2023 Recruiter HOT 100 List

Gambit Corporate Finance is delighted to have again partnered with Recruiter to collate the 2023 HOT 100 list, which recognises the UK recruiters with the highest level of productivity, measured by gross profit per employee.

Acute skills shortages, candidate scarcity and changing working styles continued to drive growth across the sector amid the backdrop of a flight to technological innovation and increased market fragmentation, which appears likely to continue throughout 2024 and beyond.

Key Points in Focus

  • The total revenue of the HOT 100 recruiters featured in this year’s list reached £6.2bn, a 20.7% increase from the previous year, highlighting the sector’s adaptability and resilience amid economic volatility.
  • Technology continued to be the most prominent sub-sector specialism in the list, with 38 technology recruiters featuring, highlighting the sector’s growth and the increased digitisation of the global marketplace.
  • Despite the sector’s significant growth in 2023, the minimum gross profit per employee required to feature in the list has fallen by 63.4% to £42,130, highlighting the continued competitiveness of the sector and the pressure on margins.
  • The list exhibits a larger proportion of temporary recruiters, with a 55.3% to 44.7% split in favour of temporary over permanent placements across all companies. However, recruiters servicing the permanent recruitment market were more prevalent among the top-ranked companies.
  • 14 companies featured in the list are PE backed, generating an average gross profit per employee of £134,083, compared to £128,320 for non-backed firms, illustrating the benefits of PE investment instilling a rigorous focus on growth in productivity and improving key performance indicators.
  • Smaller recruiters are successfully leveraging their ability to adapt to wider market and legislative trends, achieving enhanced operational efficiency compared to their larger counterparts.

To read the full report click here.

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