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09 February 2004
Press & Journal
NURSE AGENCY RALLIES AFTER CASH INJECTION


  
 Scotnursing, the Scottish nursing staff agency, is back in the black following a million-pound injection from Aberdeen Murray Johnstone Private Equity.

The Dumbarton-based firm, which has branches from Inverness to the Midlands, has returned to profitability after overcoming the costs of a new call centre, but has scaled back its short-term sales target.

The agency provides nursing staff for hospitals, nursing homes and social work departments, which increasingly need extra workers to meet rising demand for domiciliary care.

Accounts filed for the year ending March 31, 2003, showed turnover increased 9% to 11.2million and losses of 83,000 were converted to pre-tax profits of 39,672.

AMJPE, a division of Aberdeen Asset Managers, took a minority stake in the business ploughing in 1.2million of development capital.

Entrepreneur Ann Rushforth, who founded Scotnursing in her spare room, said there were no plans to raise additional funds.

However, she conceded a 25million sales target for 2005 was unlikely to be achieved.

'We are probably behind that now,' she said.

'We are on course for turnover of around 14million this year rather than 15million or 16million, but we are still developing strongly and are confident that will grow as we land new contracts.'



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