Recruitment company Search Group today said it was reaping the benefits of a major acquisition and new business wins as it reported strong gains in revenues and profits.
The Glasgow-founded firm which now operates UK wide, has reported underlying earnings of £8.8 million in its latest financial year, up from £6.3 million, on turnover of £221 million compared to £184 million. Net fee income rose to £52.8 million from £41.2 million.
The company highlighted the contribution made by its acquisition last year of London-based Henderson Scott, specialists in technical and IT sales, and a number of significant business wins for the group.
Stuart Dick, Search Group’s chief financial officer, said: “We’re delighted by the results we’ve seen emerge from our work in 2018 and this is testament to our people and their efforts throughout the year.
“The acquisition of Henderson Scott was a significant development for the company and almost a year on; I am delighted with the positive impact of the acquisition, enhancing the group’s reputation in the technology space and bringing greater scale and reach.
“Against a backdrop of political and economic uncertainty, as well as increasingly complex and fast-moving regulatory changes, the UK employment market is one where skills shortages have never been more of an issue for business.”
Search was founded in Glasgow in 1987 and expanded into England in 2000.
In July it acquired health and social care recruitment firm SCP Aberdeen.
