Wales Business Stephen Farrell

Turnover has grown to almost £90m at Smart Solutions, a training and recruitment group based in Newport. Profits have been affected by investment into the business during the year, but this has provided a platform for the "continued growth" of the business.

The company, founded in 2007, is headquartered at headquartered in Langstone in Newport with 52 locations across the UK. It employs more than 200 full-time staff, puts about 5,500 people to work every week.

According to the latest accounts for Smart Solutions (Recruitment) Ltd, turnover grew to £89.5m in the year to 31 July 2016, up from £78.5m in 2014/15.

Pre-tax profit was £492,473, compared to £1m the year before.

Nathan Bowles, chief executive officer at Smart Solutions, said: "Our last financial year saw another period of growth for Smart Solutions with turnover up to £89.5m, an increase of more than 12 per cent from £78m in the previous year.

"In this time, we have increased our client base significantly and further developed existing relationships within our blue chip client base. We also expanded our services by establishing a facilities management division and invested in software and systems, which offer our clients leading edge technology solutions that are enhancing efficiencies for both them and us.

"These investments have improved our platform for continued growth, and, as we look ahead to the end of this financial year (July 2017), we believe we're in a strong position to see Smart's success story continue."

In their report accompanying the accounts, the directors said profits had been affected by investment during the year, leading to a 17 per cent rise in administrative expenses to £1.8m.

They said: "The increase in overheads is a result of acquired businesses and their integration, new staff, staff development, expense on system development, developing client relationships and signiﬁcant expense on the development of enhanced client service offerings."

In 2015 the group completed its first multimillion-pound acquisition, buying the Leeds and Leicester-based specialist recruitment business, Right Direction UK (RDUK).

In October 2016, following the end of the 2015/16 financial year, Smart Solutions agreed a deal to sell its training and development arm to Sigma Group.

The deal followed a strategic review of the Smart Development business to establish whether it was the most effective vehicle for Smart Solutions to provide the commercial training required by its clients.

Smart Solutions is continuing to provide access to specialist training and work-based learning schemes via the Sigma Group as part of a strategic partnership.