International recruitment group Initio International recorded a loss of £177k in the year to 31 December 2011, according to accounts filed at Companies House.

This compares with an after tax profit of £1.82m in 2010. Turnover rose to £42.88m from £37.83m.

Gross profit rose 22% to £8.34m, however administrative expenses also increased from £6.8m to £8.23m.

Brendan Flood, chairman and chief executive of Initio International, says: “2011 continued the progress that we made in 2010. Turnover at £43m was up 13% year-on-year. Gross profit of £8.3m showed a 22% uplift.

“I am proud of the progress that we have continued to make driven by our management teams in the US, UK and Spain.

“As we sit in the autumn months of 2012, our current year trading is showing a 14% uplift over 2011. We are two and half years into the new management ownership and we have grown the business by more than 100% in that time. Our focus on providing excellent service to clients and candidates continues to be our number one priority.”