Grafton Employment Group achieves 17% year on year increase in turnover to 128.3 million
Grafton Employment Group achieves 17% year on year increase in turnover to £128.3 million (&euro145.2m) and a 13% increase in gross profit to £33.5 million (&euro37.9m)
The Grafton Employment Group, the leading employment and HR Solutions Company in Ireland and Central Eastern Europe, has today announced their end of year results which show a 17% increase in Group turnover since last year and a 13% increase in gross profit.
Following one of the most challenging periods in recent economic history, The Grafton Employment Group are delighted to report that their three year business re-engineering plan to March 2012, as initiated and led by Group CEO Jason Kennedy, is well ahead of their ambitious year two target and on track to exceed their year three goals.
The Grafton Employment Group’s three year business re-engineering plan, which was implemented in June 2009, has in the intervening period achieved many notable results:
17% increase in revenue against prior year to £128.3 million (&euro145.2m)
Irelandhas grown by 5% whilst Central and Eastern Europe has grown by 36%. Dubai, Russia and Turkey also reporting double digit growth
40% reduction in total cost base across The Grafton Employment Group
Investment of almost £1.7 million (&euro2 million) in technological infrastructure for the Group, including the deployment of a best in class front and back office system
This is a very strong turnaround for the group which, in 2010, made a loss despite strong performances and sustained turnover internationally by many of The Grafton Employment Groups sub brands, which include Grafton Recruitment, Spengler Fox, BluePrint Specialist Appointments and Grafton ESP.
However, as a result of the significant cost reductions and the aggressive sales increases over the last two years, The Grafton Employment Group’s three year plan has had a transformational positive impact on the Group EBITDA and profit levels, with the company stemming previous years losses and reporting significant return to profits for year ending March 2011and forecasting sustained growth through to March 2012.
Other key achievements for The Grafton Employment Group in the last year include:
Launch of international group umbrella brand & lsquo;The Grafton Employment Group’
Four new office openings in Germany, the Netherlands, Ireland (Cork) and the state of the art Northern Ireland headquarters in Belfast
Developed strategic partnerships in Asia and South America
The strengthening of the company board through the appointment of highly experienced board members:
Robert Dix appointed as Group Chairman
Declan Delanty as Group CFo
Una Barker as Company Secretary
Vivienne Jupp and Niall Keyes have also joined the board
Jason Kennedy, Group CEO with The Grafton Employment Group, has commented
“It has been a phenomenal year for the Grafton Employment Group and we are significantly ahead of our plans with sales, gross profit and net profit reporting exceptional growth. In parallel to delivering this growth, we are also looking to expand our service lines and geographical footprint in the coming year. This is all possible due to the hard work of our staff, those that live the brand and & lsquo;walk the walk’. Our position at the end of year two from the three year plan has shown us that our hard work is paying off and we are committed to continuing down this path of growth and build on our successes from previous years.”