Group FY26 turnover forecast £20.1m, net fee income forecast £10.7m, Group EBITDA forecast £2.23m, 3.1X on Previous Year. Three recruitment brands plus Trinnovo Consulting, operating across UK, Ireland, Switzerland, Germany and the USA.
Mission
Building future-ready businesses, powered by people.
Vision
To be the leading multi-channel staffing business globally.
Values
Accountability. Integrity. Impact.
02Why now
The market contracted. We grew through it
Group NFI grew from £7.0m in 2024A to £9.3m LTM, and is forecast at £10.7m for FY26. EBITDA grew 116% LTM. The shift toward embedded delivery, recurring revenue and AI-led operations is where we win.
£17.2k
Productivity per head, 2026 to date
+116%
EBITDA growth, LTM vs previous 12 months
54.7
Customer NPS, against an industry benchmark of 34
+18%
Recurring NFI growth YoY. 48% of group NFI is recurring
£10.7m
FY26 NFI forecast, +34% YoY on FY25 actual
£2.23m
2026 EBITDA forecast, 3.1x growth on prior year
EBITDA evolution
Reported EBITDA into FY26. The L6M figure is an annualised run rate, the FY26 outturn is the full-year forecast. Hover a point for the value.
Source, group financial forecast.
03Brands
Four brands, one seamless service
Each brand owns its own market. Trinnovo Consulting sits above the three recruitment brands and moves customers from contingent hiring into workforce solutions. We operate across the UK, Ireland, Switzerland, Germany and the USA.
01Build it
DeepRec.ai places AI, machine learning and robotics talent that general recruiters cannot reach, from research scientists to CTOs. A community of over one hundred thousand AI professionals and The Leadership Lab podcast build the pipeline before a client even opens a role.
AI, robotics and Machine Learning
AI Research
Robotics
Machine Learning
AI Infrastructure
Computer Vision
AI4Science
02Scale it
SODA places software, cloud, data and DevOps talent across five markets, backed by a network of over three hundred thousand tech professionals. It is the engine that proves our delivery model, so what works in one market transfers to the next without being rebuilt.
Technology and engineering
Cloud
Data
DevOps
Cyber Security
AI Infrastructure
AI Engineering
Go-to-Market
03Govern it
Broadgate places risk, compliance, legal and finance professionals into FCA, PRA and FINMA regulated firms across six markets. Full cross border licensing (SECO in Switzerland, AUG in Germany) is a barrier rivals cannot clear, so compliance becomes our moat rather than a cost line.
Regulated sectors and risk
Financial Services
Risk
Compliance
AI Governance
Regulatory Change
Decision Science
Digital Assets
From vendor to advisory
Trinnovo Consulting moves the relationship from vendor to advisor, owning workforce programmes rather than filling single roles. That move lifts deal size and lock in, with augmentation, mobility and nearshore delivery sold into accounts the brands already hold.
Benefits of Trinnovo Consulting
Workforce Augmentation
Workforce Mobility
Nearshore Capability
Capability Gap Analysis
Resource Planning
Benchmarking
04Workforce Operating System
Four service lines, one delivery platform
Each service line sits in the same operating model and shares the same infrastructure. Embedded Hiring Solutions runs concurrently with Statement of Work, Contract and Retained. The mix decides margin and retention.
Service line case studies
Embedded Hiring Solutions9 concurrent programmes today, 30+ total portfolio+
Embedded Hiring Solutions is an embedded hiring function inside the customer's operating model. We take responsibility for delivery, networks, compliance and reporting across multi-brand demand. Customer accountability sits with a named team, not a contract. Bolt-ons compound around the platform. Payroll delivered with AAB, workforce analytics and ATS embed, contractor care and the consulting layer above. The result is a delivery model that scales with the customer rather than the requisition count, and a higher and more defensible margin than contingent recruitment.
