NES, the talent management specialist operating in the oil and gas, infrastructure and power sectors, has announced an EBITDA performance of £13.1 million for its year ending October 2010 (up five percent on 2009).
Operating profit to operating cash conversion increased from 75% to 99% and turnover was up by two percent to £284.7 million. Staff productivity increased again year on year indicating the highly effective cost control required in times of margin pressure.
Having opened overseas trading offices in Brazil, Equatorial Guinea, Saudi Arabia and Brisbane during the year – and with further office openings planned for 2011 – operations outside of the UK now comprise 78 percent of group profits and 59 percent of group revenues.
Neil Tregarthen, NES Group chief executive said: “This is a solid performance throughout what has been another challenging year, not only for the staffing industry, but also for the wider global economy. The NES Group has now enjoyed uninterrupted profit growth since 2004 and for our staff to achieve such results against the background of a worldwide slow down and in many countries, out and out recession, is a great compliment to their determination and hard work.
“The strategic intention that was born on my arrival in 2004, to become ever more global and specialist, remains as our focus and our results in 2010 have provided further evidence that this strategy is correct.”
NES’ portfolio strength of geography and sectors ensures that the company is perfectly placed to react to increased activity in global markets. Combined with the recent launch of a Recruitment Solutions Division and early new contract wins together with the appointment of a new Marketing Director, the company remains well positioned to continue as the talent management provider of choice in its chosen sectors and disciplines across the globe.
The new financial year has started strongly with both revenues and profits well ahead of budget after quarter one.
