Oil and gas hits recruitment firm
Change remains positive despite profits dip
The decline was largely a result of business lost in the struggling oil and gas sector.
Mr McFall said great efforts had been made to build a strong presence in financial services and accountancy and to carve out new business in sectors such as property and IT.
Speaking to Daily Business, he said: “We have had to make a shift in focus but also be better at what we do.”
Group revenue in the year to April 2015 fell from £19.7 million to just over £17m as turnover in oil and gas plummeted by 70%. EBITDA also declined, from £900,000 to £700,000.
Total Group debt is down by more than £5.8m in the year, due to debt restructuring efforts and cash in bank has increased as a result of successful working capital management to increase cash and drive down costs.
Mr McFall, said: “Our latest financial year reflects exactly where we need to be to drive forward a successful business, and we’re positive about the future.
“The global correction in oil and gas has had an impact, but our early engagement with emerging and re-emerging markets, such as construction, property and infrastructure, procurement and IT, has offset some of the pain. We have already gained market share in these areas, and there’s more to come.
“To be where we want to be, we’ve had to live up to our name. We have invested in the leadership team and senior consultant base, the costs of which will inevitably impinge on short term financial performance.
“We’ve also invested in systems, new sectors, and moved into a new Edinburgh office, and by taking that journey, we’ve enhanced the client-focused culture of the business and have significantly improved the long term prospects for the group. The stage is set to move the business forward.”
The business is still recruiting, and expects to add another dozen heads over the coming months.
Jim Faulds, chairman, said: “Change is 45 years old now. Our investment is already impacting positively on the client and candidate experience, and that of our own employees. We are all set to ensure Change remains as an industry leader for the next 45 years.”