Revenue down but high hopes for NRG

Newcastle-based recruitment company, Northern Recruitment Group (NRG), saw revenue drop £3m during the year ended December 31, 2012

Lorna Moran, chief executive and founder of Northern Recruitment Group (NRG)
Lorna Moran, chief executive and founder of Northern Recruitment Group (NRG)

Newcastle-based recruitment company, Northern Recruitment Group (NRG), saw revenue drop £3m during the year ended December 31, 2012.

Newly published financial statements for the firm show revenue fell from around £21.6 to £18.6m during the period, while profit before tax went from £1.137m to £1.017m.

Staffing levels, however, rose from 98 to 102, while total staff costs went from £2.951m to £2.841m.

Between them, the three company’s three directors received £502,000, including pension contributions and estimated benefits in kind, compared to £438,000 the previous year.

The report comes at a time of big changes for the recruitment company, which recently appointed Chris Rigg to take over from current chief executive and founder, Lorna Moran, who is moving into the role of chairman after 30 years of leading the company.

Rigg, who is currently corporate director at Barclays in the North East, will join the business in October.

On announcing the news of the shake-up, Moran predicted the company was well placed to benefit from the upturn in the economy, adding that the 2012 figures represented a “robust performance in challenging conditions”.

“Recent economic news indicates that the economy as a whole is moving in the right direction at last but even last year we found consistent demand in our Executive Search Division,” she said. 

“Our specialist teams in finance, IT and engineering were also very busy with energy sector skills particularly sought after. We are finding that candidates are more confident about moving jobs than when we entered this recession. 

“Sales directors have always remained confident - it’s in their DNA - and IT directors always want to be working with the next generation of software. However, we found that even excellent candidates in HR, engineering and finance definitely went through a period when they were ultra-cautious about changing jobs and I’m glad to say that’s no longer the case.”

She added that the company had also noted “quite an upturn” in interim placements.

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