Grafton reports loss of €320k

RECRUITMENT firm Grafton reported pre-tax losses of €320,000 last year following profits of €2.2 million the previous year.

The company blamed the loss on increased costs in the year to the end of March 2008.

Grafton Recruitment was founded in Ireland in 1982 and operates in 80 offices across 19 countries.

Gross profit for the year fell 7% to €4.26m.

Grafton also reported an operating loss of €222,000 in the year after profits of €2.2m in 2007.

Administrative expenses in the year were €5.9m from €3.9m in the previous period.

Latest accounts from the company said the directors “have taken steps to address the underperformance of the business and intend to continue its organic growth in the coming year”.

The directors have not recommended payment of a dividend.

There were 53 people employed by the company at the end of March 2008, up three from the previous year. Staff costs amounted to €3.2m in the year compared to €2.3m in 2007.

Among the countries Grafton has a presence in are China, Czech Republic, France, Greece, Hong Kong, Poland, Russia and Singapore.

Founded on Grafton Street in Dublin, the company extended to Belfast in 1984 and three years later opened a Derry office.

It claims to have a database of over 700,000 candidates worldwide.

In 2005, Grafton acquired Dublin recruitment firm Mary B Cremin in a deal estimated to be worth up to €5m.

The takeover added four offices to Grafton’s existing Irish network.