NES Global Talent targets $100m profit by 2020
In its 40th anniversary year, NES Global Talent has signalled its ambitions for future growth by announcing its target to reach $100m profit by 2020.
The announcement comes after the global recruiter has successfully acquired and integrated six new businesses into the NES Global Talent family over the past five years.
The acquisitions have propelled the Manchester-headquartered recruiter from global annual revenues of $0.8bn (£0.6bn) in 2016 to an anticipated $1.1bn (£0.8bn) of revenue by the time of the end of its financial year in October 2018. The $100m profit target will be met through a combination of organic growth and acquisition.
The news comes just a month after NES Global Talent bought Redbock LLC (Redbock), a consultancy that delivers expertise to the pharmaceutical, biotechnology and medical devices industries.
However, the business is also growing organically too and three months ago opened a new office in Midland in Western Texas to service the booming Permian Basin, where output is forecast to reach 3.18 million barrels a day in May, according to the Energy Information Administration.
NES Global Talent, which has 48 offices in 25 countries across the world, supplies highly- qualified engineering and technical staff to a host of industries including oil and gas, power, renewables, life sciences, mining, manufacturing, infrastructure and chemicals.
Six months ago, NES Global Talent was one of the first businesses to call the bottom of the oil and gas jobs market as its major survey of more than 3,000 employers showed that more than half of them expect to recruit significantly in 2018. Now the business is recording its fastest rise in industry recruitment enquiries since 2014.
Tig Gilliam(pictured), CEO, said, “The fact that NES Global Talent has been able to grow so successfully across the world over the past 40 years is a testament to the culture we have cultivated within our business and our core values of teamwork, integrity and responsibility, enterprise and drive and personal impact.
“When it comes to acquisitions we have a very tight strategy. Our strategy is focussed on opening up markets that we are not currently servicing. Those markets can be new geographies or new sectors that fit our business model or expansions into new consultant disciplines. And while some businesses look good on paper we will only focus on those that fit our culture and values.
“As we move towards reaching our ambitious $100m profit target by 2020 we will continue to make acquisitions when they make sound commercial sense. However, we are also delighted to be growing organically and expanding with the opening of our new office to service the Permian Basin. We are now looking forward to continued successful and sustainable growth over the next 40 years.”