Saongroup anticipates jump in revenue growth
Newly published accounts show Saongroup — which operates in 29 countries including Ireland via IrishJobs.ie — grew its net turnover from €27.9m to €31.7m in 2011.
However, the group’s profits were eaten into due to increased investment in its established businesses and in developing markets. Operating profit was down by about 36% to just under €1.4m, with pre-tax profits falling from €1.97m to just over €1.1m. On an after- tax basis, the group saw a €1.1m profit in 2010 reverse into a €92,684 loss in 2011.
CEO Ciaran McCooey said 2011 should still be viewed as a strong year for Saongroup and said further double digit revenue growth is anticipated for 2012. He said recent performance has continued to position the group as “a successful, expanding international online recruitment player”.
“We have adhered to a simple dual strategy of targeting emerging markets and strengthening our market position. Our growth is underpinned by a proven business model and expert dedicated staff,” he said.
“We’re very pleased with the progress made in the business in 2011, across the four continents in which we have a presence.
“While we have worked to build on the solid foundations created across the group’s businesses, there is still enormous potential and great opportunity for future growth,” chairman, Leslie Buckley said.
Saongroup’s growth strategy is likely to remain mixed between organic and acquisition-led; with this year having already seen the company purchase firms in South Africa and China.
Last year also saw the group launch a number of operations in sub-Saharan Africa. It also strengthened its market-leading positions across its established European businesses.
Management said recent strategic investments provide the business with “a robust and sustained” platform from which to continue the growth momentum achieved last year. Following up on successful expansion in China this year, the group plans to continue investing in new markets throughout Europe, Africa, and the Americas.
