ReThink doubles interim profits
MANCHESTER-based recruitment company ReThink Group doubled pre-tax profits to £423,000 in the six months to June 30 as its net fee income climbed 32% to £7.8m.
The AIM-listed company attributed its performance to strong organic growth, with the number of contractors on its books increasing by 17.4% to 629.
It said that the acquisition of Berkeley Recruitment Group, which was bought in the second half of last year, has also helped it to establish a presence in Ireland and in continental Europe as well as giving it a presence in the life sciences and pharma sectors. Moreover, revenues at its consulting arm, Aiimi, increased by 80% to £1.8m.
Chief executive officer Jon Butterfield said: “These are excellent results achieved despite very difficult market conditions.
“The ReThink Group has made good progress across all divisions, with every area of the business growing.
“Most encouraging is the organic growth the group has achieved. The results from the majority of our quoted competitors have, on the whole, achieved little or no growth in the UK.
He added that the firm was continuing to develop its long term strategy of moving into other, high-value markets either organically or through other acquisitions.
