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Technical recruiter NES Global Talent reported a +30% increase in revenue for the year to October with sales totalling £492.4 million. Gross profit in the year grew +38% to £60.4 million while operating profit was up +57% to £22.2 million. Chief executive Neil Tregarthen said he wants the firm to be a £100 million profit business by 2020.
The Altrincham-based staffing company was last year sold by private equity specialist Graphite Capital to funds advised by AEA Investors LP in a £234 million deal. In 2012, the firm also secured £105 million in funds for a five-year period.
The group wants to focus on its core engineering and technical staffing business in the future, but plans a cutback on the UK IT sector which only makes up 3% of gross profit. The majority of gross profit is derived from its contract business where it generates up to 75% of profits.
The company supplies technical and engineering staff on permanent and temporary contracts to the oil and gas, power, rail and pharmaceutical sectors. It has 32 offices worldwide and employs 400 staff. Customers include Shell, BP, Siemens, Exxon Mobil, Amec and Chevron.