RESULTS: Work Group gross profit up 5%
Fri, 16 March 2012
Recruitment consultancy Work Group’s gross profit for the year ended 31 December 2011 was up 5% to £13.1m, with operating profit before exceptional items up from £300k to £500k.
According to the chairman’s statement: “Our results for 2011 show the Group is moving in the right direction and demonstrates confidence in our range of services.”
Income increased within the Europe-wide executive recruitment arm of the business, Armstrong Craven, while within recruitment marketing firm Work Communications, “costs were rationalised, an office closed and a profit returned”.
The statement continues: “The trends in each of the businesses showed an improving position throughout the year, although we continued to be impacted by high levels of uncertainty within our clients as different sectors adjusted to changing market conditions.”
Finance & banking and business & professional services remain the firm’s largest divisions in terms of net fee income (NFI).