FAST-GROWING oil and gas service firm EnerMech has raised its annual turnover target for 2010 to £65million.
The Aberdeen-based mechanical service firm was formed just over two years ago and has already made six acquisitions and now has 500 staff in the UK, America, Norway, Caspian, Middle East and Asia-Pacific.
EnerMech also said recently that Lloyds Banking Group had provided new funding worth up to £24million which will help to finance further international expansion and acquisitions.
Managing director Doug Duguid said: “We have a number of potential acquisitions in our sights, which will add strength to our global offering.”
Total equity investment in EnerMech to date by private-equity firm Lime Rock Partners and the EnerMech management team is £41million.
EnerMech has just lodged financial figures with Companies House for its first eight months of trading in 2008, which show turnover of more than £334,000.
Mr Duguid said he was pleased with EnerMech’s performance to date and forecast turnover would rise this year to about £65million, from £23million in 2009. He said it would make its first annual profit in 2010, adding: “These financial results for 2008 and 2009 are very much in line with our business plan.
“From a two-man start-up business in April 2008 we have achieved a great deal in firmly establishing EnerMech as a major international player in the cranes, lifting, training, equipment-rental and hydraulics sectors, and 2010 is shaping up to be a very productive year.”