EnerMech, which is looking to take on 700 new people, has announced plans to increase its turnover to nearly £300million next year.
The Aberdeen-based company’s 2012 group accounts showed an £11million pre-tax profit on revenue which grew 41% from £102million, and it expects 2013 to break the £20million barrier.
The mechanical engineering group reported that in the same period its UK domestic revenues topped £100million for the first time (£101million), up 38% from £73million.
Managing director Doug Duguid said performance in traditionally mature markets such as the UK showed 32% year on year growth, with non-UK revenues increasing by over 56% with Asia and Norway performing particularly well.
“The impact of global recession, a trend towards commodity pricing within certain sectors and targeting new geographies did not impact the group’s gross profit margin, which grew from 22.4% in 2011 to 22.9% for the current year (2012),” he said.
“This is particularly pleasing given the significant investment during the year in additional resources and operational overhead required to establish a solid base for future operations, predominantly within the Africa and Americas regions and within the valves business line.”
He added: “The directors believe that the continuing investment in top quality regional and functional management, along with investment in the competence and development of EnerMech employees, will provide a solid base from which to deliver further global expansion.”
Strong trading in the current year, the acquisition of three strategic businesses and expanding its international presence to over 30 facilities in 18 countries, will strengthen EnerMech’s 2013 financial performance and push revenues over £200million, with an expected £80million uplift in 2014.
The company last month announced it had secured a £90million funding package by establishing a “banking club” including Bank of Scotland, DNB and HSBC, and that a combination of further investment in infrastructure and acquisitions would create 700 new jobs.
With over 30 bases in key oil and gas regions, EnerMech employs 1800 staff and provides six main business lines to the energy and power industries, cranes and lifting; valves; hydraulic products and services, process, pipeline and umbilicals (PPU); equipment rental, and training services.
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