Following the announcement that NES Global Talent (NES) has combined with the Fircroft Group, NES today further
substantiated its position as the world's leading staffing provider as it announced record results (as a single entity) for
the year ending 31st October 2019 with an EBITDA of $90.0m (£70.7m), a 56% increase on 2018.
Turnover increased substantially from $1.1bn (£0.8bn) to $1.7bn (£1.3bn) with net fee income at $204.5m (£160.7m).
Fiscal 2019 also saw NES further strengthen its balance sheet with a strong cash performance, generating $23.8m of
operating cash. This excellent cash performance, coupled with the Group's flexible financing structure, put NES Global
Talent in a strong competitive position enabling the Group to complete the transaction to combine with Fircroft on the
20th of September 2020.
With 50 years in business, Fircroft is as an ideal addition to the Group. In their Fiscal 2019 (ended August), Fircroft
supported some 7,500 contractors and posted Net Fee Income at $54.5m (£42.8m) as a stand-alone business.
Together NES Fircroft delivers highly skilled engineering and technical talent through its Contract and Permanent
Placement services as well as through its Managed Solutions capabilities. The diversified customer base includes
leading companies in the Oil and Gas, Power and Renewables, Life Sciences, Chemicals and Mining industries. The
NES Fircroft vision is to be the global leader in engineering and technical talent in all of these markets.
Commenting on the results, Stephen Buckley, NES Fircroft Group CFO, said:
“These numbers clearly demonstrate the fact that NES has put a strong vision in place over several years and has
invested in the right areas to ensure we can fulfill our growth ambitions. We will continue to invest in our people, who
are our greatest asset and in 2021 we plan to invest further in ‘best in class' technology and innovative training
solutions to build an engineering recruitment company which is unparalleled in the marketplace.”
Tig Gilliam, NES Fircroft CEO, concludes:
“This is a very exciting time for everyone at NES Fircroft. We will look back on 2019 as an outstanding year for the
Group which saw NES win 17 industry accolades and achieve organic financial performance unsurpassed in the
industry. We appreciate the efforts from all our staff in making these goals realities and I would particularly like to thank
them for their continued dedication in recent months, as we have faced the Covid-19 crisis together as a team. The
NES Fircroft core values and strong focus on delivering exceptional services to our end clients, our contractors and
consultants is the fundamental purpose that has helped us again achieve a new record performance. We are excited
now to see how our combined brand and people grow further as we build on these achievements to become the
leading multi-disciplinary, multi-industry engineering and technical services staffing provider to the best companies in
Newly formed, NES Fircroft will be led by Tig Gilliam (CEO), alongside Simon Coton (COO), Stephen Buckley (CFO)
and Johnathan Johnson (Executive Director). Johnathan will also join with the current NES Board Members to make up
the new NES Fircroft Board.
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