Private recruitment firm Outsource UK has provided a trading and operational update for the full year ending 31 May 2016 with reported revenue at £66.4 million, up 41% on the previous year. Net fee income is also up 28% to £5 million, resulting in pre-tax profits of £1 million, a growth of 97% on the prior year. 

In 2015, Outsource announced a five-year plan to focus on providing technical and professional staffing solutions within the three core industry sectors of financial services, public sector and defence-based engineering. Outsource is now reporting its fifth consecutive year of compound growth. During the period, the company has seen a material improvement in the defence-based engineering division, which now contributes 24% of the company’s turnover with a growth in the division of 81% on prior year, and the specialist staffing division, contributing 10% of company turnover, a growth in the division of 10% on the prior year.

Outsource also delivered on its strategic objectives set out by COO, Nick Dettmar. Last year saw the launch of the company’s Workforce Solutions Division that provides bench resource and graduate training programmes and saw a number of significant new client wins.

 “We have taken steps to strengthen our management team and expand the portfolio of services we offer to both existing and new customers,” Paul Jameson, Chief Executive said. “This work will continue through 2017 as we look to embed the new initiatives and see them contribute to maintaining our on-target position against the five-year plan. We believe our chosen market sectors still present opportunity as we add complementary customers to our portfolio that will add future value to the company.  We will continue to build deeper specialist expertise within our core markets as we expand our service portfolio.

Looking to the future, Jameson commented: “We have committed future capital to build the scale of the business, which will help us to continue to deliver sustained compound growth, whilst improving efficiency and productivity.  We believe we can continue to outperform our sector by focussing on delivering a high quality service to our partners and taking care of their specific needs.”

The company will release its audited full year results during December 2016.