FINANCIALS: NES Global grows turnover, operating profit level in 2012
17 July 2013
Oil & gas, power and infrastructure recruiter NES Global, one of the over 40 global subsidiaries of NES Global Talent, has seen bottom-line profit in the year to 31 October 2012 quadruple, as turnover rises by 27% on the previous year.
Wed, 17 Jul 2013Oil & gas, power and infrastructure recruiter NES Global, one of the over 40 global subsidiaries of NES Global Talent, has seen bottom-line profit in the year to 31 October 2012 quadruple, as turnover rises by 27% on the previous year.
The results posted to Companies House show that turnover reached £63.2m, translating to gross profit 22% higher than last year’s at £7.2m and operating profit £50k higher than 2011’s figure, at £8.4m.
The quadrupling of profit came about as a result of “profit of a fundamental restructuring of continuing operations”, with the company being sold in October 2012 to private investment vehicle AEA Investors for £234m.
The company does not publish an analysis of turnover by geographical market “as the directors believe that the publication of such information would be prejudicial to the company’s interests”, according to the results document.
The firm also tells Recruiter that NES Global "transfers business from the UK out to global subsidiaries each year, so the financials will fluctuate substantially each year".
For the same financial year, the wider group of NES Global Talent companies registered consolidated turnover of £492.4m, up 30% on 2011, with gross profit rising by 38% to £60.4m. These results were not filed at Companies House.
NES Global Talent has seven other subsidiaries in the UK, and a total of 40 globally, with overseas operations in Australia, Brazil, Canada, Hong Kong, Indonesia, Malaysia, Nigeria, Norway, Papua New Guinea, Qatar, Saudi Arabia, Singapore, South Korea and the UAE. All are fully-owned by NES aside from those in Malaysia and Saudi Arabia in which NES has a 55% stake.
The results posted to Companies House show that turnover reached £63.2m, translating to gross profit 22% higher than last year’s at £7.2m and operating profit £50k higher than 2011’s figure, at £8.4m.
The quadrupling of profit came about as a result of “profit of a fundamental restructuring of continuing operations”, with the company being sold in October 2012 to private investment vehicle AEA Investors for £234m.
The company does not publish an analysis of turnover by geographical market “as the directors believe that the publication of such information would be prejudicial to the company’s interests”, according to the results document.
The firm also tells Recruiter that NES Global "transfers business from the UK out to global subsidiaries each year, so the financials will fluctuate substantially each year".
For the same financial year, the wider group of NES Global Talent companies registered consolidated turnover of £492.4m, up 30% on 2011, with gross profit rising by 38% to £60.4m. These results were not filed at Companies House.
NES Global Talent has seven other subsidiaries in the UK, and a total of 40 globally, with overseas operations in Australia, Brazil, Canada, Hong Kong, Indonesia, Malaysia, Nigeria, Norway, Papua New Guinea, Qatar, Saudi Arabia, Singapore, South Korea and the UAE. All are fully-owned by NES aside from those in Malaysia and Saudi Arabia in which NES has a 55% stake.
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This story has been amended to better reflect the position of NES Global as part of the broader NES Global Talent group of companies.