Embedded Hiring Solution Today
9
Programmes
→
Embedded Hiring Solution Target
30+
Programmes
Almost double Embedded revenue in two years
What we are NOT
Not a traditional RPO with offshore process delivery
Not a contingent agency on a master vendor list
Not a single-brand or single-vertical supplier
Not a tooling vendor without delivery accountability
Why customers choose us
Embedded team, named accountability, not a contract
Multi-brand demand coverage across SODA, Broadgate and DeepRec.ai
Compliance reach across UK, DACH and USA via SECO, AUG and E2 licences
Specialist tech, financial services and AI community access
ATS embed, analytics and reporting layered above the engagement
Statement of WorkFlagship case study, St James's Place, £150bn AUM+
SOW is a defined-scope, fixed-outcome engagement. The customer commissions a piece of work with a deliverable and a price, and we resource and govern it. SOW lands inside CapEx budgets rather than headcount budgets, which broadens the buyer and shortens the procurement cycle. The discipline of scoping, milestone tracking and acceptance is the same discipline that runs the consulting practice above the brands. SOW is the bridge from transactional recruitment into longer-form programmes with named outcomes.
Flagship case study, Trinnovo Consulting
St James's Place, Group Policy Framework Transformation
£150bn AUM, UK wealth management. Discovery to implementation, SME led, outcome based engagement.
Client
St James's Place (SJP), one of the UK's largest wealth management firms, managing over £150bn in client assets.
Objective
Design and implement a Group wide Policy Framework and supporting Policy Suite that strengthens governance, improves accountability, and aligns policy management to evolving regulatory expectations.
Challenge
Modernise and standardise a fragmented policy landscape, 75+ policy documents and standards requiring assessment, update and alignment
Reduce reliance on contractors and relieve internal delivery pressure
Avoid high cost, rigid consultancy models while keeping delivery accountable
Rapid mobilisation across multiple workstreams with clear ownership
Build a scalable, sustainable model for long term policy management
Approach
Phase 1, Discovery (4 weeks). A senior GRC SME completed a current state assessment, mapped 75+ policies and standards, identified gaps and inconsistencies, and produced findings and a phased delivery plan.
Phased delivery and implementation. Working with Group Executives and 1st and 2nd Line policy owners to define the target Framework, complete gap analysis, establish governance and regulatory accountabilities including annual attestation, present policies through the Group plc Board, and deliver group wide implementation, communications, training and awareness. Knowledge transfer embedded throughout.
Outcome
Group Policy Framework, governance model, and annual attestation process delivered
Board and Executive acknowledged uplift in policy capability, implementation and understanding across the Group
Framework and policies integrated into the wider organisational risk and control framework
Policies linked to organisational roles and responsibilities, including SMCR accountabilities
Regulatory recommendations closed from an FCA Section 166 Skilled Person review
Policy tracking tool implemented to streamline monitoring of adoption and governance
Strategic input provided into selection of a new Governance, Risk and Compliance tool
Delivered on time and within budget, achieving £140k+ cost savings versus traditional consultancy models
Service delivered
Discovery to implementation delivery of a Group wide policy framework transformation, led by a Policy SME and Project Lead under an outcome based engagement model.
ContractForecast NFI growth £1.8m to £3.3m+
Average duration of contract placements, with a 66% extension ratio. The DACH region, with AUG and SECO licensing, offers longer durations of 12 months, higher value at £800 WGP and higher extension ratios of 74%. Contract verticals are strategically aligned to CapEx stakeholders for a segue into programmes and statements of work, with practitioner-led deployment.
CONTRACT DURATION
26 weeks
EXTENSION RATIO
66%
Retained, Executive Search23% → 29% retained share of group perm NFI by FY30+
Retained is the senior end of the work, board, executive and confidential search where clients pay to secure us before the role is filled. Fees come in tranches as the search hits milestones rather than on placement, so cash lands earlier and the work is harder for rivals to win. Retained NFI has moved from £0.5m in 2024A to £1.4m LTM, forecast £1.8m in FY26. Retained mandates now make up 23% of group perm NFI LTM, forecast 25% in FY26 and 29% by 2030. Retained sits naturally alongside Embedded Hiring Solutions, because the relationship is already at executive level, and alongside Trinnovo Consulting, which advises on the same problems from the workforce-strategy side.
