Economic downturn in the oil & gas sector forced Scotland-based international recruiter Change Recruitment Group to focus on its overheads in a bid to lessen the impact, its latest financial statement says. 

The statement, covering the year to 30 April 2015 and made available via Companies House today, shows revenue of £17m, down from £19.7m a year earlier. 

In an attempt to mitigate the effects of the downturn in oil & gas, the recruiter turned its attention to the engineering, supply chain and procurement sectors, as well as focusing on its already established financial services and accountancy markets. 

It also invested in a new IT system, as well as some key appointments to help streamline processes and help drive growth.

The statement also shows gross profit of £5.4m down from £7.7m and an operating loss of £224.7k, compared to a profit of £262.8k a year earlier. 

By geographic region, turnover was:

UK: £15.2m, down from £16.9m

Europe: £978.5k, down from £1.4m

Rest of World: £848.3k, down from £1.4m