Thu, 6 Jun 2013Engineering and technical recruiter Fircroft saw gross profit rise 29.9% year-on-year to £49.02m in the 12 months to 31 August 2012, as turnover increased by 31.6% to £725.4m.

Profit before taxation was £13.8m, up from £11.09m, a rise of 24.4%, although it would have been £16.2m had it not been for a one-off settlement on a hedge fund arrangement, according to the firm’s results, filed in Companies House.

Turnover in Australasia, accounting for a third of the business, rose by 37%, the report shows, ahead of the 29% growth in the UK market, which makes up around three-fifths of the group. The small Rest of the World section also grew.

Towards the end of the financial period in question, Fircroft received a boost in the form of a £140m investment from private equity firm Equistone Partners Europe.

• See p12 and p14 of next week’s June issue of Recruiter for more on why private equity firms are taking an interest in oil & gas industry recruiters.

Fircroft’s solid growth is demonstrated by its listings on Recruiter's FAST 50 2013 and HOT 100 2012 league tables. Its founder John Johnson, worth £100m, is the 777th richest person in the UK, and recruitment's fourth richest man.