Following a difficult two years for the energy industry – and in what continues to be a challenging time for the energy sector -Turriff-based ACE Winches has returned to profit.
In the 12 months ending October 2016, turnover fell to £22.8 million as a result of the on-going reduction in activity in the industry and the impact of the tougher pricing environment.
But a pre-tax profit of £4.9 milliion was achieved through a combination of ‘tight controls on expenses and overheads and a strong focus on exports’, with international sales in more than 50 countries, accounting for 75% of turnover.
Since then, ACE Winches has entered into a new partnership with engineering and manufacturing company, Balmoral Group – which has invested £10 million into the company.
Alfie Cheyne, chief executive and founder of ACE Winches, said: “With manufacturing business slowing for ACE Winches, the company has restructured to optimise global rental opportunities, helping to support the company’s ambitious growth and development plans.
“The Balmoral investment will strengthen and grow ACE Winches’ position as a leading mooring, lifting, pulling and deploying solutions provider.”
Jim Milne has joined the board of ACE Winches as non-executive chairman and Balmoral’s finance director, Bill Main, has joined as non-executive director.
9 Oct 2017