ReThink revenues rise
MANCHESTER recruitment specialist the ReThink Group has reported increased revenues for 2009, despite a tough year, and says growing demand for permanent recruitment will boost business in 2010.
The company saw turnover increase 15% to £49.7m for the year to the end of 2009, from £43.4m.
Gross profit fell to £10.9m (2008: 12.1m) but pre-tax profits, largely generated in the second half of the year, increased to £300,000 from £190,000 a year earlier.
The company said this was down to improved trading performance in recruitment, complemented by overhead savings made earlier in the year across both recruitment and business and IT consulting.
The company consolidated some businesses and restructured its management team to reduced costs. Staff numbers were reduced by 20, to 129.
ReThink admitted that economic conditions remain challenging, particularly impacting on permanent recruitment, but said it was cautiously optimistic that 2010 levels will be ahead of 2009.
Jon Butterfield, chief executive, said: “We have seen an improved demand for permanent recruitment services which, if sustained for the remainder of 2010, will have a positive effect on our business.
“Whilst there are signs of a return to more confidence in the market, conditions have some way to go to return to normality. We therefore look forward to 2010 with a positive mindset, but with a considered approach and our eyes wide open to the risks in the market.”
ReThink has six offices in Manchester, London, Bristol, Birmingham, Leeds and Southend. In 2009 it also opened an office in Dubai.
