Newcastle-headquartered private recruitment firm Frank Recruitment Group reported a turnover of £126.5 million for the year ended 30 November 2016, an increase of 33.3% from £94.9 million in the same period last year.

Frank Recruitment Group also reported that operating profit fell to £5.7 million from £14.1 million the year before. According to Chronicle Live,  operating profit was impacted by a sharp rise in the firm’s wages bill, which increased from £25.1 million to £40.6 million on the back of the rise in employee numbers, as well as the remuneration packages for the directors, which rose from £609,000 to £3.6 million.

The group added that it saw staff numbers across its worldwide offices increase by 61% for the year ended 30 November 2016, from an average of 505 employees to 815. The staff numbers are set to rise by the end of the current financial year following the launch of a recruitment drive earlier this year to fill 150 new jobs at its Newcastle headquarters.

“Through a stable of brands the business focuses on niche product markets exhibiting strong growth and supply shortages in which it can become the recognised brand leader,” the firm said in a statement. “The model is to grow its own consultants and management by recruitment, training, motivating and retaining the best talent and giving them an opportunity to develop their careers in a professional and rewarding environment.”

“Having a few large hub offices that cover expansive geographic areas assists in creating one global process, with the same training, systems, database and management structure but most importantly one global culture,” the company said. “Frank Recruitment Group’s biggest asset is its employees; significant time and resource is spent to make sure that the company attracts the best talent available, providing them with a clear and achievable career path. Overall the group has produced a pleasing start to the year with solid trading in all regions.”

“Looking ahead the trading environment remains positive across all our geographical regions and as such investment in headcount and infrastructure will be the key focus for 2017,” Frank Recruitment Group stated.