An Aberdeen-based engineering firm has made it into a prestigious league table of the UK’s 100 fastest-growing companies for the second year running.
Balmoral Group came in at number 14 in the latest Sunday Times BDO Profit Track 100, seven places below its 2016 listing.
The company is the sole representative from the north and north east and one of only eight Scottish firms to feature on the list, which ranks Britain’s private businesses with the fastest growing profits over three years.
Balmoral Group, which recently announced its pre-tax profits grew by 38% in 2016 despite the “turmoil” in the oil and gas industry, has seen annual profit growth of 101% over the past three years.
Yesterday the company’s managing director and chairman, Jim Milne, said he was pleased with its performance, particularly given the background of lower oil prices.
Mr Milne said: “We are pleased to be highly ranked in the UK Profit Track listings again. This reflects the investment made in our infrastructure and processes over the years as well as the dedication and commitment of our workforce.
“However, things are extremely tough at the moment with much uncertainty and numerous project delays in the global markets. This is concerning for exporting companies such as Balmoral as we sent 77% of our manufactured goods overseas last year.”
He added: “A long-term strategy of R&D and innovation has helped our development but international growth is extremely hard won.
“We don’t need any more barriers created to make this even harder and I appeal to our political leaders to listen to the voice of commerce to inform future policy decisions.”
Balmoral Group was the highest ranked Scottish firm on the list, followed by Fife-based company Vets Now, which took 51st place.
Martin Gill, partner and head of Scotland at BDO, said: “High-growth, mid-sized businesses played a leading role in the UK economic recovery after the global financial crisis.
“With Brexit and more uncertainty looming, it is companies like these with their natural energy, ambition and entrepreneurial spirit that will help the UK economy thrive. By supporting their growth, government would also be helping to achieve a more regionally balanced economy that ‘works for all’.”
Established by Mr Milne in 1980, with just five employees, Balmoral Group now has a workforce of around 600 designing and manufacturing products for the subsea, energy and environmental sectors.
The company has recently invested £10million in a new hydrostatic test centre at its Loirston headquarters.
Recommended for you
