North-east entrepreneur Ian Suttie has delivered a bullish statement of intent for one of his businesses, promising to do whatever it takes to make it successful.
The show of continued support is for energy service company First Integrated Solutions (FIS) and comes despite challenging times for the oil and gas sector globally.
Mr Suttie, who owns FIS outright, has ploughed more than £10million into the business – previously Global Integrated Services – since acquiring it from brothers Calum and Stuart Melville in 2014.
The multimillionaire businessman put his First Oil Expro venture into voluntary administration earlier this year, saying its bank had pulled vital lending support amid the “brutal” collapse in oil prices.
But it seems he has few worries about the future of Bridge of Don-based FIS, which specialises in lifting, inspection and equipment maintenance, management and rental services.
In an all-too-rare statement for the Press and Journal, he said: “I am very pleased with the progress First Integrated has made under its new management.
“The company has already taken significant steps to implement an ambitious plan of international expansion, with the hiring of experienced external sales resources and investment in key product lines.
“Our commercial achievements in the Norwegian territory have been particularly encouraging and we have exciting development plans to increase our presence in at least two new markets.
“I want the company to be regarded as the trusted partner for all lifting, inspection and equipment requirements locally, nationally and internationally – and I stand ready to do whatever is necessary to achieve that objective.”
The comments came after FIS managing director Steven Mearns predicted a return to healthy profits in 2017 after focusing the firm on “what it does best”.
Mr Mearns, who took over as MD from Fraser Coull last autumn, said the business was now leaner after an exit from some activities that were launched under its previous owners.
FIS is still shaking off past links with the Melville brothers, whose well-documented business dealings thrust Mr Suttie’s takeover into the spotlight.
Mr Mearns said the oil and gas downturn and a reshaping of the business had caused 17 redundancies but the current workforce size and business streams were geared for expansion, helped by a strong financial commitment from Mr Suttie.
Crane operations and a lifeboat/marine arm have been ditched and, according to Mr Mearns, the company is well-placed for growth as it focuses on “what we are really good at”.
Accounts for the year to April 30 2015, showed pre-tax profits of £7,185 on turnover of £15.4million.
This was compared with profits of £189,035, on turnover of £4.9million in the previous four months alone.
Figures for the current financial year are unlikely to highlight much progress but Mr Mearns said the 2016/17 accounts were likely to show a big improvement in trading.
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