In this Research Note, we examine Paxton Access, the UK-based private company manufacturing electronic IP access control and video door entry solutions. This analysis is based on 2022 company accounts, press releases and the latest Memoori market forecasts.
Founded in 1985, with headquarters in Brighton, UK, the company reports over 430 employees in 12 countries. Paxton exports to over 60 countries worldwide and secures over 30,000 buildings annually. Their products are designed for a wide variety of sectors including education, healthcare, retail, leisure, commercial, and the public sector.
The group has secured buildings around the world, with clients such as Manchester United, graze, Michelin, Sky Deutschland and Foyles among their customers.
Paxton Access Financials
In 2022, Paxton Group reported a turnover of GBP £61.96 million, a growth of 9.7% compared to the previous year, according to 2022 company accounts, filed on 2nd October 2023.
In 2021, the group reported a turnover of GBP £56.46 million, a growth of 23.6% compared to the prior year, when revenue decreased 14.3% due to the impact of the COVID-19 pandemic.
Paxton operates via 5 subsidiaries: Paxton Access Ltd and General Distribution Ltd in the UK Paxton Access FZE in UAE; Paxton Access GmbH in Germany and Paxton Access Inc in Greenville, SC, USA.
The group did not enter any new markets in 2022, instead looking to cultivate the overseas markets already entered in 2021, with a particular focus on the US. The UK market currently accounts for 63% of revenues; Europe 16% and the Rest of World, including USA 21%.
Adam Stroud, Paxton CEO reported in October 2022 that the company has a five-year growth strategy, including increases in production capacity, enhanced customer service, and expanding global infrastructure.
“One objective that will always stay with Paxton is to continue develop and manufacture world-class and simple-to-use access control products and services.”
Over the previous 12 months, reported in August 2022, Paxton beat all previous production records in their manufacturing facility. This was due to a rise in customer demand and significant investment into new solutions which have been developed at the Paxton Technology Centre.
Paxton are known for providing free-of-charge installer training and best-in-class customer support. They claim to be the installers’ company of choice through their efforts to offer installer-focused products and services.
In February 2023, the company introduced a new installer loyalty programme, which rewards Paxton installers for participation in product training, buying, and installing Paxton security solutions. The Paxton Installer app, launched three years ago, has been downloaded by over 25,000 users, and the updated app is now used to deliver the loyalty rewards programme.
Memoori defines Paxton as a Group B / second-tier company, with revenues between $50 million and $1 billion in its latest Access Control Report. As such, it sits alongside 40 other companies in the same category, in a market which is characterized by technological shifts and increasingly intensive global competition.
Our forecast indicates that Electronic Access Control market growth is set to outpace Video Surveillance market growth for the coming 5 years, reversing the dynamics that have been in play across Physical Security for over a decade. As the Access Control market continues to evolve, stakeholders such as Paxton must remain agile, anticipating and adapting to these shifting dynamics to carve out a sustainable competitive edge.