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Contractor umbrella company sees record growth

Posted Jan 26, 2009

Parasol, a leading contractor umbrella company provider, has announced a near 300% rise in operating profit over the past year and predicts further success in 2009.

The employment service provider saw turnover increase from £249m to £319m in 2008, and a 293% rise in operating profit.

Despite the economic gloom, which is bound to impact every business in the contracting sector, the umbrella giant predicts more solid results this year.

Upbeat MD

MD Rob Crossland said:

"Our culture of innovation, matched with our reputation for compliance, excellent systems and processes, responsiveness and vigilance have contributed to creating a solid and reliable brand.

"In addition, we have lobbied hard to protect all umbrella companies from legislative changes that could have been catastrophic for our industry."

Parasol in the news

Parasol has hit the headlines several times in recent years. Alongside its inclusion in the 2008 Sunday Times Fast Track 100 list, in late 2007, it won the Service Provider of the Year gong at the ATSCo Awards. The company also announced it was to become the main sponsor for Hull Kingston Rovers.

Earlier this month, the company announced its take over of leading contractor accountancy firm, Quay Accounting.

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