RETAINED SHARE OF GROUP PERM NFI
23% → 29%
Retained share of group perm NFI, LTM to FY30 forecast. From £0.5m in 2024A to a forecast £3.3m in FY30.
Executive search clients
05The model
Four service lines, weight moving toward embedded
We transact with customers across four service lines. Embedded Hiring SolutionsEmbedded Hiring SolutionsAn embedded hiring function inside the customer's operating model. Recurring, defended, the highest-margin work. 9 programmes today, 30+ total portfolio, Statement of WorkStatement of WorkDefined-scope, fixed-outcome engagements. Lands in CapEx budgets rather than headcount. Flagship, St James's Place, £150bn AUM, RetainedRetained, Executive SearchBoard, executive and confidential search, won on retainer and billed in tranches as the search hits milestones, not on placement. Fees are higher and cash arrives earlier. 23% → 29% of group perm NFI by FY30, and ContingentContingentDay rate contract and temporary labour, billed for the length of each assignment. Clients rehire every cycle, so placements compound into recurring revenue. 30% of perm NFI from repeat customers. Recurring share of NFI is 48% LTM, forecast 57% by 2030.
NFI £m by service line, FY25 to FY30
Hover or click a line to highlight it. Source, group financial forecast.
Recurring share of NFI
Share of group NFI that is recurring, 2024 actual to FY30 forecast. Hover a point for the value.
Source, group financial forecast.
Embedded Hiring Solutions, Our Clients
06Cross-brand collaboration
The customer compounds across more than one brand
Each brand has its own customers. When a customer engages with more than one brand, average revenue is 1.81 times higher and net revenue retention is 23 percentage points stronger. Multi-brand customers represent 23% of qualifying net fees today.
Cross-brand metrics
MULTI-BRAND PREMIUM
1.81×
1.81× revenue uplift on multi-brand customers vs single-brand
Up from 1.33× in FY24
£77p retained per £1, vs £54p single-brand
23pp NRR spread, multi-brand vs single-brand
MULTI-BRAND SHARE
23%
23% of qualifying revenue is multi-brand
31 multi-brand customers in LTM
£2.16m multi-brand revenue contribution
NO SINGLE-CUSTOMER RISK
<5%
No single customer is more than 5% of group revenue
Diversified book across SODA, Broadgate and DeepRec.ai
Customers in the centre engage with two or more brands.
Net Revenue Retention, single-brand vs multi-brand
When a customer engages two or more brands, we keep more of their spend at renewal. The pence kept per pound retained, in two cuts of the customer base. Multi-brand customers are stickier, spend more, and stay longer. The pence kept per pound retained, comparing customers who engage with one brand against those who engage with two or more.
Single-brand customer spend
£54p
of every £1 retained, Q-over-Q average across 6 transitions.
Multi-brand customer spend
£77p
of every £1 retained, same window. Spread +23 percentage points.
07Tech and AI
Improving productivity and enhanced customer experience
Two outcomes drive the technology investment. Productivity per consultant, and what the customer feels in a live engagement. Both are measured, both are improving.
Value Creation Engine, five stages
Automate
Repetitive work runs as a workflow. Sourcing, enrichment, scheduling, reporting. People spend time where judgement matters.
Optimise
Operating model tuned for return per consultant. Faster ramp for new starters, higher recurring share of revenue.
Dominate
Data advantage compounds with usage. The model gets better at matching, scoring and routing every quarter.
Displace
Wins move from transactional incumbents to specialists with delivery, speed and compliance reach.
Monetise
The platform itself becomes a product surface, monetised through inbound, software and embedded delivery.
MATURITY CURVE
New starters reach full productivity sooner
The tooling shortens the time from start date to top performer. The same investment pays back across every future hire.
CUSTOMER EXPERIENCE
Faster shortlists, sharper market view
Customers see faster matches, sharper market intelligence and cleaner reporting from the first engagement.
