Change of fortune for recruitment agency

CHANGE Recruitment has seen 58 per cent fee income growth in the first eight months of its latest financial year after making losses of £1.7m in 2010.

Brian Robinson, its finance director, said the firm, which relies heavily on the financial services recruitment market, was expected to be profitable this year.

"We are showing strong growth. Our turnover in the eight months to December is already higher than 2010.

Robinson said that fees from temporary recruitment - which is usually stronger when permanent job placements fall - was up 71 per cent.

He added that permanent recruitment was up 40 per cent but that it "still has some way to go" to recover.

In the year to 30 April, the firm saw its turnover fall by 15.7 per cent to 9.6m while losses widened to 1.7m from 1.2m the previous year.

The firm's accounts also show that Change had bank and bond debt of 19.9m taken on when it was bought out by its management in 2006 to be repaid by 2016.

Change said its performance to April 2010 has been "adversely affected by the world banking crisis and the deterioration in the UK and global economies" but that the firm was "well placed" to take advantage of "continuing improvement in the market".