Euan Blair’s Multiverse Sees Sales Surge While Annual Losses Balloon to £60M
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.
Multiverse’s AI Training Biz Hits a Rough Patch… But There’s Still Business
Founded by Euan Blair, the son of former UK Prime Minister Tony Blair, the company has seen its pre‑tax losses climb to £60.6 million this year, up from £45 million last year. Administrative costs shot up from £77.5 million to a hefty £106.1 million, pulling the financial boat further into the storm.
Why the Numbers Look Rough, Yet the Story’s Still Bright
- Growth Fuel – Demand for AI‑focused training programmes is booming, and a broader range of industries are embracing apprenticeship‑led workforce development.
- AI at the Core – About one‑third of UK sales now come from AI‑related programmes.
- Acquisition Boost – The 2022 purchase of San Francisco‑based Searchlight has lifted gross profit margins from 66 % to 72 %.
- Well‑Funded Roots – Net assets sit at £131 million with a cash balance of £135.3 million, giving Multiverse plenty of runway for future growth.
From School Leavers to NHS Heroes
Since 2016, Multiverse started by linking school leavers without university degrees to apprenticeship roles backed by employers. Fast‑forward: they’re now reskilling the existing workforce—think doctors, nurses, admin staff, ops managers, and more—so they can harness data to improve patient care, speed up triage, and cut wait times.
“We’re training everyone from doctors and nurses to administrators and operational managers to use data to improve patient care, triage faster, and reduce wait times,” Euan Blair says.
Who’s Absolutely Loving the Upskill Trend?
Employees over 45 are a fast‑growing demographic for Multiverse. Blair notes that mid‑career workers are shot‑up the need for AI‑ready skills.
“Technology alone isn’t going to shift productivity
in the public or private sectors if we don’t focus on reskilling,” he adds. “History shows that large gov‑spend on tech doesn’t deliver unless skills and adoption are nailed down.”
What’s Next?
Despite the widening losses, Multiverse remains firmly planted at the centre of the UK’s digital skills revolution. Level up—time to prove that sales momentum turns into sustainable profitability.
