McGregor Boyall back in the black
After anticipated but nevertheless disappointing results in 2012, McGregor Boyall, the multi-disciplinary professional recruiter has indicated that it is on course to deliver positive figures in 2013.
While recent press reports have focussed on the firm’s £1.2m operating loss for 2012, the strength of the balance sheet, which stands at £3.6m, continues to reflect the financial stability of the company.
“While I may be slightly misquoting Mark Twain, & lsquo;Reports of our demise have been greatly exaggerated’”, says Laurie Boyall, managing director. “There is no doubt that our historical core business of IT centric investment banking in London took a major hit in 2012. With investment banks offshoring large numbers of roles and driving down contract margins, it became obvious that we had to not only revisit our longer term strategy, but also that this would take time and money. Consequently, falling revenues in investment banking IT, coupled with the investment costs of diversification led, not unsurprisingly, to an operating loss for last year.”
Boyall says that the diversification strategy was based around ensuring that the firm reduced its reliance on just a single vertical market sector in one industry in a sole location.
“During 2012, we invested in new offices in Dubai, Singapore and Edinburgh, and diversified in London to focus on new sectors including Insurance & Asset Management and Commerce & Industry. To facilitate this we also strengthened our capability with a number of key experienced hires from Hudson, Robert Half, Randstad and Aston Carter. This is now really impacting positively on our bottom line and we look forward to reporting a profit for the year ending December 2013.”