Global Energy Group of Scotland revealed yesterday that profits had more than doubled in its last financial year and it is forecasting “considerable” growth ahead.
The international energy sector service company, which has head offices in Inverness and Aberdeen, said it was in good shape to seize opportunities and meet challenges ahead.
Executive chairman Roy MacGregor said yesterday that Global had underlined its resilience by growing sales and earnings in the financial year to the end of March, in the face of challenging economic conditions.
Sales were up 32% to £170.3million, while earnings before interest, tax, depreciation, amortisation and exceptional items reached £15.5million compared to £7.4million in 2009-10.
Global employs 4,300 people worldwide, compared to 2,800 at this time last year.
Mr MacGregor said: “Our trading reflects strong trading among our subsidiaries, with particular growth in the subsea capital expenditure and topside markets of oil and gas production.”
He said the group’s success in hedging its strategy across five key sectors had enabled Global to continue its success, even through difficult economic conditions.
The company said a mixed portfolio covering the offshore drilling, production, downstream, power generation and renewable energy sectors had enabled continuity of business.
The chairman added: “Our investment in people and systems continues to be a high priority, and is enhancing the capacity of the group to support further expansion.
“With organic, customer-led internationalisation underway, we anticipate a more deliberate appr-oach to increasing our worldwide footprint in the coming year. Our recent investment in acquiring the Nigg yard on the Cromarty Firth will enable the company to achieve greater organic growth in the future. Added to this, our recent sizeable acquisition of Australian-based Global Resources Network, as well as new offices in Brazil and India, adds to our international reach.
“Although confident of our future growth and success, the key risk to our robust business strategy remains the uncertainty over future money supply to the energy industry and all sectors in which the group operates.
“Improvement in lending from the banks to provide necessary development capital will be vital to ensure any slowdown in projects by small and medium-sized operators is short-lived.”
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