Simplicity reports record turnover and on track for ambitious targets.
Simplicity’s chairman Tom Atkinson has issued a trading statement to mark the end of the FY 2011-2012.
Financial & business highlights:
- Turnover: £40 million / 65% increase in net profit over previous year
- Turnover increased – temps 22% and perms 13% respective increases
- Sales team: New appointments made including field sales
- Fund backing increased by 33%
During the past financial year (April 2011-March 2012), Simplicity increased its turnover to £40m and saw a 65% increase in net profit, which has provided the company with the potential to make further investments this year to grow the business, continue making improvements in technology and expand into new markets.
In particular, we have seen an increase in business, in the temps market, which has leapt up to 22 per cent turnover; in turn, we have seen an increase of 13 per cent turnover in the perms market. Both of these are a result of tightening up on internal processes and investing in our technological systems to continue improving our invoicing and payroll support, in addition to the excellent work conducted by the entire Simplicity team during the past 12 months.
The growth we have witnessed in the temps market is a result of recruitment agencies working with more clients to produce the same number of temporary workers, who are required to work less hours; this increase in workload for recruitment agencies has meant they are working harder than ever before, which makes our role even more important during such a difficult period in the recruitment sector.
We have expanded our sales team this year and seen an increase of financial backing by a third from our American funders, PNC, which will enable us to support even more recruitment agencies in 2012/2013 and potentially expand and grow our business to help us meet our tough 2015 target of reaching an annual turnover of £100 million.
The majority of our clients lie within the recruitment sector, but we hope in the future to expand into other areas, such as security or training. We are launching some new products this year, which is particularly exciting for us, as we can offer even more financial support to our customers.
Simplicity is one of the UK’s most innovative providers of outsourced back office and financial services to the recruitment sector. Simplicity products currently include cashsimply, permsimply, payrollsimply, backofficesimply, gainsimply, vatsimply, awrsimply and Double It! which provide a range of services from 100 per cent funding through to back office management, administration, and increased access to credit.