RESULTS: Synergy in profit following HCIG acquisition
Mon, 20 Feb 2012
Niche public and private sector recruiter Synergy Group achieved a profit of £138k in December 2011, having been bought by Human Capital Investment Group (HCIG) in May earlier that year.
Synergy has also diversified its business since the acquisition, with chief executive Philip Poole saying there are “more sophisticated service offerings such as master vendor and RPO products now open to clients”.
The firm also posted a profit in excess of £50k in July, having previously been “struggling to break even, often experiencing monthly losses”, according to a statement from HCIG.
HCIG chief operating officer, Adam Herron, says: “The platform we have built within HCIG, with its centralised operations functions, meant that as soon as we took control of Synergy, we were able to remove nearly all of their non-sales costs.
“This transformed the business overnight and meant that a former loss-making business will do a seven figure net profit this year.”