The group’s results, released this morning, reveal group revenue decreased 5% to £136m from £143.6m in 2016. However, net fee income (NFI) increased 3% to £22.4m from £21.7m in 2016 and net debt at year-end improved by £1m to £4.6m down from £5.6m in 2016.

This past year saw a bid from Chisbridge Ltd, with the group revealing defending this bid cost the company £450k, as well as simplification of the group’s brands under four operating brands – InterQuest (technology talent acquisition), ECOM (digital talent acquisition), Rees Draper Wright (executive search) and InterQuest Solutions (workforce optimisation) helping organisations acquire in-demand talent and develop human capital.

Commenting on the group’s performance, InterQuest chair Gary Ashworth said: “The acquisition of RDW in 2016 had a positive material impact on the financial performance in 2017. The legacy businesses continued to be restructured in order to address underperformance and have the right management and personnel to focus on the niche markets that are growing in the face of the challenges brought on by Brexit.

“Our recruitment process outsourcing business, InterQuest Solutions, added a further customer to the practice during the year and continues to be a focus for designing and delivering high value resourcing solutions.

“Looking forward, the group intends to continue to invest in our high performing brands and in our staff, while focusing on paying down debt.”

CEO Chris Eldridge added: “Following a year of change, the 2017 results for the group were slightly behind the management team’s expectations. The group has invested in new service offerings and developed its international footprint in order to focus on niche, fast-growth technologies and higher margin opportunities.

“During the course of the year the group leadership team has made significant progress in refining its value proposition and simplifying its brand structure in order to meet our client’s needs and offer a total talent management solution.

“The group remains focused on capitalising on the opportunity in assisting our clients wherever they are in the digital maturity lifecycle.”

In a separate announcement the group announced the acquisition of 95% of the shares in London-based staffing and consulting firm Albany Beck Consulting, which consists of three companies – Albany Beck Consulting, IMS Worldwide and Interim Management Solutions Worldwide.

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