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UK recruiter and outsourcing specialist Servoca (LON:SVCA) today reported that revenue in the six months to March fell -3.5% to £21.47 million with the firm expecting improved trading conditions for the year.
Gross profit in the period dropped to £5.80 million from £6.17 million, a reduction of -6%. But profit before taxation grew to £0.22 million from £0.10 million.
Revenues from recruitment services fell -3% to £13.39 million from £13.84 million in the prior year while outsourcing revenues dropped by almost -4% to £8.08 million.
The firm has restructured its healthcare recruitment businesses to reduce overheads and adapt to challenging trading conditions, following a cut back in NHS spending. But prospects were brighter in the firm’s education recruitment arm as revenues “showed a healthy increase”. The police business has also delivered revenue growth in the six months.
Looking ahead, the company remained optimistic. “As a result of performance in the first half of the year, the Board remains confident in its expectations of continuing improved performance for the current year.”
Servoca is ranked among the 60-largest staffing firms in the UK, according to research by Staffing Industry Analysts. The firm has a current market value of £4.24 million.