As we reach the halfway point of the year at MRG, here in the UK it feels like we’ve finally bid farewell to the never-ending rain which plagued the earlier part of the year, albeit dare we say it’s now *too* hot!? Say a prayer for those of us wilting on the underground commute with all the other sweaty bodies. That said, we are thrilled to present to you our Summer newsletter. This edition, some might notice (or not) was preceded by the April newsletter. May was a record month for bank holidays and as such – there wasn’t enough news to warrant an entire newsletter. And then the lead up to the summer conference in June kept the marketing team exceptionally busy - So, you get the joys of a bumper May/ June/July edition instead. Just like the ever-changing British weather, which predicts sudden rain and thunderstorms these past few weeks, we have had to adapt and embrace the market’s unpredictable nature over the last couple of months, which meant some dry spells for every team across the board. But as always, our resilient spirits persist in making the most of every season – and the rainmakers always come through. WELCOME TO THE SUMMER EDITION OF THE MRG NEWSLETTER!
MARKET COMMENTARY
We closed the first half of the year with a company record in June. Group fees at £743k, £502k from the UK and £241k from International. It was also a strong performance in terms of conversions - £438k from the UK and a very impressive £324k from International. So despite talk of the challenges in the global economy and indeed the recruitment market we continuing to produce enviable results. We have to continue to monitor our chosen sectors and specialisms to ensure that we are operating in the most viable markets, and then outperform the competition. Summary the first half of 2023, Group results were +20% on 2022 and broadly on budget at the half year stage. In The UK, PSEM was 36% up on 2022 and 29% up on Budget. PSFM was also up 26% and 14% respectively, and Commercial Education managed 2% on last year. Real Estate struggled against some big YOY figures, with UP struggling to repeat its form of last year. Bids had a strong first quarter but was down significantly in the second. Internationally, the UK Global Team came into its own, up almost 100% on 2022, whilst Malaysia (a more mature market) produced a very credible 36%. Singapore was behind Budget but is now promising a better second half. India with forward fees on the board will be on Budget by year end. Poland, which was not Budgeted has already produced fees. As discussed at the Conference we have latent potential from increased investment in headcount and infrastructure and that should pay dividends in the second Half. Exciting times ahead as we ‘realise our potential’ in 2023. Please read on to find out what the various business units at MRG have been up to this month. BEN DUFFILL
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