MECHANICAL engineering group EnerMech is on course to boost sales by more than a quarter this year following significant international expansion.
The company, which supplies crane and lifting equipment to the offshore energy sector, has secured a clutch of new contracts that are expected to take turnover to £260 million in the current year.
It follows a 40 per cent increase in revenues in 2013, when the Aberdeen-based group broke through the £200m barrier for the first time.
Chief executive Douglas Duguid said EnerMech, which was set up in 2008 by former directors of PSL, now employs 2,400 staff from 30 bases in 20 countries. More than half of the revenues forecast for 2014 will be generated outside the UK.
“Our business is now well-established in all the world’s major oil producing regions and it’s an organisation with real scale, both in terms of physical on-the-ground assets and in personnel and expertise,” he said.
The company, which only recently filed its accounts for 2013, generated sales of £202.5m last year. Nearly two-thirds of that came from its UK operations.
Earnings rose by 21 per cent to £14.2m. Chief financial officer Michael Buchan said that figure would have topped £20m had it not been for “significant one-off costs” in building up EnerMech’s international footprint.
That investment is now paying dividends, he added. During the next year, it expects to make headway into the Americas, where it has opened new bases in Louisiana and Trinidad, as well as Africa and Saudi Arabia.
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