Scotland’s Saltire Energy – based in Aberdeen – and Inverness-based Global Energy Group are among the top-ranked UK companies in the ‘top 100’ league table of Britain’s private companies with the fastest-growing profits over the last three years .
The BDO Profit Track 100 League Table was published yesterday in a London-based Sunday newspaper.
Scotland’s highest ranked company at No. 32 is energy services provider Global Energy Group, which builds and maintains engineering equipment for the energy and oil-and-gas sectors. Based in Inverness and Aberdeen, the group has expanded internationally with the acquisition of two Australian companies, and profits rose 65% a year to £28m in 2013.
The Profit Track 100 is sponsored by BDO, Lloyds Bank Commercial Banking and UBS Wealth Management. It is compiled by Fast Track, the Oxford-based research and networking events company.
With a 65% increase in profits over the past three years, Global Energy Group employs more than 4,400 people and its latest annual accounts reported a profit of more than £28 million in the last financial year.
Profits at Saltire Energy – ranked at No. 65 on the Top 100 list – rose by more than 50% over the past three years to just over £19 million, generated by a staff of 52 people. Saltire Energy is an independent rental company which supplies a range of drilling equipment to the oil industry.
Iain MacGregor, Chief Executive, GE Group, said: “There are two parts to the group, covering ‘operations & maintenance’ and ‘projects’ activities. We are pleased to see considerable growth in both of these areas – underpinned by different factors.
“The increased capacity of the Nigg Yard on the Cromarty Firth, in the north of Scotland, and a strengthening North Sea market has influenced strong organic growth in our ‘Projects Group’. A number of field-life extensions and new developments have ensured a steady flow of subsea projects and topside modifications for our fabrication business.
“The opening of the dry-dock at Nigg also increased the volume of rig/vessel projects attracted to the Cromarty Firth. The acquisitions of Ross-Shire Engineering and Prime Pumps also permitted entry to the onshore Utility and Power markets, widening the market and skillsets offered by the projects group.”
“The targeted acquisitions of A&B Welding (UK) and Vertech (Australia) fuelled further growth in the group’s Operations & Maintenance offering during the year. The former enhanced the group’s capacity to support the North Sea integrity market; increasing volumes of steel replacement on ageing infrastructure. The acquisition of Vertech strengthened a growing portfolio in Australia, adding integrity inspection and access solutions in the Asia Pacific region. Further organic growth in the Gulf of Mexico (USA) marked a successful campaign to broaden the group’s international reach.”
Global’s continuing strong performance was praised by Mitsui & Co, the Japanese corporation that took a 25% in the family-run business in 2012.
Mitsui’s Noboru Katsu, Operating Officer & Regional Client Officer of Europe, Middle East and Africa said: “We joined forces with Global because we were impressed with their excellent management qualities, as well as their previous development and determination to achieve continuing sustainable growth in the UK and internationally.”
Martin Gill, Partner and Head of Scotland at BDO, commented: “Britain endured the longest recession within the G7, yet entrepreneurial businesses in Scotland and across the UK are bouncing back more strongly than their international counterparts. Scotland’s most profitable companies have remained focused, positioning their businesses for – and helping to create – the economic recovery we are now witnessing.”