· Results in line with expectations as the business undertakes year of investment and transformation
· Revenue down overall as oil & gas weakens, but cash is up and debts down
· Mark McFall, Group MD: “The stage is set to drive forward”
Change Recruitment Group, Scotland’s leading independent recruitment consultancy, celebrates its 45th anniversary this year. The business, which operates from Glasgow and Edinburgh, has this week reported results for the year 2014/15, recording a group revenue of £17m reflecting the robust levels of hiring activity in its core domestic and international markets.
Key points include:
· Strength in financial services and accountancy sectors continues
· Group revenue is down on the previous year (£19.7m), reflecting the major decline in the Oil & Gas market (turnover from this area down almost 70%)
· Total Group debt down more than £5.8m in the year, due to debt restructuring efforts
· Cash in bank has increased, as a result of successful working capital management to increase cash and drive down costs
Mark McFall, Group Managing Director comments: “Our latest financial year reflects exactly where we need to be to drive forward a successful business, and we’re positive about the future. The global correction in oil and gas has had an impact, but our early engagement with emerging and re-emerging markets, such as construction, property and infrastructure, procurement and IT, has offset some of the pain. We have already gained market share in these areas, and there’s more to come."
“To be where we want to be, we’ve had to live up to our name. We have invested in the leadership team and senior consultant base, the costs of which will inevitably impinge on short term financial performance. We’ve also invested in systems, new sectors, and moved into a new Edinburgh office, and by taking that journey, we’ve enhanced the client-focused culture of the business and have significantly improved the long term prospects for the group. The stage is set to move the business forward.” Now that the top team is in place, and with new markets already delivering returns, the business is still recruiting, and expects to add another dozen heads over the coming months.
Jim Faulds, Chairman of the Change Recruitment Group board, concludes: “Change is 45 years old now. Our investment is already impacting positively on the client and candidate experience, and that of our own employees. We are all set to ensure Change remains as an industry leader for the next 45 years.”
Ends Issued on behalf of Change Recruitment Group by Clark Communications. For further information, please contact: Lesley Brydon or Lina Lustig Tel: 0131 225 9596 / 07771 630834