BUILD AND BUY
Buy commodity, build the moat
Commodity capability is bought to move quickly. The parts that compound (proprietary data and inbound demand) are built in-house.
OPERATIONAL EFFICIENCY
Cost per placement reduces as automation scales
Automate-everything project lifts EBITDA margin across the brands. Lower cost of delivery on the same NFI base.
Customer experience, the proof
Customer experience evidence
What the customer feels when the operating model + AI run together. Live programmes, real numbers.
400+
EHS hires delivered
Programme placements across Embedded Hiring Solutions engagements.
Time to shortlist
28%
Faster time to shortlist on embedded engagements compared with industry benchmarks.
Repeat hiring
60%
Share of NFI from customers who have engaged across more than one programme cycle.
Productivity lift
46%
Productivity lift per consultant on programmes that run on the full delivery stack.
Net promoter
20.7pts
NPS gap above the recruitment industry benchmark of 34.
RevOps Engine
Most staffing firms grow by adding heads. The RevOps Engine adds revenue per existing head. Three components.
£1m
Projected 2026 NFI from inbound, where most staffing firms see £0
+14%
Higher average spend by inbound customers
75%+
Conversion of inbound leads to retained solutions
01 LEAD GENERATION
Inbound, community-led demand
Inbound demand generated through community platforms, owned events, and content production tuned for LLM retrieval. Lead quality scored against the ICP before it reaches a consultant.
02 LLM-READY CONTENT (LLMO)
Optimised for citation, not for ranking
Content built to be retrieved by large language models when a customer asks about the work. Optimised for citation in LLM answers, not for search ranking.
03 MOAT
Technology moat and data moat
In-house platforms for pricing, shortlisting, content and recruiter copilot. Built and owned by the same team that runs the recruitment business.
08International platform
Five countries, three operating licences
UK, Ireland, Switzerland, Germany and the USA. Three operating licences underpin the international footprint, SECO in Switzerland, AUG in Germany, and the E2 visa in the USA.
International platform metrics
INTERNATIONAL BY DESIGN
Five countries, one operating model
Each brand operates across the same five markets. UK, Ireland, Switzerland, Germany and USA. Delivery and compliance run from a single group operating model.
DIVERSIFICATION
Three regions carry the forecast
UK 34%, DACH 37%, USA 29% of group NFI in FY26E. By 2027 the forecast is balanced at roughly 33% each. No single-region dependency.
US GROWTH
7% to a forecast 36% of group NFI
US share of group NFI was 7% in 2024A, 22% LTM, forecast 36% by 2028. Boston hub, E2 licensed. The largest growth lane in the plan.
Operating licences
SECO Switzerland Operating licence to deploy staff
AUG Germany Operating licence to lease staff
E2
E2 Visa USA Visa-backed operating presence, Boston hub
Regional NFI mix, FY24 to FY30
FY24 to FY30 trajectory. Hover a band to see year and region. UK-heavy in FY24, balanced across UK, DACH and USA by FY27. Source, group financial forecast.
UK 62% → 28%FY24 to FY30 DACH 31% → 36%FY24 to FY30 USA 7% → 36%FY24 to FY30
09The journey
Where we came from, where the forecast takes us
FY23 and FY24 were product-build years inside a contracting market. FY25 and FY26 mark the shift into recurring revenue, international NFI and AI-led productivity. The organic growth forecast extends the same lines through to FY30.
Organic growth forecast, NFI and EBITDA
Bars show net fee income (£m); the line shows EBITDA (£m). Hover or click a point to highlight a year.
Net fee income, £m EBITDA, £m
NFI CAGR 2026 to 2030 +21%, EBITDA CAGR +39%.Source, group financial forecast.
Brand journey highlights
DeepRec.ai
0 → 17 heads, £3.0m NFI, £0.9m EBITDA
In three years since inception (2023). Forecast £3.3m EBITDA by 2030.
BioTalent
Inception to exit in 5 years. £1.4m EBITDA at exit.
