Review of the Business
The directors present their strategic report for the year ending 30th September 2024.
Overview of the Business
Cascade provides a cloud-based savings platform that provides independent and whole of market access to all deposit-takers in the UK market.
Results and Performance
The company reports herein a gross profit of £535,119 (2023: £280,071). The performance of the company during the year has produced encouraging results. The financial results were expected and in line with other companies at a similar stage of development.
Principal Risks and Uncertainties
The Board recognises Cascade’s responsibilities, and all efforts are made to ensure the company is both prepared and adaptable for changing macro and microeconomic conditions.
A principal risk for the business is access to funding. As a high-growth business, investing into technology to scale, sufficient resources are required to fund operations and growth plans. Cascade’s investors remain supportive of the business.
Going Concern
The directors of the Board remain confident in the company’s ability to continue as a going concern.
Business Environment
Cascade operates in a growing part of the financial services sector where the trend has been to shift the customer-facing elements of savings to third-party firms.
The company operates from a unique business model that is customer focussed, independent and transparent, with no hidden fees or interest rate haircuts for savers. Customers have accounts held directly in their name with their chosen and preferred deposit-taker(s) providing the quickest route for Financial Services Compensation Scheme (FSCS) protection.
Improved interest rates through this financial year provide promising opportunity and the financial year ends with marked improvements in growth.
Opportunities for growth remain plentiful while industry consolidation remains active too.
Strategy
The company generates revenue through the sale of two services: 1) Administration of the opening and maintenance of savings accounts for all customer types; and 2) Licensing of the company’s proprietary, market-leading savings platform to professional advisory firms and the provision of outsourced customisable savings administration for their customers.
The company has automated major parts of the savings customer journey and is continuing to invest and build the platform as the company scales at pace. With interest rates back to long-term norms, the company is ending the financial year with increased sales activity and a strong positioning to grow profitability.
Our People
Cascade is proud to nurture a culture of Kaizen, providing an environment where staff are encouraged to change financial services, championing customer outcomes and developing innovative cutting-edge technology.
Cascade collaborates across sectors and with leading global universities. The company provides opportunities for placement students and graduates and the team continue to form an active part of the local community, with staff giving up their time to support local charities, including Newcastle Dog and Cat Shelter through this financial year – a charity that helps thousands of lost, unwanted, neglected, abused and abandoned animals every year – and RedStart – a charity whose education programmes transform the life chances of some of the UK’s most disadvantaged children.