FINANCIALS: Advantage, Badenoch & Clark, Digby Morgan, Judd Farris report

Four contrasting sets of results have been filed at Companies House by healthcare, nursing and care recruiter Advantage Healthcare Group, Randstad-owned HR specialist Digby Morgan, and two Adecco Group firms, multi-sector professional recruiter Badenoch & Clark, and property specialist Judd Farris.
Thu, 13 Jun 2013
Four contrasting sets of results have been filed at Companies House by healthcare, nursing and care recruiter Advantage Healthcare Group, Randstad-owned HR specialist Digby Morgan, and two Adecco Group firms, multi-sector professional recruiter Badenoch & Clark, and property specialist Judd Farris.

Advantage Healthcare Group
The company saw turnover grow in 2012, but also saw a wider loss than it had recorded in 2011.

Turnover of £41.01m was 11% higher than last year, although operating profit was down marginally at £1.36m, as staff costs and other exceptional charges not seen in 2011 increased.

Profit before tax stood at £84k, down from £147k last year, but the post-tax balance was a loss of £225k, nearly twice that seen in 2011. However, it is still much smaller than the £533k loss of 2010.

The company was acquired by Interservefm, a subsidiary of support services and construction group Interserve in December 2012, which the annual report says should accelerate the firm’s growth and innovation.

Badenoch & Clark

For the second year running, the company saw its turnover decline, by 7% to £159.3m in 2012 versus the previous year, yet delivered an improved profit.

While cost of sales declined and administrative expenses declined by a faster rate than that, this still saw much-reduced gross profit figure of £30.5m, compared with £36.4m last year, and £7.7m operating profit, down from £9.3m.

Following an intercompany current account write off of £1m, and after the company paid £131k tax on profit on ordinary activities, compared with £865k in 2011, profit for the financial year was up slightly from £8.5m to £8.7m.

The company said it “experienced an erosion of gross margin, largely as a result of challenges in the permanent placement market”, and saw its staffcount drop from 345 to 299.

Digby Morgan
Total turnover at the firm dropped by nearly a quarter in 2012 versus 2011, as did its staff headcount, although the firm remained strongly profitable.

Total revenues of £8.81m, of which the vast majority (98.8%) originated came from the UK, were down from £11.4m in 2011, itself a substantial drop from the previous year. The number of staff averaged 41 in the past year, down from 51 in 2011.

Final profit stood at £528k – higher than the operating profit figure thanks to £227k of “interest receivable”, £99k lower than 2011’s figure.

The company became a wholly-owned subsidiary of Randstad UK on 2 February 2011.Judd Farris
A substantial drop in turnover was not enough to put the specialist recruiter in the red, as it delivered a profit of £29k, but that is dwarfed by last year’s £888k.

The 2012 turnover of £2.5m, down from 2011's £3.56m, means the recruiter is now less than half the size it was just two years ago, although in 2008 and 2009, ahead of the firm's parent company being acquired by Adecco, it recorded substantial losses after taxation.

In contrast to its Adecco stablemate Badenoch & Clark, it saw gross margin percentages improve as a result of increased permanent placements as a proportion of its sales.

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