenue resulting from new customers.
In addition to new business, Design 1st is focused on increasing diversification of its client base by geography and industry. Revenue from clients outside of the Ottawa market - Chicago, California, Southern Ontario and Western Canada - increased to 49% in FY2009 from 40% in FY2006. Although the Ottawa region remains a strong base, the company is attracting attention from other North American clients and is growing a presence in other geographical markets and industries. Design 1st develops product enclosures for clients in the Medical, Bio-tech, Commercial, Communications, Consumer and Outdoor ruggedized markets.
“In spite of the current economic environment, we are pleased to record the best year in our corporate history. Our growth has been fueled by a strong and steady demand for new product development by multinationals to well-funded start-ups,” said Kevin Bailey, Founder and President, Design 1st. “In response, we’ve doubled in size both in revenue and in head count, while bringing our depth of knowledge and program management skills to clients with technically challenging requirements in new geographies and markets.”
“We continue to be encouraged by the strength of Ottawa and local area companies that are moving forward with new product development. This says a lot about the diversity of industry, skills and entrepreneurial passion that exists locally,” commented Bailey.
About Design 1st
Based in Ottawa, Canada, Design 1st is a product design team of highly talented Industrial Design and Mechanical Engineers who understand how to make a product’s design look great and operate the way it is expected to. Clients rely on Design 1st to turn a napkin sketch into compelling images and then design, engineer and document a distinctive product solution. As product development consultants, Design 1st brings 25 years of experience in enclosure design and engineering – making them the ideal partner for corporations and start-ups to outsource their physical product design and development. Equipped with in-house machining, finishing and part prototyping facilities, Design 1st can create finished models, first parts and assemblies in days. Recent projects include BelAir WiFi Networks, Christie Cinema Projectors, ProDrive Dental Systems, We-Vibe™ Human Care and Stanley HealthCare Patient RFID Monitoring. For more information, visit www.design1st.com.
The Design 1st name and the Design 1st logo are trademarks of Design 1st Inc. Other registered and unregistered trademarks are the property of their respective owners.
© Copyright 2009 Design 1st Inc. All rights reserved. Information is subject to change without notice.
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For more information contact:
Kevin Bailey
Tel: 1.613.235.1004 ext.225