Recruitment firm posts record results with £221m turnover

Stuart Dick, Search Group CFO
Stuart Dick, Search Group CFO

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The Search Group, a specialist provider of recruitment solutions, has reported strong growth, releasing its results for 2018.

Increases in both profitability and cash generation have been supported by the acquisition of Henderson Scott, supplementing a number of significant business wins for the Group.

Set against ongoing challenging market conditions, the business has reported (all on a proforma basis) EBITDA of £8.8m (2017 – £6.3m), turnover of £221m (2017 – £184m) and net fee income of £52.8m (2017 – £41.2m). It also demonstrated strong cash generation, reporting £8m in the period.

The acquisition of Henderson Scott International Group Limited, global specialists for the technical and IT Sales sector, completed in August 2018, represented an enhancement of Search’s capability and breadth of service, marking a serious statement of intent for future growth plans.

Its impact has been recognised as part of the 2018 growth, continuing to build on its reputation and relationships, developing as a subsidiary of the parent brand.

Search’s people, its internal investment and approach to professional development have also been key to the business’s performance. Central to the Group’s business philosophy is a commitment to nurturing the best talent to optimise professional development and potential.

This commitment was rewarded with the award of a Platinum accreditation against the Investors in People Standard. The recruiter is in an elite group of just 1% of accredited companies who hold the highest accolade the standard confers, in addition to placement in the Sunday Times “Best Companies to Work For in the UK” list.

Search’s investment in its staff has become closely aligned with the company’s move towards technological solutions that help improve the working environment including an internal comms platform which allows for reward and recognition across the Group. Search has also invested heavily in its own RPO technology, Talent Engine, enabling it to widen the service offering to those clients who want a complete outsourced solution.

Stuart Dick, Search Group CFO said:

“We’re delighted by the results we’ve seen emerge from our work in 2018 and this is testament to our people and their efforts throughout the year.

“The acquisition of Henderson Scott was a significant development for the company and almost a year on; I am delighted with the positive impact of the acquisition, enhancing the group’s reputation in the technology space and bringing greater scale and reach. 

“Against a backdrop of political and economic uncertainty, as well as increasingly complex and fast-moving regulatory changes, the UK employment market is one where skills shortages have never been more of an issue for business. I am proud of the role that Search plays, delivering value and expertise to its clients.” 

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