NES profits leap in milestone year
NES Global Talent, the high-growth international recruiter sold last autumn for £234m, has reported bumper financial figures and is now targeting profits of £100m.
The Altrincham-based company’s operating profits soared 57.4% to £22.2m in the year to the end of October as turnover rose 29.5% to £492.4m. Adjusted ebitda, which excludes exceptional items rose 44.6% to £24.3m.
The company, now owned by US-based firm AEA Investors, has 439 staff working in 32 offices in 21 countries. Its most recent openings have been in Denver, Darwin and Melbourne. The company supplies technical and engineering staff to a number of sectors including oil and gas.
Chief executive Neil Tregarthen said: “2012 was probably the most exciting year in the company’s history. Not only did we grow EBITDA to £24.3m, a record increase over prior year of 45%, we also concluded the sale of the business to new sponsors, AEA Investors LP.
“A large part of the equity return for that transaction went to over 100 of our staff and it is a great feeling as chief executive, to see the people who have been at the heart of our success since I joined eight years ago, doing very well from the sale.”
He said all the staff collecting a windfall, incluidng himself, had re-invested around half their money back into the business.
“The global team and I have now agreed a new vision, that of being a £100m profit business by the year 2020 and with the support of our new investment partners AEA, we look forward to delivering against that plan, just as we have done continually since 2004,” he added.