Tyneside tech recruitment specialist Frank Recruitment Group saw revenues rocket to an all-time high of $460m as demand for cloud-based technology soared.
The recruiter was launched in Newcastle city centre in 2006 with the original Nigel Frank brand and just three members of staff. Since then the company has rapidly grown into a global technology “recruitment powerhouse” employing more than 1,800 people across 23 offices. The business acquired US business Tenth Revolution Group three years ago for an undisclosed sum, becoming part of a wider group to operate 10 bases in North America, alongside Frank Recruitment’s offices across the UK, Germany, Switzerland, the Netherlands, Spain, Singapore, Japan, and Australia.
Accounts for the Frank Recruitment Group covering the year ended November 30 2021, show the firm posted record turnover of $460m, up from $345m a year earlier, while converting the previous year’s operating loss of $3.8m into profit of $20.99m. Overall profit for the year was $14.98m, up from the previous year’s loss of $2.38m.
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The specialist recruiter acts as the cloud staffing division of Tenth Revolution Group (TRG). Within the accounts, directors recognise there are a number of localised competitors, but say there are none “with the breadth and depth of services” that Tenth Revolution Group has.
In the accounts, chief financial officer Lewis Miller says: “The improvement over the prior year in both cases was the result of the recovery from the impact of Covid and the associated worldwide lockdowns. Whilst the first six months of the year were still impacted to a reasonable extent, by the final quarter of the year, the demand for services was rapidly accelerating and business performance had surpassed pre Covid levels. The board know that the key driving force behind achieving future growth is increasing consultant headcount. TRG achieves this by focusing on the recruitment, training, motivation and retention of the best talent possible.
“The recovery in demand for the group’s services is underpinned by the strong levels of growth in the cloud technology sectors that Tenth Revolution Group focuses on. This growth is expected to continue for the foreseeable future given the acceleration of adoption of cloud technologies by businesses across the globe. In turn, management are confident that this will continue to translate to strong demand for TRGs services over the coming years.”
During the year the company also sought to increase eco-friendly initiatives, and said it has seen decreased energy consumption since 2019 with measures including the installation of motion-sensor LED lighting across offices to improve energy efficiency. The group has also adopted a hybrid working policy for certain roles within the business, which results in reduced energy usage, as well as decreased travel for employees and therefore carbon dioxide emissions.
Following the year end, the company last year expanded its global footprint with office openings in Milan, Italy, and Montreal, Canada, where the business aims to fill digital skills gaps.
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