Oil and gas logistics firm Asco said yesterday it had a £75million war chest for acquisitions.
The Aberdeen-based company, which has already made a string of buys this year, said it was looking to Canada and Asia-Pacific, including Australia, for growth.
Asco, which has a plan to double the size of the business in five years, also reported its 2011 full-year results, revealing pre-tax losses of £10.8million, compared with profits of £5million in 2010.
This deficit was a result of costs relating to being bought by private-equity house Doughty Hanson late last year, a deal thought to be worth about £250million.
Despite the losses, Asco chief operating officer Derek Smith said the investment from Doughty Hanson meant 2011 was “perhaps the most significant year in the firm’s 45-year history”.
He said last year had started off tough, due to the remnants of the global downturn and a slump in drilling in the UK and elsewhere, but the firm now had a strong platform for growth and was in an exciting market, adding: “If we can get our global footprint sorted in the next 18 months, we don’t see why we can’t continue to grow in the next 15-20 years.
“The territories our customers are going to have to go are going to become farther afield and more difficult to get materials to and from and that is where our growth will be.”
Mr Smith said the firm had grown its presence in Canada and now had an office in Brazil. Focus for global growth in the next nine months would be on Asia-Pacific, including Australia, and Canada, he said, with organic growth in the Middle East and continued expansion in the North Sea, UK and Norway.
Asco is looking at acquisitions in Canada, where it recently bought oilfield transport firm EJR Trucking for £4.8million. In Australia, it said it would be seeking to expand on a recent deal to build and run a marine supply base.
The firm was also looking to grow its service offering outside its core logistics provision.
Asco’s results showed sales grew from £516million in 2010 to £626million in 2011, with the help of increased oil prices; a product the firm supplies.
Ebitda (earnings before interest, tax, depreciation and amortisation) were £30.1million compared with £29.2million in 2010.
Asco said about 51% of its business, not including its UK-based Enviroco subsidiary, was in the UK North Sea, down from just over 55% in 2010, as a result of increasing overseas operations.
Staffing also increased, from 1,600 in 2010 to about 1,700 last year, with nearly 800 of those based in the north-east and Shetland.