48. Management Resource Solutions
As the chief executive of a human resources provider in the mining sector, Paul Morffew is at the coalface of Australia’s changing resources sector.
Revenue: $13.8 million
Growth: 47.26%
Founders: Paul Morffew, 47
Head Office: Queensland
Year Founded: 2007
Employees: 50
Industry: Human resources
Website: Mrslimited.com
As the chief executive of a human resources provider in the mining sector, Paul Morffew is at the coalface of Australia’s changing resources sector.
“Growth in the resource industry is falling as the global demand for Australia’s resources has slowed,” Morffew told SmartCompany.
“Overall, the industry shows reasonable demand coupled with higher costs and complications. One of the main drivers of increased operating costs is high wages and this could be a long-term problem for the perceived shortage of skilled labour.”
Morffew, who founded Management Resource Solutions in 2007, says it is vital his company keeps an eye on the different factors “driving the big picture” in the local industry, including growth in New South Wales and Queensland.
“These trends play into MRS’ key strengths providing highly skilled technical personnel tailored to client needs,” he says.
While this is MRS’ second year on the Smart50 list, the company has seen rapid growth in the past 12 months, growing by 91.67% in the last financial year.
Morffew is hoping that growth continues, with plans already under way to acquire another company and list on the London Stock Exchange.
“The AIM London Stock Exchange is the most successful growth market in the world and is a natural next step in realising the company’s organic growth plans,” says Morffew.
“The achievements of these goals will springboard further acquisitions and diversification of the business.”
MRS is already listed on the German Stock Exchange, which Morffew says helped the company manage the challenge that plagues most business owners: cash flow.
“Cash flow is always an issue and, in 2008, it became a particular problem for the business,” he says.
“To ride out the storm of the next six months we implemented an invoice debtor strategy to get through the tough times.”
“Since then we have continued to implement this strategy and the business has gone from strength to strength.”
But the vision of MRS is not just about generating higher growth and more revenue, says Morffew.
“Our company aspires to be a pillar of support to the local community,” says Morffew, who says mental health concerns are particularly prominent among fly-in-fly-out workers in the mining and construction sectors.
“There are about 50,000 FIFO workers in WA and it is understood that at least eight have committed suicide in the past 12 months in the Pilbara region alone. This single figure is of major concern and is the tip of the iceberg for mental health issues in the industry.”
MRS has played an important role in funding the 2014 independent film Talking Back at Thunder, which deals with anxiety and depression in Australian men, and Morffew hopes his company’s support will give the film the exposure and distribution it needs “to reach a wider audience”.
