Spencer Ogden, the global energy recruitment firm, achieved revenue of £77million ($116 million) in 2014, an increase of more than 53 per cent from the previous year.
The year to December 31 saw staff numbers grow by a third from 308 to 401across 15 offices around the world, as the company grew its offering with major expansions in its hub offices of Singapore and Houston, as well as new office openings in Dubai and across North America, including Calgary, Denver, Orlando and San Diego.
Coupled with heavy investment into the new offices, Net Fee Income in 2014 was £28.0 million ($42 million), up from £19.9m ($33 million) in 2013. In 2012 the company generated revenue of £32.5m ($54m), in 2011, £18.7m ($31m) and in 2010, 4.2m ($7m).
The figures demonstrate a continuing sharp upward curve in revenue as Spencer Ogden, founded in 2010, continues its global growth programme. Job placements for 2014 of 3,446 also increased from 2,303 the previous year.
Announcing the results, Spencer Ogden CEO David Spencer-Percival said: “The fall in the price of oil has changed the market so much, so quickly, but we’ve still been able to grow by 50 per cent, which is extraordinary.
“Back in 2010, we had a five year plan to have 15 offices, 400 staff and a net fee income of around £30 million. People thought I was mad, but we’ve done it.
“The past year has seen us really establish our Asia and US businesses, which now account for more than 50 per cent of our revenue. We have become a truly global company.
“In 2015 we plan to exceed revenue of £100 million and grow net fee income to around £38-40million.
“Having successfully completed our five year mission to establish ourselves and our brand we now move on to our new three year growth plan, which through further multi –million pound investment from my chairman Sir Peter Ogden – particularly in our London, Singapore and Houston hub offices – will see us grow to 800 staff globally, net fee income of £80-£90 million and revenue of £200 million plus.
“With the market now in challenging times, we will also look at acquiring any distressed assets in our sector.”
Commenting on market conditions, Mr Spencer-Percival added: “The fall in oil price has happened so quickly, there’s shock and awe in the industry.
“The upstream oil market has been hit hard, and we have seen a decline in revenues from premium positions in that area. However, when firms stop hiring permanent staff it does open up the market for contractors to complete existing long term projects.
“So while oil and gas is now a challenging market, it enables us to flex our existing offerings in other energy sectors such as power, nuclear, renewables, mining, smart technologies as well as marine and shipping.”
During 2014, Spencer Ogden won International Growth Business of the Year Award at the National Business Awards in November, was 12th in the Sunday Times / Virgin Fastrack100 and was also awarded The Queen’s Award for Enterprise. In 2013, David Spencer-Percival was named Entrepreneur of the Year at the National Business Awards. Since its launch five years ago, the company has placed more than 9,000 candidates in positions around the world in eight different sectors of the energy industry.
