Sales rise but earnings slip at Millbank

SPECIALIST recruitment firm Millbank Group has seen profits tumble despite recording higher sales.

Recently-filed accounts show the Runcorn business, which provides staff to medium-sized and blue chip firms operating in the professional, technical and industrial fields, incurred higher administrative costs, up 30% to £3.5m.

During the year to September 30 sales rose 5% to £48.8m while pre-tax profits slumped 81% to £189,000 – roughly 2007’s profit.

In their report the directors said: “The bare financial results do not indicate great progress, but beneath the surface much has been done to maintain our market position and to improve our offering and efficiency.

“The results from almost every division have been better and the underlying trends encouraging, the market place for client investment on new projects is very strong and therefore demand and growth for our service continues to improve.”

The company, which also trades as MDA Technical Personnel, reported a slowdown in its rail division largely due to a restructuring at Network Rail.