Same operating discipline as DeepRec.ai today.
DeepRec.ai, route to profitability
12months
to recoup investment cost
7months
to consistent profitability
£900,000
FY26 EBITDA
Headcount roadmap
The forecast headcount per brand by financial year. Numbers dovetail with the financial forecast in the journey chart above. Select a brand, then a growth step.
SODA headcount roadmap
Click a brand, then a growth step.
Strategic growth roadmap
Managing Director. Trust in SODA
Trinnovo Group target, FY30
142 heads, £23.0m NFI, £8.2m EBITDA
The lever. Embedded hiring, delivery centre and recurring revenue mix decouple revenue from headcount. EBITDA grows faster than the team.
10Leadership
Founder-led, with depth behind it
Average leadership tenure is 6.7 years. 33% of the senior team is on EMI or LTIP. Three of the leadership team are co-founders of the group.
Leadership team
Ashley Lawrence
CEO, Trinnovo Group
Founder of Trinnovo Group and co-founder of every brand inside it. Brings SODA, Broadgate and DeepRec.ai together under one platform for internationalisation, compliance and customer delivery. Executive MBA at Cass, with two decades of staffing leadership across UK, DACH and the USA. TIARA Staffing Industry Leader of the Year 2022. SIA Staffing 100 European Leader 2024. APSCo DACH executive board, 2026. Mishcon de Reya Recruitment Leader of the Year, winner. Sets the long-term strategy and represents the group across investor, industry and regulatory communities.
Oliver Perry
COO, Trinnovo Group
Group COO and former MD of Trust in SODA. Owns the operating cadence across the brands and the standard model that scales the group. Drives inter-brand opportunity, programme governance and the day-to-day commercial discipline that connects strategy to delivery. Co-founded the operating model that took SODA from a single UK desk to a multi-country technology recruitment business. Runs the weekly performance rhythm with brand MDs, owns the standard model rollout for new acquisitions, and represents the group at industry community and recruitment leadership forums and podcasts.
Ben Adams
Co-Founder and MD, Broadgate
Co-founder of Trinnovo Group. Co-founded BioTalent in 2018, applied the Broadgate operating model to life sciences, divested 2023. NatWest Entrepreneur of the Year 2019. Leads Broadgate globally from London with Dublin and Boston offices inside the same operating model. The 2023 BioTalent exit funded the group repositioning, the launch of DeepRec.ai, and the Swiss market expansion. Owns Broadgate's financial services franchise across risk, audit, finance and contract, plus the transatlantic delivery model that anchors the brand's continued growth into the USA.
Anthony Kelly
Co-Founder and MD, DeepRec.ai
Founded DeepRec.ai in 2023 and runs the brand as Co-Founder and Managing Director. Ten years recruiting inside the world's leading AI, machine learning and robotics businesses across global markets. Hosts The Leadership Lab podcast, which carries the brand's research and founder network. Leads the brand's go-to-market across UK, DACH and the USA, owns the discipline lead structure across AI, ML, Quantum and Robotics, and represents DeepRec.ai at investor, founder and research events alongside the group leadership team.
Ryan Hill
MD, Trust in SODA
Managing Director, Trust in SODA. Leads Trust in SODA's global technology recruitment from London with delivery teams across UK, Europe and the USA. Fifteen years in technology recruitment, owns the brand's vertical strategy across Cloud, Data, DevOps, Cyber and AI Infrastructure. Runs the operating cadence for the SODA leadership team, owns brand commercial targets, and drives the joint go-to-market with Broadgate and DeepRec.ai on cross-service customers. Represents SODA at industry forums and customer leadership events across the brand's core markets.
Viki Dowthwaite
Commercial Director, Trinnovo Group
Commercial Director, Trinnovo Group. Owns commercial strategy across the group, the growth of Trinnovo Consulting and the three recruitment brands across UK, Ireland and DACH. Leads the cross-sell motion between SODA, Broadgate and DeepRec.ai, owns the standard commercial model rolled out into each new brand, and partners with the CMO on go-to-market and brand positioning. Sits inside the Talent, People and Performance team and drives the commercial rhythm with brand MDs each quarter. Represents the group at customer and partner forums across the recruitment community.
