FINANCIALS: HR GO turnover grows, but profits hit

Industrial, commercial and public sector recruiter HR GO saw turnover for 2011 rise 3% to £95.7m, but ended the year making a £498k loss.
Mon, 2 Jul 2012
Industrial, commercial and public sector recruiter HR GO saw turnover for 2011 rise 3% to £95.7m, but ended the year making a £498k loss.

Operating profit before exceptional items was £487k, falling to a £178k loss after exceptions items, the result of “an exceptional bad debt of £665k, which took a disappointing if creditable performance into a loss-making situation”, according to non-executive chairman Jack C Parkinson’s statement in the accounts.The previous year, the company made a profit of £1.1m.

Through the year, the company reports temporary labour provision rising, partially offset by a 6% fall in permanent placement revenue.

Turnover in the company’s two largest sectors, high street and engineering and sales, grew by 7% and 13% respectively, reaching £69m and £14.6m.

Its two smaller sectors, IT and financial and business services, saw revenues drop to £11.3m and £0.7m, by 21% and 13% respectively.

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