A North East recruitment company has edged sales towards the £15m mark after benefitting from the industry’s strong growth. Directors are now optimistic for the coming months.
Gem Partnership has operations in Newcastle, Peterlee and Newton Aycliffe from which it provides permanent, temporary and project recruitment services for a wide range of sectors.
For the year to 31 December 2016, the company reported turnover of £14.8m compared to £14.1m the previous 12 months.
Pre-tax profits were also up from £359,021 to £533,122.
Gem Partnership said its directors consider the results to be in line with general market and sector conditions.
“The recruitment industry in general has experienced strong growth throughout all of 2016, in both temporary and permanent vacancies,” it added.
“The company’s top line sales have continued to grow in 2016 with gross margins remaining stable. Administrative expenses have reduced from the previous year, resulting in an overall increase in operating profit.
“As such, the directors consider these annual results satisfactory considering the market and regulatory conditions, and are optimistic for future growth in operating profitability.”
Gem Partnership added that it is expecting the business to again be profitable in 2017.