Financials: NES revenue and profit drop ‘due to falling oil prices’

NES Global Talent has attributed a decline in both revenue and gross profit year-on-year to the falling price of oil.

The oil & gas, power and infrastructure staffing specialist’s results for the year ended 31 October 2016 were recently uploaded to Companies House.

The results reveal that group revenue fell to $801.9m (£626.1m) from $1bn in the previous year, while gross profit was also down, from $130m to $104m over the same period, which the group attributed to “significant uncertainties” in the oil & gas sector caused by a falling oil price since 2014.

On more positive note, the past year has seen the group successfully complete the acquisition of oil service company Frontica Advantage, while the recruiter adds it does not think Brexit will have a significant impact on the group.

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