NES Fircroft Goes from Strength to Strength


NES Fircroft today announced results for the year ended 31st October 2022 with an EBITDA of ...

Vicki Codd

By Vicki Codd

NES Fircroft today announced results for the year ended 31st October 2022 with an EBITDA of $109m, a 51% increase on 2021, cementing its position as a leading global provider of workforce solutions to diversified engineering end markets.

Turnover also increased substantially from $1.8bn to $2.3bn, a rise of 29% year on year, with net fee income at $277m.

In its fiscal year 2022, NES Fircroft also further strengthened its balance sheet with strong cash performance, generating $33m of operating cash. This cash performance, coupled with the Group’s refinancing of its senior debt in the fourth quarter of 2022, puts NES Fircroft in a strong competitive position to take advantage of future growth opportunities.

NES Fircroft delivers highly skilled engineering and technical talent through its Contract Engineering and Permanent Placement services as well as through its established Managed Solutions capabilities. The Group now has over 80 offices across 45 different countries and will continue to expand its operations across the globe in the forthcoming financial year. Renowned for its work in the energy sector, it is dedicated to providing the engineering workforce needed to support its clients delivering energy security for the world and supporting the industry on its journey through the energy transition. Beyond energy, NES Fircroft also has a significant presence across life sciences, chemicals, mining, infrastructure and power and saw growth of 31% across these sectors in 2022. The Group further bolstered its life science capability with the recent acquisition of Evolve Scientific Recruitment in Australia.

Commenting on the results, Stephen Buckley, Group CFO at NES Fircroft, said:

“NES Fircroft has once again ended the year with outstanding results. The Group delivered such a strong performance because of the successful execution of our strategy to provide customised workforce solutions to support our customers' talent needs across diversified engineering end-markets. The successful refinancing of our debt facilities during the year has also provided us with the committed funding to support future organic and inorganic growth, which has already been seen since our year end with the completion of the Evolve acquisition in Australia.”

Tig Gilliam, CEO of NES Fircroft, adds:

“This is a very exciting time for everyone at NES Fircroft. The Group is uniquely positioned to create significant value in the renewables and energy transition markets as we continue to meet our customer demands – working together to deliver a brighter tomorrow for everyone.
Now we turn our focus to the opportunity ahead and look forward to 2023 as we continue to grow and strengthen our position globally across diversified engineering markets. I want to thank our network of colleagues around the world as well as our customers, candidates and shareholders for their continued trust and support.”