Revenue rises, but REC set for increase in costs
29 August 2012
Increased membership helped the Recruitment and Employment Confederation (REC) boost its revenue in 2005, but it will see costs rise this year due to a move to a bigger London headquarters in the next
Increased membership helped the Recruitment and Employment Confederation (REC) boost its revenue in 2005, but it will see costs rise this year due to a move to a bigger London headquarters in the next few weeks.
Revenue last year rose to £4.95m, up more than 15% on 2004. However, administrative expenses – which include the salaries of staff – rose to £3.35m, from £2.79m. As a result, its operating surplus fell to £72,550 from £203,489.
The REC now employs about 75 people, up from 68 a year ago.
“It’s positive that the surplus isn’t too much,” said managing director Gareth Osborne, “It shows we’re spending money on services for members.”
REC’s research unit is another way the money is being spent, said Osborne.
REC chairman Richard Barfield said 673 businesses had joined the association during the year, increasing its representation in the industry to 67%. It now has 4,000 corporate members, which account for a total 8,500 branches. This is out of a total of an estimated 14,500 branches in the UK.
In 2005, the industry placed more than 650,000 candidates in full-time positions and managed more than 1.3m temporary workers.
The REC will move from Mortimer Street, in west London, to nearby Welbeck Street within the next few weeks. It has signed a five-year lease.
“It will have much more room,” said Osborne. The limitations of the existing office mean REC currently spends money hiring rooms for meetings.
The REC’s launched its BA programme in recruitment practice last year, in conjunction with Middlesex University. A work-based degree, it enrolled 24 students.
Revenue last year rose to £4.95m, up more than 15% on 2004. However, administrative expenses – which include the salaries of staff – rose to £3.35m, from £2.79m. As a result, its operating surplus fell to £72,550 from £203,489.
The REC now employs about 75 people, up from 68 a year ago.
“It’s positive that the surplus isn’t too much,” said managing director Gareth Osborne, “It shows we’re spending money on services for members.”
REC’s research unit is another way the money is being spent, said Osborne.
REC chairman Richard Barfield said 673 businesses had joined the association during the year, increasing its representation in the industry to 67%. It now has 4,000 corporate members, which account for a total 8,500 branches. This is out of a total of an estimated 14,500 branches in the UK.
In 2005, the industry placed more than 650,000 candidates in full-time positions and managed more than 1.3m temporary workers.
The REC will move from Mortimer Street, in west London, to nearby Welbeck Street within the next few weeks. It has signed a five-year lease.
“It will have much more room,” said Osborne. The limitations of the existing office mean REC currently spends money hiring rooms for meetings.
The REC’s launched its BA programme in recruitment practice last year, in conjunction with Middlesex University. A work-based degree, it enrolled 24 students.
