O&G market sees Change Recruitment revenue drop £2.7m
Change Recruitment Group has reported results for the year 2014/15, recording a group revenue of £17m.
Its report noted strength in the company’s financial services and accountancy sectors, however Group revenue is down on the previous year (£19.7m), which it says reflects the major decline in the oil & gas market (turnover from this area down almost 70%). The group also reported that its total debt is down more than £5.8m in the year.
Mark McFall, group managing director commented, “Our latest financial year reflects exactly where we need to be to drive forward a successful business, and we’re positive about the future. The global correction in oil and gas has had an impact, but our early engagement with emerging and re-emerging markets, such as construction, property and infrastructure, procurement and IT, has offset some of the pain. We have already gained market share in these areas, and there’s more to come.
“To be where we want to be, we’ve had to live up to our name. We have invested in the leadership team and senior consultant base, the costs of which will inevitably impinge on short term financial performance. We’ve also invested in systems, new sectors, and moved into a new Edinburgh office, and by taking that journey, we’ve enhanced the client-focused culture of the business and have significantly improved the long term prospects for the group. The stage is set to move the business forward.”
Jim Faulds, chairman of the Change Recruitment Group board, said, “Change is 45 years old now. Our investment is already impacting positively on the client and candidate experience, and that of our own employees. We are all set to ensure Change remains as an industry leader for the next 45 years.”