de Poel strengthens financial position

de Poel strengthens financial position

The financial position of de Poel, the number one procurer of temporary agency labour in the UK, has increased after turnover escalated by a staggering 43% in 2010 to reach £299m.

The company also retained profits for that year of £2.6m in de Poel Holdings Limited.

2011 is also set to be a bumper year for the company, with a turnover of £140m in the first five months, an increase of 26% on the same time last year. A seasonal uplift in volumes is expected in the latter half of the year with a healthy pipeline of new projects. The full year benefit of significant recent client wins, such as Argos and British Gas, is yet to be seen. The group projects a turnover of £375m to £400m this year and, on the back of these increased volumes, a significant uplift in retained profits is similarly expected.

Matthew Sanders, CEO of de Poel comments; “We’re thrilled that the last 18 months has been fantastic for the company. We have started work with a number of new clients including Argos and British Gas.”

In February 2011, de Poel established a new strategic banking relationship with Santander specifically to further assist supplying agencies in their funding through early settlement product.

Matthew comments: “There are also new product launches in the pipeline that will come to fruition around September, which is the same time that we’ll be celebrating our 10th Anniversary.”