Buoyant overseas markets boosts Fircroft
RECRUITMENT company Fircroft increased pre-tax profits by 70% in the year to September 7, 2010 on the back of a 20% rise in revenues to £404.5m.
The Sale-based company places engineering contractors with a variety of blue-chip firms. It is a specialist in the oil & gas sector, but also works in the mining, nuclear, automotive and aerospace sectors. It counts Bentley Motors and National Grid among its client base.
Fircroft is owned by the Johnson family and run by chief executive Johnathan Johnson.
Notes to the accounts by directors state that they were “satisfied” with the company’s performance.
“The group has returned results in line with management expectations,” the company said. “The directors will continue to focus on expanding the market position that has been established.”
During the year, the company agreed a refinancing with Barclays Corporate, which provided a new £46m multi-currency confidential invoice discounting facility, which the company said would offer it the the opportunity to grow its overseas presence.
“Despite the current economic conditions, demand for the group’s services and trading performance remains strong, and the directors believe there are further significant opportunities for the group, particularly in overseas markets,” the company said.
Fircroft currently operates in around 40 markets overseas and places more than 4,400 contractors with over 100 companies. During the year, net assets increased to £11.5m (2009: £7.7m).
