Thu, 4 Dec 2014Profit growth and “significant” improvement in group performance characterised the preliminary unaudited year-end results announced today for multi-sector recruiter Servoca.

Revenues increased by 13.7% to £49m during the year ended 30 September, with gross profit increasing by an even higher 15.4%. Operating profit jumped by 100% from £900k to £1.8m, and profit after taxation also went up by 100%, from £700k to £1.4m.

Net debt fell to £2.6m from £3.1m.

The company’s education and healthcare operations accounted for 85% of Servoca’s operating profit, with strong growth reflected in both sectors.

In education, Servoca is developing an overseas recruitment capability in part to support its UK recruitment of teachers. More teachers are required due to fewer teachers entering the profession and more teachers leaving, the company said, adding that 40% of teachers leave the profession within five years. The company said that the education division was enjoying “great momentum” for 2015.

Speaking to Recruiter this morning, chief executive Andy Church attributed the company’s success during the year to “the two Ms – market and management”.