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UK-based natural resources and engineering recruitment firm Fircroft announced that it is expanding its services to Malaysia through an official agreement with recruitment firm Tanjung Offshore Berhad. The joint entity will be known as Fircroft Tanjung.
The 50-50 profit sharing venture will invest MYR 3 million (USD 925,655) in its first year and is expected by the companies to be profitable in its first year, reports bernama.com.my.
Johnathan Johnson, Fircroft’s Chief Executive Officer, expects Fircroft Tanjung’s profit to grow by between +30% and +40% from the second year onwards: “Recruitment services is not a high margin business but it is lucrative,” he said adding that the Asia Pacific region already contributes 33% to Fircroft’s global business revenue.
“With Fircroft Tanjung, we expect Asia Pacific to contribute 40% of our business revenue over the next few years. Asia Pacific is vital for the [oil & gas] industry and Malaysia is an integral part of it," he added.
In July 2013, Fircroft announced that it was targeting opportunities in Asia as it looks to surpass the £1 billion sales barrier.