Inverness firm moves back into profit
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Inverness-headquartered recruitment expert Orion Group moved back into the black last year.
The firm which provides personnel for a range of sectors including energy and manufacturing also experienced a drop in turnover in the year ended December 31, 2021.
A strategic report accompanying the firm’s latest accounts – filed as Orion Engineering Services – stated: “During much of 2021 the global economy continued to be impacted by the Covid-19 pandemic.
“The impact on the oil and gas sector manifested itself in a decline in global oil prices due to the significant reduction in demand that it caused. These factors contributed to reduced contractor activity and downward pressures on contractor rates and margins.
“In response, a number of cost reduction measures were implemented across the group including the closure of loss-making divisions. Staff retention was prioritised wherever possible or supported by Covid support measures.
“By the end of the financial year, early signs of a recovery in markets were becoming evident.”
Turnover dropped from £231,860,000 in 2020 to £209,911,000 in 2021. For the same period, a pre-tax loss of £921,000 moved to a pre-tax profit of £1,819,000.
The report added: “The group has the geographic spread and experience to cover the recruitment needs of all our clients. In addition, we continue to monitor opportunities in new global locations as they arise.”
The average number of employees dipped from 211 in 2020 to 189 in 2021, while staff costs decreased from £10,992,000 to £10,003,000.
