NES Global Talent, the leading global manpower specialist, is pleased to announce its results for the year ended 31 October 2012.

Financial Highlights:

  • Turnover £492.4m (2011: £380.2m) up 29.5%
  • Net Fee Income £60.4m (2011: £43.7m) up 38.2%
  • Adjusted EBITDA * £24.3m (2011: £16.8m) up 44.6%
  • Operating profit £22.2m (2011: £14.1m) up 57.4%
  • Operating profit cash conversion of 70% (2011: 111%)
  • Conversion of group turnover to adjusted EBITDA of 4.9% (2011: 4.4%)
  • Conversion of group net fee income to adjusted EBITDA of 40.3% (2011: 38.4%)

* 2011 and 2012 adjusted EBITDAs exclude operating exceptional items

Operating Highlights:

  • Sale of NES Global Talent to AEA Investors LP completed in October 2012 for £234m.
  • Strong organic growth across the global technical business unit.
  • New offices opened in Denver, Darwin and Melbourne.
  • The group now has 32 offices across 21 different countries and will continue to open new operations in global locations in the forthcoming financial year.
  • Bank refinancing with a syndicate of three banks completed in the year providing £105m committed funding for five years.
  • Continued focus on cash generation and working capital, with overdue receivables reducing by 84.6% despite trade receivables increasing by 36.3% to £76.2m.
  • Continuing focus on the core strategic area of engineering and technical staffing, with a deliberate reduction in exposure to the UK IT sector, which now only forms 2.7% of group profits.
  • Improved performance on permanent placement net fee income (NFI), but still maintaining the strategic intention of being a 70% to 75% contract NFI operation across the world.
  • Further significant investment in group IT support systems and engineering/technical recruitment consultants, with capital expenditure of £998k and staff numbers growing from 352 to 439 (24.7%).
  • Increasing number of contract placements featuring candidates who move from project to project and country to country, whilst maintaining contractual loyalty with NES Global Talent.

Commenting on the results, Neil Tregarthen, Chief Executive of NES Global Talent, said: "2012 was probably the most exciting year in the company's history. Not only did we grow EBITDA to £24.3m, a record increase over prior year of 45%, we also concluded the sale of the business to new sponsors, AEA Investors LP. A large part of the equity return for that transaction went to over one hundred of our staff and it is a great feeling as Chief Executive, to see the people who have been at the heart of our success since I joined eight years ago, doing very well from the sale. All members of staff, including myself, have reinvested circa 50% of our proceeds back into the business and I can think of no better sign of our confidence for the future. That in turn, will ensure our wider stakeholders, including clients, contractors and candidates, continue to receive the best in class service that they have a right to expect. The global team and I have now agreed a new vision, that of being a £100m profit business by the year 2020 and with the support of our new investment partners AEA, we look forward to delivering against that plan, just as we have done continually since 2004."


Vicki Codd

Vicki Codd

Marketing Director

Key facts

15 years experience in Business to Business Marketing, Chartered Marketer, Cambridge Graduate and Joined in 2015. Vicki is an experienced B2B marketer who specialises in brand and communications. Since graduating from Cambridge, Vicki has worked in a variety of service sectors including: IT, Telco, Financial Services and Social Housing.

What makes us different?

"NES is a global organisation yet it has a fantastic culture that ensures everyone feels part of the same team and works together on a local and international level.  The commitment staff show to providing the best service for candidates and clients is exceptional and makes marketing the brand an incredibly exciting proposition" 

Vicki is also a Certified Quark Digital Marketer and a qualified Helicopter pilot.