Thomas Williams
Group CFO, Trinnovo Group
Group Chief Financial Officer, Trinnovo Group. Owns the financial roadmap, FY26 framing and the thirty percent rolling EBITDA growth plan across the brands. Leads group finance, treasury, financial planning and analysis, and the M&A finance workstream that supports the two to three acquisitions over the next three to five years. Partners with the COO on the standard operating model that scales each new brand inside the group. Represents the group with auditors, lenders and the investor community, and owns the financial discipline that underpins the growth thesis.
11People
The team is the asset, and it compounds
Average leadership tenure is 6.7 years and group NPS sits at 54.7. The same approach that retains the leaders runs the whole floor. We attract people with a clear offer, ramp them on a shared operating system, and keep them with reward and progression they can measure.
What we offer
Why people join, and why they stay
At Trinnovo, we invest deeply in your success, providing cutting edge technology, licenses and sales enablement tools that elevate your work and amplify your impact.
You'll collaborate with value-led professionals and be surrounded by expertise and leaders who are committed to creating an environment where reward and growth are not just promises but measurable outcomes for all. Our unique value proposition sets you apart, offering unparalleled access to customers and compelling reasons for them to choose you.
Here at Trinnovo, your potential is met with limitless opportunity.
01Investment
02Reward
03Growth
04Value-led
05Value proposition
A launchpad for your success.
Career pathway
Long term careers, built by design
Clear pathways let Trinnovo provide long term careers aligned to client service. Career development is a key attraction and retention tool. Trinnovo has established L&D programmes aligned to every stage of the career path, delivered globally through the L&D team.
01 Trinnovo Academy
Trinnovo Academy
Helps new recruits build successful careers in recruitment using the Trinnovo Standard Operating Model.
02 Top Biller Program
Top Biller Program
Contract, Permanent and Solutions tracks that sharpen the skills of successful recruiters.
03 Leadership
Future and Advanced Leadership Program
Develops leaders who can grow and lead the talent of the future.
04 Embedded
Embedded training and development
Supports people at each stage of their career path.
12M&A thesis
M&A Thesis
From specialist recruiter → Workforce transformation platform
Our Vision.To be the leading multi-channel staffing platform globally.
2 to 3
Acquisitions over 3 to 5 years
£500k to £1m
EBITDA targets
60%+
Recurring, annuity revenue target
Global
International scalability
Core strategic thesis
A specialist recruitment group becomes a higher-margin workforce platform.
The market is consolidating around firms that bring specialist talent, advisory, compliance, managed delivery, AI capability and workforce intelligence together in one model.
Specialist hiring across technology, regulation and advanced AI ecosystems.
Advisory
Market insight, operating design and transformation strategy.
Compliance
Built-in regulatory assurance for complex international hiring.
Managed delivery
Embedded, nearshore and project-based workforce solutions.
AI enablement
Data-led matching, talent intelligence and automation at scale.
M&A strategy priorities
01
Adjacent capability acquisition
Add specialist capability across talent sectors, geographies and delivery models.
02
Margin expansion
Improve EBITDA through scale, shared services and operating leverage.
03
Vertical integrations
Strategic acquisitions of contract businesses within the same verticals and sectors across DACH, US and UK, targeting strong unit economics where liquidity challenges constrain scaling.
04
Annuity-style revenue
Grow embedded hiring, managed services and recurring advisory streams.
05
International scalability
Build a consistent delivery platform with local market depth.
Revenue mix
~30% today to 60%+ target
Shift from project-only revenue toward contract, advisory and embedded annuity streams.
Embedded 36%
Advisory 18%
Contract 24%
Project 22%
Adjacent sectors, feeder pipeline
Specialist sectors feeding the Trinnovo platform
Each sector shares the group operating model. New launches and acquisitions plug straight in.
