|
Spring 1999
|
PMR Group, the dominant company in the MultiValue recruitment market, has once again been listed in the Virgin Atlantic Sunday Times FastTrack 100, the independently researched listing of the top fast-growth unquoted companies in Britain. PMR was one of only 25 companies from the original FastTrack 100 league table to meet the stringent criteria for inclusion for the second year.
“The MultiValue business has propelled us into the FastTrack 100, and this is a sign to MultiValue professionals that we are in a very strong market segment that looks all set to grow and prosper,” says Steve Nixon on behalf of PMR Group.
To qualify for the initial FastTrack 100, companies had to grow sales from a minimum of £250,000 in 1993 to over £3 million in 1996. For the second year, sales had to show a similar growth level together with staff increases and pre-tax profit targets. Together, the FastTrack 100 made sales of more than £1 billion and created an extra 11,000 jobs. The firms in the listing almost doubled their sales every year between 1994 and 1997, with an annual growth rate of 93%.
“The first FastTrack 100 listing came as a complete surprise, as we were only told a few weeks before the survey results were published that we were included, and that we had achieved 27th position. In this the second survey, we were not only placed number 47, but were amongst a handful of companies making the listing for the second time,” says Nixon.
“The fact that it is an independent academic study, with support from major sponsors, Virgin Atlantic and Sunday Times, adds weight to the findings, and we are very proud to be there.”
Being there is no mean feat, and the selected companies all reported a lack of early stage venture capital and city support. Paul Hayden, chairman PMR Group, seeded the company from his own savings and the support of family and friends, typical of many of the FastTrack 100 origins.
Simon Newman, a founder of PMR, attributes the business success of PMR to its ethical and professional standards, demonstrated in large measure by the quality of its recruitment consultants. PMR’s consultants have served their time as IT professionals and therefore have an excellent knowledge of the market. The company’s democratic culture also allows them to take a pro-active role in directing the business.
Part of the success for FastTrack listees is being in the right business at the right time, and as Hamish Stevenson, Virgin Atlantic Research Fellow in Entrepreneurship at Templeton College Oxford, reported in the Sunday Times, the FastTrack criteria favoured recruitment companies because they were classic commission sales businesses.
Main sponsor Richard Branson, chairman of Virgin Atlantic Airways, commenting on the success of the FastTrack survey believes that “...the FastTrack 100 is now the definitive barometer of small-business development we both hoped it would become when Stevenson first came to Virgin two years ago with his idea.”
PMR group is most definitely an example of the classic sales-driven company, dominating a highly focused business segment - the MultiValue sector of the IT market. The group owes a large portion of its success to this segment of its business with Pick and Pick-like technologies extensively used, within an almost fanatically loyal user base.
“Pick and the various MultiValue technologies are favoured by a large number of companies for the low-cost of ownership and flexibility of development, and we are seeing renewed interest and growth in line with our customers’ expansion plans,” says Nixon.
Inclusion in the FastTrack 100 also demonstrates that recruitment companies are providing a key, essential service in times of scarce skills and specific requirements. This point was emphasised by Branson saying, “(This) shows that the recruitment industry has won over corporate Britain by offering a targeted, tailored service.”
Key to PMR Group’s success is its focus on long term relationships and service. The group has blossomed as the available pool of IT skills has evaporated and demand has grown in this niche market. Companies are increasingly conscious of the value of their IT infrastructure, and Nixon estimates that the MultiValue market accounts for about £6 million of last year’s turnover.
“The MultiValue market is very buoyant, and we are concentrating our efforts to provide best of breed for our clients,” said Nixon.
Steve Nixon can be contacted on 0181 306 6000.
PMR Group plcLast Updated: 30 June 1999