Glotel, a London-based recruitment consultancy for network and telecommunications specialists, is one of the few companies to appear in both the Profit Track 100 and the Fast Track 100 league tables. The company, founded in 1989 by chairman Les Clark and managing director Andy Baker, has successfully exploited massive growth in its niche market. When it listed on the London Stock Exchange in May 1999 its shares were five times oversubscribed. Since then, the share price has increased 375%. Before its flotation, Glotel’s profits increased by 51% pa, from £1.4m in 1996 to £4.9m in 1999. Finance director Chris Adkins attributes this to greater cost-effectiveness when opening new branches. Fixed costs are kept to a minimum as all seven UK and 14 overseas offices use the same IT systems and database. This means that experienced staff can arrive at the new office, plug in computers and telephones, and immediately start building business. Unlike many Profit Track 100 companies, who have managed to turn average sales growth into spectacular profit growth, Glotel increased its sales by 52% pa in the same period to £102.1m.
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