North-east firm Ferguson Group said yesterday it had broken the £50million turnover barrier for the first time after moving into new international markets.
The Kintore-based business, which specialises in the rental of containers and modules to the offshore energy sector, increased turnover by nearly 30% to hit its target for 2011.
Pre-tax profits also increased last year, by more than £1million to £15.6million.
Ferguson, which moved to its £6million headquarters in the Midmill Business Park from Inverurie nearly a year ago, said its growth was fuelled by moves into regions including west Africa and the Caribbean. Finance director Mike Melville said 75% of the company’s 16,000 units were overseas, adding that Ferguson had also improved its facilities worldwide.
He said the firm had moved its operations in Stavanger, Norway and Perth, Australia to new sites, adding: “These investments are part of a strategic plan to upgrade all the facilities the business operates from in order to support the ambitious growth objectives for the group worldwide.
“The group’s fourth overseas subsidiary, Ferguson Group Middle East FZE, was launched in the United Arab Emirates recently.
“We have enjoyed good growth in the region in the past few years and having our own corporate presence there cements the commitment that we are making to this market.”
Mr Melville, who is moving to Dubai at the end of this year to take up the commercial-director role for Ferguson, added that the company had also made a good start to 2012 and that trading in the first six months of the year had been on target.
The firm has said previously it aimed to turn over £60million this year.
Ferguson, established over 35 years ago, employs more than 170 people worldwide.