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Enterprise

Frank Recruitment Group returns to profit despite second year of falling revenues

The Newcastle-based group pointed to a turnaround in fortunes after a period of slow global hiring

A Frank Recruitment Group office in America(Image: Unknown)

A North East-based global recruitment firm has returned to profit despite a second year of falling revenues.

Frank Recruitment, which has its headquarters in Newcastle city centre, has released accounts for the year ending November 2024 in which its revenues fell from $524.6m (£388.4m) to $419.2m (£310.3m). Over the same period, the firm posted a $10.1m (£7.5m) operating profit, having reported a loss of $2.4m (£1.8m) 12 months earlier.

The company, which was founded with a city centre office in Newcastle in 2006, operates in niche technology recruitment, with brands specialising in staff for programmes such as Salesforce, Azure, ServiceNew and NetSuite. It operates as part of Tenth Revolution Group (TRG) across several different brands that are each dedicated to sought-after technology skills. It has a number of offices in North America, as well as a significant presence in Europe, Japan and Australia.

In its latest accounts, the company pointed to a slowdown in global hiring, which had impacted on its results. The accounts show that Frank’s headcount fell by more than 400 to 1,363 during the accounting period and has almost halved over the last two years.

But it said it was now hiring experienced staff and was confident that the new activity would drive financial performance in the current year.

The company said: “In FY2023 and FY2024 there was a cautious approach to hiring due to ongoing economic uncertainties across the globe, which led to a decline in revenue in FY2024 from $524.6m to $419.2m. However, the technology market is still growing and large companies are still actively expanding teams to support cloud and AI demands. Management are confident that this will continue to translate to strong long term demand for TRG’s services.

“In FY2023 and FY2024, the group reduced headcount due to the decrease in demand for services and streamline of operations. Since then, the group has invested in hiring experienced staff and are confident this will drive sales in FY2025.”

The accounting period saw the company complete the sale of Rebura Holdings Limited, a London firm specialising in Amazon Web Services, which it had acquired in 2020.