FINANCIALS: Advantage Group, Heidrick and Servoca report

International executive recruiter Heidrick & Struggles and Advantage Group, a UK offshoot of Japanese staffing giant Recruit Co, showed contrasting fortunes in newly-released financial results.
Wed, 30 Oct 2013International executive recruiter Heidrick & Struggles and Advantage Group, a UK offshoot of Japanese staffing giant Recruit Co, showed contrasting fortunes in newly-released financial results.

Outsourcing and recruitment solutions firm Servoca also announced a positive trading update.

Advantage Group
The firm saw turnover of £70.5m for the 18 months to the end of 2012, making a £4.5m loss, according to results filed at Companies House.

The company changed its accounting period last year, but on a pro-rata basis says turnover fell 9% against the previous 12-month period to 30 June 2011.

Gross profit of £16.3m was down 25% on the same basis.

The loss for the 18 months of £4.5m compares with a £1.2m loss in the previous 12 months. The company also saw staff numbers decline from 158 to 137, mostly through a reduction in admin staff from 49 to 31.

The vast majority (86%) of turnover came from the UK, with the rest coming from Australasia – in the previous period the UK had made up over 92% of business.

The group is wholly owned by Netherlands-based Advantage Resourcing Europe, and its ultimate parent is Japanese firm Recruit Holdings Co.

Advantage Group’s largest single subsidiary, Advantage Professional UK, saw turnover and gross profit for the same periods drop by similar levels, reaching £59.8m and £13.9m respectively. A loss of nearly £1m was recorded. The subsidiary employs 130 staff.

  • Advantage Professional UK was ranked 62nd the 2012 Recruiter HOT 100, ranking the UK recruitment firms with the greatest gross profit per employee. To be published in November, the 2013 HOT 100 is sponsored by Flo Software Solutions and supported by RBS.

Heidrick & Struggles
The global executive search firm was boosted by Europe in Q3, where revenues rose 13.2%, while the Americas declined slightly.

Global revenues rose 1.4% to $119m (£74m) in the three months to 30 September compared with the same period in 2012, but increased salary and other expenses saw operating income drop by nearly a fifth to $8.4m.

Post-tax net income was virtually unchanged at $4.1m, up $13k.

European revenues rose to become slightly larger than the company’s Asia-Pacific division – both equating to around a fifth of the group – where revenues were marginally up (by 0.8%), while the Americas saw revenues drop 1.9%.

Servoca
The AIM-listed firm says results for the year ending 30 September will be “significantly ahead of market expectations”.

It also says signs are positive for the September period, which is particularly important for its education recruitment business.

The company had seen revenues and gross profit drop in the first six months of the financial year.

Year-end results will be released in January
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