GLASGOW-based Search Consultancy has grown profits 30 per cent year on year since Grahame Caswell lead a management buyout of the recruitment firm in May, the company has said.

Mr Caswell said the business was well placed for growth after achieving a good performance in recent months amid challenging trading conditions.

The growth in profits since the MBO came after Search achieved £6.2 million earnings before interest, depreciation and amortisation in the 52 weeks to 1 January, against £7.7m in the preceding year.

Sales increased by three per cent annually to £178.8m from £173.6m.

Search noted it grew annual revenues for permanent placements by two per cent annually in spite of market turbulence and challenging macro-economic conditions in the wake of the Brexit vote.

The company said its contract business continued to provide a high-quality revenue stream, delivering 60 per cent of the group’s total net fee income. The contractor base peaked at 6,700.

Mr Caswell said Search is looking to grow its operations across the country.

Search has offices in 13 cities and towns in the UK, including six in Scotland. It has 700 staff.

H2 Equity Partners provided backing for Search in May when it highlighted the potential to scale up the business.

Search did not say how much profit it had made since May.