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Eurostaff Group Ltd. (now Staffgroup Ltd.) delivers exceptional year of performance

Eurostaff Group Ltd. (now Staffgroup Ltd.) delivers exceptional year of performance

Impressive rise in Net Fee Income (NFI) and turnover signify exciting stage of development for provider of specialist recruitment solutions Staffgroup, the parent company of Eurostaff Group Ltd. and Earthstaff Ltd., providers of specialist recruitment solutions to the Technology, Finance and Energy industries internationally, has published its latest set of financial results. An operational realignment means the results are for the nine-month accounting period 31st March 2011 to 31st December 2011 and include the performance of the energy practice now known as Earthstaff Ltd.

The results reveal that Eurostaff Group Ltd. delivered exceptional performance in 2011, with turnover increasing by 13 per cent from &pound17.4m on 31st March 2011 to &pound19.6m on 31st December 2011. At this point, Net Fee Income (NFI) stood at &pound5.6m, representing an impressive 33 per cent rise year-on-year, when including management figures for the period 1st January to 31st March 2012.  UK turnover rose from &pound3.2m to &pound4.5m, an increase of 40 per cent (or 86 per cent when increased pro rata to 12 months), with European revenues up to &pound14.3m, a nine per cent increase over the shorter accounting period (a 45 per cent increase pro rata). Profits also continue to rise year-on-year with a seven per cent increase posted for this period.

“These are truly impressive results in light of what has been an extremely difficult time for both the recruitment industry and the global economy,” commented Mark Znowski, Founder and Managing Director, Staffgroup. “By maintaining our focus on our specialist sectors, key geographies, and investing in the development of our people we have been able to sustain our growth and deliver a financial performance at an exceptionally high level. We aim to continue with this strategy throughout 2012 and 2013, with further expansion in our existing markets both in terms of staff numbers and specialist areas. The imminent launch of our office in Germany marks a significant phase of this strategy and we plan to launch Staffgroup’s Eurostaff Technology and Earthstaff brands in the future.”

Eurostaff Group’s staff numbers increased by 33 per cent period-on-period, with NFI per employee currently standing at &pound177,577. The split between contract and permanent placements has remained consistent with that of previous years, contributing 61 per cent and 39 per cent respectively for the year ended 31st December 2011. Maintaining this healthy ratio remains a key objective for the Group.

The investment made previously by Eurostaff Group in their energy practice (now Earthstaff Ltd.) for the year ending 31st March 2011 yielded much success, driving an 88 per cent increase in sales in the shorter 9-month period ended 31st December 2011 and saw headcount grow by 31 per cent. Moving forward, annual accounts will be reported on a 12-month basis (1st January to 31st December) and published individually for each of Staffgroup’s three distinct business divisions – Eurostaff Group Ltd. Eurostaff Group GmbH and Earthstaff Ltd. These entities were established in February 2012 when the company rebranded to reflect sustained growth and Staffgroup’s long-term ambition to become true market leaders in its key sectors. “With considerable further investment in the staffing of all of our brands, we anticipate an even continued increase in sales during the next review period,” continues Znowski. “Meanwhile, we will continue to explore new markets internationally, as well as invest in our people, giving clear opportunities for succession and professional and personal development.”

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