RECRUITMENT firm PRG has signalled ambitions to grow to a £50 million business by 2020 after the recovering economy saw turnover jump by more than 70 per cent last year.
The Edinbugh-based company, which also has offices in Glasgow, saw revenues hit £10m in 2014 with profits rising to £400,000 from £250,000.
Chief executive and founder Steve McCutcheon said the growth had come after it hired more than 30 extra staff to take advantage of the improving economic environment. It plans to take on more staff this year, and open additional offices, including one in Aberdeen.
McCutcheon described the results as a “magnificent achievement”. He said: “Our 2014 profits grew notwithstanding a massive investment for growth programme which included new premises and additional staff.”
He said most of the new business came from providing temporary staff placements rather than higher margin permanent placements, which led to margin growth slightly lagging the rise in turnover. But he said he expected demand will increasingly be for permanent staff.
He forecast turnover this year will rise to £17m, based on a continuing improvement in the economy, and has pencilled in a target of £50m by 2020.
The company currently specialises in sectors including accounting, financial services, business change and IT.
And although McCutcheon said the oil and gas market it also serves faces a more uncertain 12 months ahead due to the oil price, he was confident that its energy practice as a whole will continue to grow.
The firm, founded in 2002, is planning to increase the number of sectors in which it operates. As well as opening an office in Aberdeen later this year it is also planning bases in Bristol, London, Dubai and Houston.
McCutcheon said: “These major additions to the company, along with the new staff we will require, will have a positive impact on the balance sheet. I’m very confident our business model and the quality of our people will see us able to continue delivering rapid growth.”