Rolls Wood servicing JV pays out £10m dividend

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Rolls Wood Group, the Aberdeen-based engine servicing business, has paid a £10 million dividend to owners Rolls-Royce and Wood Group following a 26 per cent rise in pre-tax profits last year.

The joint venture, set up in 1990 to service gas turbine engines made by Rolls, made £28.5m in 2012 despite a slight drop in turnover. The dividend compares to £7m returned to owners in 2011, when profits were £22.5m. Accounts filed at Companies House show the business had revenues of £182.1m in 2012, down from £186.6m. However, it was able to substantially trim its costs.

The firm said the growing use of industrial gas turbines throughout the world “ultimately drives growth in the group”.

As well as an expanding fleet of RB211 industrial gas generators, the company is servicing a growing number of Rolls’ Avon gas engines. It said the current high oil price is helping to sustain the business in a “competitive market”.

The firm added that it is “in a good position to take advantage of the increasing installed fleet”.

Rolls Wood Group employs almost 500 staff at its facilities in Aberdeen and Texas, and its own joint venture in Malaysia.

Its UK business weighed on last year’s figures, with revenues falling to £62.2m, from £75.2m. Elsewhere, the group’s activities increased.