Global Energy Group said yesterday it was looking to the new year with confidence after growing sales amid the most challenging economic conditions in recent history.
The group, which has its main offices in Aberdeen and Inverness, added it continued to face tough international economic conditions but it was “in better shape than ever” to seize the opportunities and meet the challenges of the coming year.
Chairman Roy MacGregor said: “Our continuing development in the current financial year gives us every reason to look to 2011 with considerable confidence.
“In September 2008, the world financial markets crashed and that was closely followed by a drop in the price of oil to under $37 per barrel. That had an inevitable impact on energy-sector projects sanctioned in 2009-10.
“Despite these difficult trading conditions, Global and its subsidiaries achieved sales growth on the previous year and returned an operating profit.”
Mr MacGregor said the group’s strategy of spreading its portfolio across five core energy markets and its flexibility to move between markets were crucial factors in delivering sales growth in the year to March 31.
Accounts just lodged at Companies House show Global’s sales totalled £129million during the period, compared with £119million a year earlier, although earnings before interest, tax, depreciation and amortisation fell by £1.9million to £7.4million.
Mr MacGregor, who launched the group as Global Resources in 2005, said: “Our trading in 2009-10 reflects our resilience . . . during one of the worst recessions in recent times
“We have continued to develop very significantly as a company, both through organic growth and strategic acquisitions. We have also worked extremely hard to ensure that we have the right team and structure in place to maintain our leading edge in meeting customer requirements across the markets we operate in.”
Global expanded significantly through its acquisition of six companies – Caledonian Petroleum Services, OIL Engineering, Labtech, Forfab, Cooltime and Sovereign Dimensional Control – from the administrators of Sovereign Oilfield Group in March.
The move saved about 400 jobs at the companies, which have since been integrated into Global’s fabrication and marine/offshore divisions.
During the 2009-10 financial year, the group also bolstered its infrastructure division through the acqui-sition of stakes in Muir of Ord firms Mansefield Construction, Highland Control Systems and Ross-shire Engineering.
With four operating divisions, Global now employs about 3,500 people worldwide. It has additional sites at Dunfermline, in central Scotland and Great Yarmouth and also operates in Houston, Norway, Dubai, Trinidad, Ghana, Egypt and Abu Dhabi, with joint ventures in Croatia, Cameroon, Namibia and Angola.
Global’s overseas sales achievements were recognised by an award for best international business at the recent Scotland’s International Awards, organised by the Scottish Council for Development and Industry.