Aberdeen headquartered Centurion Group has carried out four acquisitions this year, increasing the firm’s forecast pre-tax earnings.
The north-east business’ predicted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 has jumped by $10 million (£7.91m), now the firm forecasts circa $146m (£115.54m).
Estimated revenue for the year also jumped by around $25m (£19.78m) to approximately $745m (£589.56) following a successful year of merger and acquisition (M&A) deals.
When questioned on these updated forecasts, Centurion told Energy Voice: “At this stage, we are confident that, we will not only meet but handsomely exceed our Plan for the year.
“We are also excited about 2024 and expect next year to be better than 2023.”
Centurion’s revenue reached record levels in 2022, with the Dyce-headquartered company reporting £549.5m. This marked a 68% revenue increase on the 2021 figure of £321.4m.
It also recorded pre-tax profits of £39.4m for the year, compared to £10.6m the year before.
Fernando Assing, Centurion Group chief executive, said: “2023 has been a very exciting year for Centurion. The four acquisitions reflect the strength of our financial position and the exciting growth prospects across our business.
“They are a great strategic fit for the Group, expanding our footprint, whilst also adding greater diversity to our operations and additional geographic locations and enhancing our commitment to supporting our customers’ operations to become more efficient.”
Centurion looks overseas for M&A deals
Centurion Group has kept its M&A dealings with overseas firms this year as it made a series of acquisitions in Canada and one in Australia.
The firm explained: “Centurion is a global business with an expansive footprint, as such it has the ability to acquire businesses in many places around the world, in fact, over the last 5 years we have bought 15 companies in multiple locations, including UK, US, Canada, Middle East and Australia.”
Looking to 2024, Centurion says it has “an active M&A pipeline and will remain acquisitive”
The group added: “We continue to target high-quality businesses globally to accelerate the implementation of the Group’s strategy. ”
The group’s most recent acquisition was carried out in October with the firm picking up the Western Australia-based BBB Remote Site Services.
BBB is a Perth-based provider of portable accommodation, camp facilities and catering, the deal with Centurion was agreed upon for an undisclosed sum.
Earlier in the year the Dyce business also picked up British Columbia’s Whitetail Energy Services, a provider of accommodations, communication and ancillary equipment and integrated service solutions to critical industries.
Centurion said that the deal, agreed in September, expands its “geographic footprint in British Columbia, providing access to the high-growth Montney gas basin, renewables and infrastructure projects.”
In August the group picked up another Canadian firm, RioView Industries, to support its water and wastewater solutions offering.
RioView Industries provides septic systems and various rental equipment services for the oil and gas and other sectors.
The north-east business’ fourth and final M&A deal in 2023 saw it take over Blue Drop Solutions.
The firm is a provider of government-certified wastewater and water treatment operators to large remote camps across Canada.
The deal from April will support Centurion in its ambition to deliver a full-service technical water offering to its Canadian customers, the firm said.
Centurion’s previous acquisitions
© Supplied by DCT MediaCenturion Group has continued its spree of acquisitions from 2022 when the business expanded by taking over a number of firms.
In January last year, the Dyce group picked up Aberdeen subsea firm Aleron as it also took over Canada’s Polar Septic Systems.
Aleron, first established in 2009, works across the decommissioning, telecoms and offshore wind industries.
April 2022 also saw Centurion complete its acquisition of Angus-based rental company RMEC for an undisclosed sum.
Centurion acquired the Calgary-based solar-powered equipment provider Trido Energy Services in the same month it snapped up RMEC.
Centurion did not provide any details on the value of any of the deals mentioned.
