Edgen Murray Europe soars to record year

Published on Sunday 20 April 2008 21:30

SIR David Murray's former flagship metals business has reported a record year for both turnover and profits as it expanded its reach across the globe.

Edgen Murray Europe, which was formerly Murray International Metals (MIM), has posted pre-tax profits of 24.2 million in the year to the end of December 2007, 17.4 per cent higher than the previous year. Turnover at the Edinburgh-headquartered firm came in at 179.8m – a growth of 13.6 per cent.

Sir David sold MIM, which has 60 staff in Scotland, to US private equity group Jefferies Capital Partners for 112m in late 2005 because he said he believed it had limited growth potential.

Ken Cockburn, the company's managing director, said: "Edgen Murray Europe has significantly expanded their product offering and geographic reach since being acquired from the Murray group, in December 2005, by management and Jefferies Capital Partners." He added: "Our results over the years have been very impressive and are a tribute to the staff."

The company, which employs about 130 people, is a global distributor of speciality steel pipes, long products, plates, fittings and valves for the energy infrastructure industries. Overseas office locations include Dubai, Shanghai, Singapore and Perth, Australia, while the firm plans to open a number of new offices in the coming 12 months.

Edgen Murray Europe is the eastern hemisphere operation of Edgen Murray II LP, a $900 million-plus turnover company with 26 locations worldwide.

Following the sale of MIM, Murray still owns a number of businesses in as diverse a range of industries as property, metals and football.