HSE recruitment agency sees profits rise to €3.3m

A booming agency business with the HSE contributed to pre-tax profits at recruitment firm Global Medics almost tripling last year to €3.28m.

HSE figures show Global Medics (Irl) Ltd received €26.8m in agency fees in 2013, following on from a payout of €17.2m in 2012.

The new figures lodged by the firm with the Companies Office show that this contributed to revenues more than doubling, from €19.68m to €41.6m, in the 12 months to the end of March last year.

Pre-tax profits at the firm increased by 130%, from €1.42m to €3.28m.

Last year, the firm paid dividends of €1.34m to its UK parent, which followed a divided payout in €1.42m in fiscal 2013.

According to the directors’ report, “turnover increased significantly in the year ended March 31, 2014. Cost of sales and administration expenditure increased in line with turnover. The directors are satisfied with the company’s performance during the year.”

Global Medics’ cost of sales during the year increased from €15.99m to €35.38m, with administrative going up from €2.2m to €3m.

The directors state that significant expansion occurred in the company in recent years as the business moved into the supply of professional qualified medical staff.

The report states: “Future success of the company depends on its ability to attract and retain key personnel.”

The directors state that they are satisfied with the growth and the performance of the company to date and are committed to further improving the company and driving it forward by growing revenue and profitability.

Numbers directly employed by the firm last year increased from 32 to 51, with staff costs rising from €1.31m to €2m.