Specialist recruitment and outsourcing firm Servoca (SVCA: LSE) reported revenue for the full year ending 30 September 2016 of £69.2 million, an increase of 17.7% compared with £58.8 million during the same period last year. 

Servoca stated that its recruitment businesses have been the driving force behind this year’s growth, with their Healthcare operation seeing significant growth.

Our outsourcing activities are primarily based in two areas: Domiciliary Care and Security. Together, these businesses accounted for just over 20% of Group revenues. Security saw a growth of 8% compared to last year.

The group’s healthcare business has grown due to the demand in healthcare professionals to care for the growing and aging population. Servoca stated that Private Sector and NHS supply have seen significant growth with revenues up 47% and gross profit up 54% over prior year.

Meanwhile, the education business for the full year saw revenues increase by 5%.

"We are pleased to report that the group has delivered results in line with market expectations,” Andy Church, CEO, said. “Our results for the year ended 30 September 2016 represent another significant improvement in the performance and profitability of the group. Our Healthcare recruitment businesses performed exceptionally well and their revenues increased to become the single largest area of group turnover. We are pleased to be able to declare an increased dividend payment for the year-end, which our strong financial performance enables us to do. Our progress over the last year means we continue to face the future with confidence."

“The group enters the current year with positive momentum in all areas other than Education and Domiciliary Care. The scale of this positive momentum enables us to be optimistic about our financial performance in the current year and beyond. We continue to face the future with confidence.”

In trading today, Servoca traded at £19.00, down 5% on the day and 2.49% above its 52-week low of £18.54, set on 27 June 2016. Based on its current share price the company has a market value of £24.8 million.